2016 Financial Reports

Re: 2016 Financial Reports

by HfxTC » Thu Apr 06, 2017 6:20 am

KevinRiley2 wrote:
KevinRiley2 wrote:
HfxTC wrote:Their repayments will also decrease by a half to a million in fairly short order if I remember right because they it includes that second loan they took out for addons.

Good to know. Thank you.

I found this...

The Bombers are responsible for paying back $85 million of the $160-million loan, plus $90 million worth of interest, for a total of $175.1 million by 2058. Under the terms of a stadium management agreement, the Bombers are slated to make additional payments to Triple B of $4.5 million this year and next, $3.5-million in 2018 and payments of no more than $4.4 million every year until 2058, when the loan is supposed to be paid off.

So far, the football club fulfilled its obligations to transfer $4.5 million a year to Triple B Stadium in both 2014 and 2015. However, only $2 million of this $9 million was applied against the provincial stadium-building loan; the remaining $7 million was used to pay down a separate, $10-million CIBC loan taken out by Triple B Stadium to complete the facility. This CIBC loan remains on the books.

Right now, all the interest on the Bombers' portion of the loan is being applied to a separate portion that the city and province are paying off, using property taxes from the former Canad Inns Stadium site. The city and province are responsible for paying $75 million worth of principal plus $76 million worth of interest, for a total of $151 million worth of stadium payments by 2038.


Not sure what it all means.

http://www.cbc.ca/news/canada/manitoba/ ... -1.3639529


Means the province is applying ALL of the rent money to paying down the second mortgage over four years, before starting to use it to pay off the first mortgage in 2019.

While the situation in Winnipeg isn't bad. It is nowhere as rosy as Miller paints it to be. Its like pulling 1.7 million in RRSP's out and saying "I am awesome". Miller needs to improve the team's bottom line by about 2 million either through increased revenues or cutting expenses or a combination of the two.
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Re: 2016 Financial Reports

by slimjim2 » Thu Apr 06, 2017 7:40 am

BigJoeM wrote:
Need a few more ac/dc type concerts. Outdoor concerts is a small window of opportunity but done right with the right acts they are in good position to bridge the short falls like the 1.7 million without touching their reserve funds.
Grey Cups are still a good way of putting money away for a rainy day .

Stadium Management Revenues
2015 was a busy year at Investors Group Field. In addition to the
regular football season, Investors Group Field was home to the FIFA
Women’s World Cup Canada 2015, two major concerts; One Direction
and AC/DC, and the 103rd Grey Cup and Festivals. Looking forward, the
2016 Tim Hortons NHL Heritage Classic™ will be held at Investors Group
Field. The Club continues to expand its catering and event operations

They need to do a better job of expanding those event operations .


But that's the same criticism in Hamilton and Ottawa too, they want to use the stadium for more events but it's rare these days to book acts that are on tour in the summer and can fill football stadiums. The AC/DCs, Stones, U2s mega concerts are becoming fewer and fewer.
Most cities have a 19k arena and with on-floor seating can get up to 22k, that is sufficient for most name acts.
Unless you have a dome stadium you are only going to be able to use a stadium for up to 4 months.

It's not a question of doing a better job of expanding events, there are not enough event out there to fill a stadium.
A Grey Cup might come along once every 7 or 8 years, an international event like the Women's world cup maybe every 10 or 20 years?
You can understand the reluctance of cities to build football stadiums when a CFL team only plays 9 games a year and it sits empty but has to be maintained the rest of the time.
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Re: 2016 Financial Reports

by BigJoeM » Thu Apr 06, 2017 10:11 am

The great thing about Td Place in Ottawa is the arena is still capable of getting some descent acts like comedians Bill Burr and acts like Def leppard and of course this year the G n R concert outdoors and the NHL game in December .

Hamilton it appears is not active in getting acts .

The CPL maybe better suited in getting the stadiums more active in the long run .
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Re: 2016 Financial Reports

by Grover » Thu Apr 06, 2017 10:42 am

BigJoeM wrote:The great thing about Td Place in Ottawa is the arena is still capable of getting some descent acts like comedians Bill Burr and acts like Def leppard and of course this year the G n R concert outdoors and the NHL game in December .

Hamilton it appears is not active in getting acts .

The CPL maybe better suited in getting the stadiums more active in the long run .


Hosting a Team Canada Rugby World Cup Qualifier against the USA @THF should be a pretty big deal

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Re: 2016 Financial Reports

by BigJoeM » Thu Apr 06, 2017 11:02 am

I hope they fill the stadium for Rugby . Not sure if the rugby guys are too happy about the artificial turf but a full or a decent house supporting the lads will go a long way in forgetting the burns .
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Re: 2016 Financial Reports

by slimjim2 » Thu Apr 06, 2017 12:08 pm

BigJoeM wrote:The great thing about Td Place in Ottawa is the arena is still capable of getting some descent acts like comedians Bill Burr and acts like Def leppard and of course this year the G n R concert outdoors and the NHL game in December .

Hamilton it appears is not active in getting acts .

The CPL maybe better suited in getting the stadiums more active in the long run .


