The Blue Bombers are coming off a big success after another winning season

The Winnipeg Blue Bombers lost the Gray Cup, but they continued to win in goal.

The CFL club posted net operating income of $5.7 million in 2023, a season in which it finished first in the West Division for the third year in a row and finished with a 14-4 regular season record.

The non-profit franchise also made its fourth straight Gray Cup appearance in a 28-24 loss to the Montreal Alouettes at Tim Hortons Field in Hamilton.

Winnipeg announced its 2023 profit on Thursday when it released its annual report. This is based on a profit of $4.9 million in 2022 and a profit of $2.1 million in 2021.

Wade Miller, CEO of the Blue Bombers, attributes this success to the team's momentum on the field and experience in the game since 2021.

“It's a great atmosphere in the stadium,” he told the CBC on Thursday. “We're excited to set up our stadium to be an experience for everyone.”

In the latest annual report, revenue in 2023 was $50.5 million, up $5.1 million (11.2 percent) from 2022.

Club revenue increased to $15.1 million (up 9.6 percent year-over-year), while game-day, merchandise and concessions revenue totaled $11.5 million (up 10.5 percent).

“I think we're really blessed to have such a great sports fan and business community in our city that really steps up and supports it,” Miller said.

Miller said the Bombers sold out five consecutive games at the 32,000-seat Princess Auto Stadium last year and had seven games with more than 30,000 in attendance. About 30,500 people came on average, he said.

Because the franchise is not for profit, the first $10 million the team makes is always kept in an operating reserve, Miller said.

“The rest will go into our capital fund to fund projects around the stadium to make sure the stadium will last for decades to come.”

Bombers promoted, Valor FC relegated

However, the numbers still look bleak for Winnipeg-based Canadian Premier League club Valor FC, owned and operated by the Blue Bombers.

The report said Valor lost $1.25 million last year and the club's finances remain uncertain.

In 2022, the Bombers reported a loss of $950,000 from running the football team.

“We need some good results on the field to help him,” Miller said.

Hopefully, the change of general manager and head coach will help Valor's performance, he said.

There's also still a lack of awareness of professional soccer in Winnipeg, Miller said.

“It was 2019, the first year of the league, right? And then the world turned a little bit upside down, and we just haven't gotten that traction or awareness yet.”