The Edmonton Football Team announced during their Virtual Annual General Meeting that the team lost $7.1 Million due to the canceled 2020 CFL season. Dave Campbell reported;
“The Edmonton Football Team announced a net operating loss of $7.1 million in 2020. Revenues dipped 84 per cent to $3.8 million from the previous year, in large part due to the lack of ticket sales, sponsorship, league distribution, concessions and game-day revenue due to the cancellation of the season.
The organization received $2.5 million of government assistance through the Canadian Emergency Wage Subsidy.”
This does not mean the team is done. The club has ramped things back up for the 2021 season.
“the club has sufficient cash and working capital at this time to meet all of its current and anticipated obligations. ”
The Edmonton Football Team along with the Saskatchewan Roughriders and Winnipeg Blue Bombers are three teams publicly owned in the CFL. Similarly to the Green Bay Packers in the NFL. Edmonton is lucky because they also have a heritage trust fund. According to the Edmonton Sun;
The club’s heritage trust fund emerged untouched at $15,359,808 with an additional $4,980,524 remaining in cash on hand.
“We’re fortunate the trust fund is there,” said Murray.
“We tried to manage things quite frugally and aggressively to try to avoid having to dip into the trust fund and put off as long as we can having to do that. We did take a pretty aggressive approach toward reducing expenses — more than most of the teams.
“So under the circumstances, we’re pretty good. We’re in a better place than some other teams are. And we’re also in a better place than we might have been.”
CFL teams have survived one canceled season. The question on many fans and players minds is can they survive a second one in 2021.
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May 13, 2021 at 11:28 am
If Edmonton would sign someone like Warren Moon their $7 million loss would be wiped out and they would be sold out like the old days in the early 80s.