Winnipeg Blue Bombers generate profit due to Grey Cup
WINNIPEG — The Winnipeg Blue Bombers scored a major win in 2015 by posting $11.5 million in profit. However, if it wasn’t for the Grey Cup, the team would have ended the year in the red.
On Wednesday, the Winnipeg Football Club released its 2015 Annual Report and announced an overall operating profit of $4.4 million, which is up from 2014.
The Bombers though had to dip into its savings for $100,000 to help cover its second loan payment of $4.5 million on Investors Group Field (IGF). The $210-million stadium opened in 2013.
“We have long maintained it is one of the top priorities of the Winnipeg Football Club to meet our financial obligations, and we will continue to strive to do so,” said Football Club President, Wade Miller in a media release.
Earlier this week, the Club announced a profit from hosting the 103rd Grey Cup game. The team made $7.1 million, more than double the profits from the last time the game was hosted in Winnipeg in 2006. The Bombers also paid $1.5 million of these profits to Triple B Stadium Inc. for funding stadium improvements to IGF.
The Bombers’ revenue in 2015 rose $1.5 million to $28.3 million, most of that due to concerts, the FIFA Women’s World Cup and the 103rd Grey Cup.
The Bombers also had an increase in operating expenses, which came in at $23.9 million; an increase of $1.1 million over 2014. The team said most of the costs were due to operating costs for IGF, were higher than the team estimated.
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