Bombers hit $5.7 million – Winnipeg Free Press

For the Winnipeg Blue Bombers, the pain of a Gray Cup loss was eased by a big boost to the bottom line for the second year in a row.

On Thursday, the Winnipeg Soccer Club announced an operating profit of $5.7 million in 2023. That's up nearly $1 million from 2022 — when the organization hit record highs for gate receipts and team merchandise sales — and more than double the $2.8 million it earned. in 2021.

“Our success lies in having a team of employees who work hard to improve our game day experience and find ways to improve the fan experience,” said Bombers President and CEO Wade Miller. Free press in a phone interview Thursday. “The product on the field and the consistency in our football operations is important and will make a big difference to be as successful as ever. And then it's down to the fans who continue to show us that fire and passion.”

Revenue was $50.5 million, up 11 percent from $5.1 million last year. The Bombers benefited from hosting the West Finals for the third year in a row and also led the CFL for the second consecutive season.

In 2023, an average of 30,449 fans attended each game, compared to an average of 28,642 in 2022. IG Field, which was officially named Princess Auto Place on April 1, sold out for the final five games of the season. Two more games over the 30,000 mark.

As sports arenas across North America struggle to fill seats — including the Jets in Winnipeg — the Bombers continue to see record sales. The Bombers collected $15.1 million from ticket sales, which accounted for 30 percent of the club's total revenue.

“It's absolutely massive,” Miller said of ticket sales, noting that while exact numbers are not available, subscriptions are at a moderate pace. “Part of that is because we set new corporate partnership records again this year because of all the fans that came to the stadium.”

Miller noted the hard work of volunteers who help ensure a positive game day experience that has set the bar across the CFL, including multiple pre-game tailgate options, a wide selection of in-stadium food and beverage options and the ability to rush. field after the final whistle. It also speaks to the club's efforts in the community, with players — some of whom have made Winnipeg their full-time home — touring and promoting the game throughout the province throughout the year.

“We're always looking for ways and opportunities to connect with the community, whether it's with the wider community or with amateur football.”– Bombers President and CEO Wade Miller

On the pitch, the Bombers have been the class of three down cycles since breaking their decades-long Gray Cup drought in 2019. They've been to the Gray Cup for the past four seasons, winning for the second time in 2021 — and proud. 51-17 record over the last four years, including 29-7 the last two years.

“As you can see, it's just a momentum building,” Miller said. “We are always looking for ways and opportunities to connect with the community, whether it's in the wider community or in relation to amateur football. We will refine them and then add different programs to add more community support with the help of people in our organization and the incredible support of our partners.”

Operating expenses were just under $45 million, a jump of $4.5 million from last year. Football operations, including team salaries and travel expenses, were the biggest expense at $13.3 million.

For the 2021 season, the Bombers have partnered with the Manitoba government and Triple B Inc. entered into a new agreement with the company, which resulted in the creation of a capital fund, which includes a contribution of $10.2 million from the province, which will be used for the renovation and improvement of the stadium. Before the new deal, the club wasn't on the hook for those bills, but they were expected to make significant stadium payments determined by a profit-based formula, often in the millions of dollars.

They no longer have to make expensive stadium payments — the team's $85 million loan from the provincial government, of which only $6 million has been repaid, was forgiven in the new deal — has often left the club in the red. Instead, there is a new formula where the football club contributes to the capital fund every year.

Under the new agreement, the first $1 million of profits will go into the stadium's general fund, and the second $1 million will go into the team's operating reserve. Any additional profits will be added to the capital fund until it is “fully funded,” meaning WFC will have enough money in the fund to cover capital upgrades over the next five years and 80 percent of expected capital expenditures over eight years. . Estimated costs are unpredictable and change over time.

The Bombers committed $5 million in cap space, up from $2.9 million in 2022. The current capital fund balance is $9.6 million, down $1.9 million from this time last year. This will help pay for new turf for the 2024 season, a new luxury ring board advertising, as well as a new permanent stage and barbecue section in the tailgate area.

The balance is currently $6.6 million, with $1 million added to the operating reserve, which is used as a “rainy day” account for unexpected expenses.

“The capital fund is to replace or repair key elements of the facility and its operations to ensure the long-term sustainability of the stadium,” Miller said.

The sticking point in the calculation revolved around Valor FC, the city's professional soccer team, costing the Bombers $1.25 million. It's the third straight season Valor has lost nearly $1 million in 2022 and $600,000 in 2021 after a profitable 2019.

“What I said last year is we want it to be successful,” Miller said. “We need at least 5,000 fans in the stadium for every game. We made changes to the team's work and tried to correct the performance on the field. We need the fans to come out and show that they want professional football.”

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