Winnipeg Football Club Releases 2020 Financial Results
WINNIPEG, MB., March 29, 2021 – The Winnipeg Football Club today released its 2020 annual report, announcing an overall loss of $7.0 million.
“The unprecedented and rapid spread of COVID-19 and the related restrictions that were implemented in Canada throughout 2020 had a devastating impact on live sporting events across the country, which ultimately led to the cancellation of the 2020 CFL football season,” said President & CEO Wade Miller. “This had a detrimental impact on the Club, not only with the cancellation of the 2020 season, but the shutdown of all events at IG Field.”
The COVID-19 pandemic has had a material negative effect on all aspects of the Winnipeg Football Club’s operations, leading to material decreases in revenues, results from operations and cash flows. Revenue decreased by $32.3 million in comparison to 2019. “Financially, 2019 was a strong year for the Winnipeg Football Club,” said Miller. “To have such positivity in 2019 with our financial results and winning the 107th Grey Cup Championship and then to not play football in 2020, it was truly disappointing for our players, our staff and our fans.”
While there have been no events held at IG Field since February 2020, the Club still incurred expenses of $3.4 million related to the operation of the stadium. The Club took a number of steps to reduce expenditures in 2020 to offset the decline in revenue, including a reduction of labour costs, other operating costs, and working with vendors to renegotiate contracts. The Club also accessed government programs and secured financing to assist with the impact of COVID-19 on the Club’s operations.
“The Winnipeg Football Club has a strong history of profitability. The Club entered 2020 on very solid financial footing with net assets of $12.9 million, including an operating reserve of $4.1 million,” said Miller. “We will weather this storm and get back on the field to defend our Grey Cup Championship for our incredible fans. The support that our season ticket members and corporate partners have shown us over this past year is overwhelming.”