WINNIPEG — The Winnipeg Football Club made a profit of $2.8 million last year, but had to dip into its savings to make an annual loan payment on the stadium.
On Wednesday, the Blue Bombers released its 2016 annual report and announced its operating profit. The Bombers withdrew $1.7 million of its savings to help cover its third loan payment of $4.5 million on Investors Group Field (IGF). The $210 million stadium opened in 2013.
“The good news for 2017 is that in addition to anticipating a great on field season, we also have a busy slate of major events scheduled including the Canada Women’s Soccer friendly match, Nitro Circus, the Manitoba Marathon and Guns N Roses,” Winnipeg Football Club CEO, Wade Miller said in a media release.
In 2015, the Bombers made a $11.5 million profit. However, if it wasn’t for the Grey Cup, the team would have ended the year in the red.
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Total operating revenue was $27.1 million in 2016, which was a a four per cent decrease. The Club said this is primarily due to fewer events being held at IFG in 2016 compared to 2015. Last year, there were no concerts and just one major event held at the stadium – the NHL Heritage Classic. This compares to the 2015 schedule that included the FIFA Women’s World Cup Canada 2015, One Direction and AC/DC concerts and the 103rd Grey Cup.
Operating expenses came in at $24.2 million, an increase of just 1.3 per cent over 2015. This compares to football operations expenses which increased by 2.8 per cent due to travel costs associated with the playoffs.