Actually mikem, it's $1.2 million. $450,000 in rent and $750,000 for the right to sell the naming rights. That $750,000 however is already taken care of for the next 10 years as Tim Horton's has picked up in naming rights, and I don't think the Ti-Cats would have taken a loss for those rights.
Not to throw salt into Winnipeg's wounds, but Hamilton did this build the right way. They didn't finance a dime of the build, the stadium is already completely paid for. The Feds put in $69.1 million, the province $22.3 million and the city government used $54.3 million of money that it stored away in it's future fund (which I believe came somehow from the sale of Hamilton Hydro to Horizon Utilities). The tabbies don't have to worry about ticket surcharges being applied to them for use.
The Bombers post operating profits and have done so for awhile. The Bombers even with the loan payment, how you jump to them being in a finically crises, I have no ideal. Plus with the new revenue streams that will be coming in for Hamilton on the new stadium, the Cats will be in the Black year 1.
This actually for me is a point of anger and contention. I could give less the two craps about TFC, as they are just another one of MLSEs perpetually losing, profit over substance sports franchises. The fact their division 3 farm team wants to play in our stadium, and they feel it's cool to just show up at the door and we'll embrace it. Especially since Hamilton deserves better then another teams farm team, especially in the small world of North American soccer.
The thing is this is not a good time to buy a soccer franchise. Young knows all the warts of the NASL and MLS is not an option right now. So its advantageous for Young to take in a soccer team as a tenant that will develop a fanbase for soccer in Hamilton and wait for the MLS and NASL to merge or come to him. Something that will happen within five years anyway. Expansion fees have dried up and their position on network television is in serious trouble. Half the team don't have enough attendance to break even.
The Bombers are in serious financial difficulty due to the board that has been running this team for far too long. They have and continue to make very bad decisions with the team and the stadium. Selinger is going to get hammered in the next election for wasting the tax payers money on the stadium. He is already feeling the heat from the media on this and is looking for a way to do damage control. I have heard that he is working behind the scenes to try and have this team sold to private ownership. He would like to see it taken over by responsible owner(s) who have a sound business plan. Much the same as the Goldeyes and Jets have. Problem is finding buyers for a money losing franchise where the stadium is built in a poor location. The location of this stadium makes it difficult to generate extra money like the downtown arena and baseball stadium do. This stadium will have lots of empty seats next year and the league will likely have to keep this losing team afloat as the government has said that it will not be putting anymore money into this team.
But seriously this could be a problem for the Ticats next year too, they will be expected to pay $1.5 million to $2 million (depending on the size of the crowd, concession sales etc) towards their share of the new stadium. That's over 25 years, so $50 million there. That is money they aren't paying out now. There goes the extra revenue from the new TV contract.
So selling out that stadium is a priority.
I agree with a lot of this but the Bombers don’t have a revenue problem, their fan base is one of the most passionate in the league. They have a management problem. They’ve operated this team on the cheap for decades, at first because they owed money (necessity) an then out of habit, now that the other franchises are being run in a more “professional” manner the divide is even more obvious.
It is a little weird to me that someone like Asper who tried on more than one occasion to purchase the club would be allowed to stay on that board year after year, if his goal is to own the team… Also Winnipeg Press should look into the paper trail to find out how the press box ended up in a left over open pit at the end of the stadium. I’d be curious to see where on the drawings it was originally and what that space ended up being used for. Is that where Asper’s private box is now located???
Selinger is right they need to gut that “private club” and put in a proper management structure, Look at the hiring of Wade Miller, nice guy and all but he does not have the credentials or the accomplishments to be handed this job. If a head hunting firm had been doing the hiring he would not even have gotten an interview, the man has a few small SMB start ups ! He’s not accomplished or experienced enough to run a 20 million dollar business that has some issues.
When you look what community ownership has accomplished in Saskatchewan and Edmonton it would be a shame for that team to be sold to private interests at a time when the CFL is entering a very prosperous era, because you know the day when it cycles those private owners will just walk away and stick it right back to the government.