Bombers report $7M loss in 2020 due to cancelled CFL season, other restrictions
Despite having no events at stadium, club faced operating expenses of $3.4 M at IG Field
The Winnipeg Blue Bombers say in their 2020 annual report that restrictions introduced to combat the spread of COVID-19 have resulted in a $7-million loss.
The Blue Bombers said the rapid spread of the novel coronavirus and related restrictions had a "devastating impact" on sports across Canada, including the cancellation of the 2020 CFL season.
The report states that team revenue decreased by $32.3 million in comparison to 2019, when the Blue Bombers won the Grey Cup and posted a $3.5-million operating profit.
The team also says it incurred expenses of $3.4 million related to the operation of the IG Field despite no events being held at the stadium since February 2020.
The Bombers say they took a number of steps to reduce expenditures in 2020, including a reduction of labour costs, other operating costs, and working with vendors to renegotiate contracts.
The club says it 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," president and chief executive officer Wade Miller said in a statement. "The club entered 2020 on very solid financial footing with net assets of $12.9 million, including an operating reserve of $4.1 million."
"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."