WINNIPEG, MB., April 13, 2023 – The Winnipeg Football Club today released its 2022 annual report, announcing an overall operating profit of $4.9 million.
“We are extremely proud of our overall financial results for 2022,” said Winnipeg Football Club President & CEO, Wade Miller. “These results are a testament to the unwavering support of our season ticket members, corporate partners, and fans.”
Revenue totalled $45.4 million in 2022, an increase of $12.5 million over 2021, a result of playing a full football season as opposed to the shortened season of seven regular season home games in 2021. Ranking first in the league in 2022 attendance, the Club achieved strong gate receipts of $13.8 million.
“We attribute these strong ticket sales to our season ticket members and fans. We had five home games where attendance surpassed 30,000 fans in 2022, matching the record set in 2013, which was the inaugural season at IG Field,” said Miller.
Total operating expenses came in at $40.5 million, an increase of $9.8 million over 2021. This increase was also attributable to playing a full regular football season last year. While the Club continues to invest in its on-field product, overall football operations expenses totalled $13.3 million last year.
In 2021 the Club entered into a new agreement with the Government of Manitoba and Triple B Stadium Inc. whereby a capital fund was established. The Club made annual allocations of $2.9 million to the capital fund and $1 million to the Club’s operating reserve, for total allocations of $3.9 million during the year. The Club closed out the year with a capital fund balance of $11.5 million and an operating reserve balance of $5.6 million at December 31, 2022.
“Our strong financial results allowed the Club to make these allocations and build our reserves for future years to invest back into our stadium,” said Miller.
The Club recorded an impairment loss on the loan receivable from Valour FC Inc. of $950,000 as the Canadian Premier League team’s estimated future cash flows continue to be uncertain.
“The Winnipeg Football Club has a strong history of profitability. Our stakeholders continue to play an important role in the success of our Club, both on and off the field”, said Miller.
