Bombers post $3M profit in 2013

[url=http://www.winnipegfreepress.com/sports/football/bombers/down-set-ka-ching-258733511.html]http://www.winnipegfreepress.com/sports ... 33511.html[/url]

The Winnipeg Blue Bombers will announce a $2.9-million profit on 2013 operations at Monday's fan forum.

As the profit attests, the new football stadium -- despite all its delays and design flaws -- is doing what it was meant to do -- pump cash into the operation.

Profits would have been higher if not for transition costs and employee severance costs of more than $1 million.

Going forward, season-ticket sales are expected to drop to 22,000 from 25,000 for 2014 but the actual dollar-hit will be offset by the addition of more high-priced loge seats that are fully subscribed.

The Bombers are also in negotiations to have fan transportation costs reduced from 2013's figure of $1.3 million to somewhere in the $600,000 range.

Eliminate the one-time costs and factor in new TV monies of $2 million per season and it's not unrealistic to imagine the Bombers annually recording a profit in the $4-million to $5-million range in the next few years.

The stadium was meant to make the Bombers a viable economic entity and if the club is run responsibly and becomes something other than a doormat on the field, there should be no financial issues for the organization moving forward.

If CEO Wade Miller and GM Kyle Walters can out kick modest expectations and achieve at a higher level on and off the field, the Bombers could enjoy an even more robust financial outlook.

Stadium repayment will never reach the mythical number of $4.5 million per year touted by the Bombers board when the project and its financing was originally announced, but that's a red herring where Miller and the Bombers of today are concerned.

The negotiated repayment stipulations are quite simple. The Bombers are obligated to pay down their stadium debt of $85 million plus interest after they've paid the entertainment taxes and facility fees, as well as set aside $500,000 to be put in their own operating reserve, which is to be capped at $5 million.

Any money left over after these streams are served will then go to repaying the province.

Yes, it's a sweet deal but the terms were negotiated by the province and the Bombers board. Holding the folks running the Bombers today responsible for paying off the stadium loan is both illogical and a waste of time.

First of all, it's not their problem and second of all it's not going to happen. We needed a new football stadium and we got one. How it was financed and the mishandling of the message, that falls on the folks who did the deal. Not those living the reality.

The Bombers have beefed up their football budget and are operating on a level field with the rest of the CFL for the first time in a long time. That's the responsibility of Miller and Walters and so far they've met it.

How this translates into wins is the next step in this plan and how this duo will ultimately be judged.

The taxpayer? If they believe they have an axe to grind, there's a separate lineup for such griping, but it's downtown at the legislature.

News of a $2.9-million profit might not be strong enough for finance critics but it should be for the football fan. The Bombers will be properly served by the new stadium and won't be under-funded as a football operation.

That's all a fan can ask for from its stadium. Now what gets done with a legitimate football budget becomes the real story. The story of wins and losses.

the critics like to mention the $210M cost of the stadium, but never mention the money made from the real estate CanadInns used to be on and the taxes that will be generated by that.

take $210M and subtract the value gained by the old Polo Park stadium location and that is the true cost of the new stadium.
i suspect it worked out to be an amazing deal.

The Winnipeg Blue Bombers will announce a $2.9-million profit on 2013 operations at Monday's fan forum.

Profits would have been higher if not for transition costs and employee severance costs of more than $1 million.

Eliminate the one-time costs and factor in new TV monies of $2 million per season and it's not unrealistic to imagine the Bombers annually recording a profit in the $4-million to $5-million range in the next few years.


and accomplished without a competitive team on the field to boot.
Once the club starts winning, profits will skyrocket even further making the Bombers the envy of the CFL, if not already.

No question, the Bomber fans have undeniable loyalty and cannot be labelled as fair-weather to any remote degree.

Last I had read the old site isn't even sold, so where do you come up with those taxes paid on a site that's not even sold from ? even if it is sold it certainly not developed yet.

Before you critic the critics you should get your facts. Then there is the shell game with 700k being moved over on the public transit budget. 2.9 million considering the stadium was packed to the point of bursting all season is not great, Paying contracts of fired individuals and calling it severance is also misleading to an extent. Then predicting profits using new TV money without mentioning there is no CBA in place.

Its a propaganda piece, pure and simple. Bottom line is the Bombers profits fall short by 1.6 million of being able to pay for their obligations to the province.

:thup:

HfxTC, they hadn't finished tearing down the old stadium when I was there last July. Then, they'd still have to clear the site of the rubble before building. Give it time. There will be retail space there in the near future.

The site was sold back in 2012 to Polo Park for $30.25M.

There ya go! :thup:

A difference of $180M for an amazing stadium which ensures that the bombers are financially stable for a very long time.

...Polo Park is a prime piece of real estate....There is and nor will there be any problem extracting cash from that property...Maybe hfxtc better get a better insight on what actually exists in Wpg. before commenting...As far as the new CBA goes, I like to think things are going to be positive when a deal is reached, other than the negative nelly take...so there hfxtc :stuck_out_tongue: :lol:

Some really great news as we are seeing similar profits around the CFL.
having the Grey Cup in 2015 will really boost the $$$ for the franchise and the city.

Jets/Bombers new facilities and NHL/CFL year round pro action

Quebec City focusing on a NHL club is fine but in the meantime a CFL expansion franchise would be easier to obtain.
Halifax has got to realize what a new Stadium can do for a city QMJHL(which is already very successful) and CFL would not be a bad combo to start with.


][/img]

Super Target currently being constructed at old stadium site. This is only the first component of the site redevelopment.

How's your foot tasting? :smiley:

Another classic for the doof.

Nominee for zinger of the year :smiley:

Baa Zingaa :smiley:

where is the actual finacial statement? I don’t believe anything until I see it.

Its meaningless anyway. The team deferred all their financial obligations on their stadium payments. Had they paid the 3 million they owe. They would have posted a loss. Which is pretty scary considering they were sold out. This year they owe 4.5 million, so they should put away that money. Bombers are probably one of the teams trying to shaft the players.

Glad the old site was sold, had missed that but it has nothing to do with the finances of the stadium and team.

Of the 10 games played at IGF last year there were 2 sell-outs: the season opener and the Banjo Bowl.

This is precisely why the players are mistaken if they think new stadiums must mean the team's are 'flush with cash'.
The stadiums are either built on the backs of tax payers or huge loans.

HTFC rips the Bombers every chance he gets. Before clicking on this thread , I knew he would be the only one trolling. He's envious his Als play in a high School Stadium !