By Canadian Press

Bombers report $7-million loss in 2020 due to loss of CFL season, other restrictions

Mar 29, 2021 | 9:43 AM

WINNIPEG — 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.

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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.”

This report by The Canadian Press was first published March 29, 2021.

The Canadian Press