“We’ve created a great experience for fans.” | WFC Posts Operating Profit of $4.9 Million in 2022
The Winnipeg Blue Bombers have scored another financial touchdown with a healthy 2022 bottom line bolstered by record numbers in ticket and corporate partnership revenue and merchandise sales.
The club released its 2022 annual report Thursday, highlighted by an overall operating profit of $4.9 million. That comes one year after an operating profit of $2.1 million for the pandemic-shortened 2021 Canadian Football League season.
“It’s a great day with very positive news,” said Blue Bombers President & CEO Wade Miller. “It shows the commitment of our fans, our partners and the overall success this organization has had now for multiple years.
“Our fans have never wavered. Our corporate partners have never wavered.”
The Blue Bombers record number in gate receipts was $13.8 million, with merchandise, concessions and game-day revenue hitting the $10.4 million mark.
Winnipeg led the CFL in attendance for the first time in franchise history, averaging 28,641 per game – including five games that topped the 30,000 mark. To that end, the club has seen an 8.8 increase in ticket revenue since the opening of IG Field in 2013.
“That’s one of the things we’re most proud of and it goes to the support we get from the entire community,” said Miller. “That’s a testament to our fans and partners, and to everyone in this organization, from the coaches to the players to the front office. We’ve created a great experience for fans, and they really enjoy our game days.”
As part of the club’s agreement with the provincial government and Triple B Stadium Inc, the club has allocated $2.9 million into the capital fund for a total now of $11.5 million at year end, while an additional $1 million has been allocated to the operating reserve which now has a balance of $5.6 million.
The capital fund is in place to maintain and upgrade IG Field said Miller and the organization will continue to invest in the stadium, which opened in 2013.
Worth noting: the financial statement also includes a $950,000 expense for a write-down of a loan to Valour FC, the Canadian Premier League team operated by the Winnipeg Football Club and that is a number which is concerning to Miller.
“It’s an ongoing challenge,” he said. “We need the fans to come out to support Valour. I said it last year and I’ll say it again: if we’re not around 4,500-5,000 fans in average attendance (last year’s average was 3,111) it will be very difficult for this team to become a viable entity.”
The report indicated a jump of 38.1% in total revenue to $45.4 million, while operating expenses came in at $40.5 million. And of note – since moving into IG Field in 2013 the club has recorded an operating profit in every season but 2020, when the entire season was wiped out by the pandemic.
As for what’s next, Miller said some new game-day fan experiences will be unveiled next month.
“It’s a tribute to the work of everyone in this organization and how we’ve created such a phenomenal game day experience,” he said. “And that’s what we’re going to try and continue to do again – set records in 2023. We’re up for the challenge. We’ve been to the last three Grey Cups and won two of them. We wish it was three wins, but now it’s time to get to a fourth Grey Cup and win another.
“We’re going to continue to do what we do best: our purpose is to win championships, make memories and sell tickets.”
