Statement from WFC on Province’s Announcement
Statement from Winnipeg Football Club President & CEO, Wade Miller, on today’s announcement from the Province:
“Further to today’s announcement by the Province, to date, the Winnipeg Football Club has met its financial obligations with respect to the stadium, in accordance with the Management Agreement with Triple B Stadium Inc.
The Club has made cumulative annual excess cash payments totaling $17M to Triple B and will continue to meet its financial obligations and make the payments required under the current Management Agreement.
The Province has taken a loss provision on Phase 2 of the stadium loan to Triple B and has stated that the current model is unsustainable. The Club will continue to follow the terms of the current Management Agreement which requires the Club to use its best efforts to generate sufficient excess cash through the collection of entertainment tax and facility fees to make this annual payment to Triple B.
Based on our future forecasts, including ongoing capital improvement requirements for the stadium, we anticipate making an annual required minimum payment that is less than the maximum scheduled payment.
The Winnipeg Football Club agrees with the Province that the current model is unsustainable and is not viable over the long term. We look forward to working with the Province and other stakeholders to arrive at a viable long-term solution for all parties.”
