WINNIPEG, MB – The Winnipeg Football Club released their 2006 financial results today and it revealed a record profit for the storied franchise.
Due in large part to the success of hosting last year’s Grey Cup, the Bombers accumulated a net earnings of $2.9 million for the year ending December 31, 2006. The financial windfall was more than enough to pull the club officially out of debt.
“The results of last year are great for the stability of this franchise,? Blue Bombers Chairman Ken Hildahl said. “The process of getting our team back on track financially began back in 2000 and after a lot of hard work by many different stakeholders, we have finally accomplished an important goal.?
The club began the 2000 season with an accumulated debt of over $5.5 million.
The club generated a $3.3 million profit from the 2006 Grey Cup game and festival and also increased its operating revenues to $11.6 million. However, operating costs also saw an upward trend, reaching $12.1 million for the year.
The financial success of the year, combined with the repayment and forgiveness of $1.7 million of income debentures resulted in the club eliminating its deficit and in turn, generating a surplus of $4.0 million.
“The football club made a commitment to getting this team on solid financial ground and to look at where we have now gotten to is quite remarkable,? said Bombers President Lyle Bauer. “It is really a testament to the dedication of many people, including our fans, sponsors, board members, staff, and all our other partners in this great community.?
The football club’s annual report will be made available on its official website, www.bluebombers.com.