The colour red may dominate the Lethbridge Hurricanes’ uniforms, but the club announced its finances have returned to the black at Monday’s annual shareholders meeting.
The Hurricanes ended last season with 46 wins and captured its first Central Division title since 1997.
A return to the playoffs has boosted the bottom line as the team saw a $197,000 profit for the 2015/2016 season.
Each home playoff game earns a team about $50,000 in revenue in the early rounds and the ‘Canes hosted three.
The ‘Canes are budgeting a $96,000 profit this year, not including any playoff games. The profit represents a turnaround of over $680,000 when the team showed a loss of $486,253 in 2014/2015.
“We are far from out of the woods, we still have some debt to pay back,” Hurricanes president Doug Paisley said. “We have capital expenditures that need to be structured into our budget in the future.”
Paisley said the team’s negotiations with the City of Lethbridge and partnership with the city are moving along very well.
“There are challenges with a community-owned franchise, but moving forward, having this year under our belts is a good feeling. The stranglehold has loosened.”
Ticket sales in 2015/2016 showed an increase of over $270,000, while the Hurricanes’ first-round series with the Regina Pats also turned a profit.
“The playoffs were very impactful,” Paisley said. “The proof is in the pudding in the numbers on the screen. You get to playoffs and that’s where the promised land is.”
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