WINNIPEG – Despite posting an operating profit of $3.9 million in 2014, the Winnipeg Blue Bombers lost money last year.
The CFL club had to dip into its savings for $576,000 to help cover its first loan payment of $4.5 million on Investors Group Field. The $210-million stadium opened in 2013.
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Bombers president and CEO Wade Miller said he expects the withdrawal to be a one-time thing. Miller said the team plans to make $5 million to $7 million next season, when Winnipeg hosts the Grey Cup. That surplus will be divvied up to help cover future loan payments.
“With the Grey Cup coming next year, that will definitely help along with one-time expenses we had in 2014 related to our CBA, with our players that we don’t foresee having in 2015 or going forward,” said Miller.
The Bombers’ operating profit was $1 million more than the previous season thanks to a 10.7 per cent increase in revenue. The team saw double-digit revenue growth from corporate partnerships, suites and concessions. Season ticket and game-day ticket sales, which make up total game revenue, continue to provide the Bombers’ top source of revenue at 37 per cent of total operating revenue.
“This is right within expectations and part of our long range plan. It’s a very positive result,” said Miller.
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The Bombers also had an increase in operating expenses, due primarily to a new five-year collective bargaining agreement with a higher salary cap along with a bigger emphasis on scouting and recruiting.
Total game revenue dropped to $10,010,748 from $10,277,118 the previous season.
The Bombers finished 2014 with $7,369,654 in the bank.
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