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April 11, 2024

Winnipeg Football Club Posts Operating Profit of $5.7 Million in 2023

The Winnipeg Football Club today released its 2023 annual report, announcing an overall operating profit of $5.7 million.

“Financially, 2023 was another very strong year for the Winnipeg Football Club,” said President & CEO Wade Miller. “Credit goes to our season ticket members, corporate partners and fans for the crucial role they play in the success of our Club, both on and off the field.”

Revenue totalled $50.5 million in 2023, an increase of $5.1 million (11.2%) over 2022. This increase is attributable to record high revenue levels for gate receipts, game day, merchandise and concessions, and Winnipeg Football Club revenues. Gate receipts soared to $15.1 million which is an increase of $1.3 million (9.6%) over last year while game day, merchandise and concessions revenue hit $11.5 million, an increase of $1.1 million (10.5%) over 2022 results. “We attribute these numbers to our season ticket members and fans as we finished the season with five straight sellout crowds and led the league in attendance for the second consecutive year,” said Miller.

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 $5 million to the Capital Fund and $1 million to Club’s Operating Reserve, for total allocations of $6 million during the year. The Club closed out the year with a Capital Fund balance of $9.6 million and an Operating Reserve balance of $6.6 million at December 31, 2023. “Our strong financial results allowed the Club to make these allocations and build our reserves for future years to invest in our stadium. 2023 saw the beginning of the replacement of the stadium turf which will be installed in time for the 2024 season. We will use the Capital Fund for future capital improvements at the stadium as part of our commitment to have the best stadium in the CFL to provide the best fan experience,” said Miller.

The Club recorded an impairment loss on the loan receivable from Valour FC Inc. of $1.25 million 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 from our fans to corporate partners continue to play a critical role in the success of our Club, both on and off the field”, said Miller.