In Ottawa the stadium/arena area is a great place to attend an event. You can go to dinner or bars before a concert etc and stay around after too. A multi-plex theatre and a huge liquor store too. It would be considered an entertainment district. Even if you don't want to go to a sporting event or a concert it's a great place to go.
The problem in Hamilton is that the stadium is in a residential area , no bars, restaurants or anything else to do.
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Re: 2016 Financial Reports

by Argofan_1000 » Thu Apr 06, 2017 3:39 pm

Wumper wrote:That's terrific news for The Big Blew!!
A few more years of these forms of profit and they will be broke.

C'mon, "Operating Profit"??

They lost millions if they meet all obligations. Miller should be embarrassed to spin this shyte.


why do Bombers have to pay transit?

also what kind of interest rate are they carrying? seems steep.
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Re: 2016 Financial Reports

by HfxTC » Thu Apr 06, 2017 3:43 pm

BigJoeM wrote:I hope they fill the stadium for Rugby . Not sure if the rugby guys are too happy about the artificial turf but a full or a decent house supporting the lads will go a long way in forgetting the burns .


Rugby players don't give two sh... We have a tournament out here where they play in a barn !
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Re: 2016 Financial Reports

by OskeeweeneeVI » Thu Apr 06, 2017 6:39 pm

slimjim2 wrote:
BigJoeM wrote:The great thing about Td Place in Ottawa is the arena is still capable of getting some descent acts like comedians Bill Burr and acts like Def leppard and of course this year the G n R concert outdoors and the NHL game in December .

Hamilton it appears is not active in getting acts .

The CPL maybe better suited in getting the stadiums more active in the long run .


In Ottawa the stadium/arena area is a great place to attend an event. You can go to dinner or bars before a concert etc and stay around after too. A multi-plex theatre and a huge liquor store too. It would be considered an entertainment district. Even if you don't want to go to a sporting event or a concert it's a great place to go.
The problem in Hamilton is that the stadium is in a residential area , no bars, restaurants or anything else to do.

Exactly, slim. My sister lives in Ottawa and she makes a night of it with her husband and friends. In the Hammer we just sit in people's driveways. Didn't want THF to be put where it is, but I think that topic has been covered a little before.
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Re: 2016 Financial Reports

by HfxTC » Thu Apr 06, 2017 6:51 pm

The thing is in Ottawa the owners took tens of millions out of their pockets to make it happen.
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Re: 2016 Financial Reports

by GHT120 » Thu Apr 06, 2017 7:42 pm

HfxTC wrote:The thing is in Ottawa the owners took tens of millions out of their pockets to make it happen.

They took not a cent out for the stadium ....... they paid for the franchise and financed the money-making commercial and residential developments ......... City gets property tax from those to pay for City services (like every other rate payer) and the cost of the stadium is born by taxpayers with whatever offset from possible profit-sharing under an agreement for the developments. There would have been lots of other developers willing to do the development side if the City had offered them the chance, without the City having to fix the stadium.

It is GREAT for football fans to have the team back, and the development is a definite upgrade over the former parking lot, but it is not some sort of windfall for the City as some make out.
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Re: 2016 Financial Reports

by KevinRiley2 » Thu Apr 06, 2017 10:25 pm

HfxTC wrote:Miller needs to improve the team's bottom line by about 2 million either through increased revenues or cutting expenses or a combination of the two.

:thup:

I know Winnipeg needed a new stadium, but the price seemed awfully steep.
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Re: 2016 Financial Reports

by Argofan_1000 » Fri Apr 07, 2017 6:12 pm

KevinRiley2 wrote:
HfxTC wrote:Miller needs to improve the team's bottom line by about 2 million either through increased revenues or cutting expenses or a combination of the two.

:thup:

I know Winnipeg needed a new stadium, but the price seemed awfully steep.


I think paying the 2nd mortgage off before the main one is smart. Then build up the reserve fund again and go and renegotiate the loan for a much better interest rate. Get rid of the transit burden also. I don't know how they wind up paying for that.

Bombers had 1/4 million fans come out. they could make an additional $2.5 million from the supporters and could then pay for everything if they raised just $10 more from each of them through additional fans, concessions, parking, Bomber gear, ticket prices, corporate support, boxes etc. I don't think it would be that hard to do for this team and I wouldn't wait.
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Re: 2016 Financial Reports

by GHT120 » Fri Apr 07, 2017 8:33 pm

Argofan_1000 wrote:why do Bombers have to pay transit?


Have to assume that they found it a worthwhile incentive to attract fans ..... cities certainly shouldn't be subsidizing transit for football, hockey, concerts and the like.
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Re: 2016 Financial Reports

by OskeeweeneeVI » Sat Apr 08, 2017 12:30 am

GHT120 wrote:
Argofan_1000 wrote:why do Bombers have to pay transit?


Have to assume that they found it a worthwhile incentive to attract fans ..... cities certainly shouldn't be subsidizing transit for football, hockey, concerts and the like.

I think the cities do it to help ease traffic congestion and to try to give the partiers an alternative to driving.
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