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Manitoba writes off $82M for IGF, taxpayers on hook for $200M for stadium

Click to play video 'Manitoba Premier explains additional write-off of IGF loan' Manitoba Premier explains additional write-off of IGF loan
WATCH: Brian Pallister said Wednesday the NDP financing deal struck for IGF was doomed to fail – Sep 26, 2018

Manitoba’s provincial government is writing off a second loan portion for Investors Group Field.

READ MORE: Bombers stadium owners’ lawsuit alleges poor design, construction

In a statement issued Wednesday, the PC government said a loan for $82 million was originally expected to be paid off between 2014 and 2058 by Triple B Stadium Inc., a group that includes the Winnipeg Blue Bombers, University of Manitoba and City of Winnipeg.

The announcement comes after the province to wrote-off $118.7-million from the first phase of the loan when an auditor general’s report was released in August.

READ MORE: Manitoba premier optimistic insurance will cover skyrocketing stadium cost

Premier Brian Pallister says there is no reasonable chance that the Bombers and others in the consortium that own IGF can repay the $82 million.

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Winnipeg Blue Bombers President and CEO Wade Miller told The News on 680 CJOB Pallister’s announcement doesn’t really change anything as far as the club is concerned, saying they will continue to make payments.

Finance Minister Scott Fielding says the new loan writeoff will affect the final deficit figure for the last fiscal year, which will
be revealed later this week.

The government is making other financial adjustments that will hurt its bottom line, including adding $22 million in liabilities for environmentally contaminated sites.

Pallister says the changes are needed to make the government’s finances transparent, and he remains committed to balancing the budget by 2024.

-With files from the Canadian Press

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