Photo Courtesy of Edmonton Elks
On Tuesday, May 9th, 2023, the Edmonton Elks held their 2022 General Meeting of shareholders at Commonwealth Stadium at 11:00 am Mountain Time. The meeting was to unveil and discuss their 2022 Annual Report. Although there was a loss in revenue as a whole for another season, there were still some positives that had come about for the 2022 Edmonton Elks season. But in the end, the Edmonton Elks did suffer a huge loss in operating revenue accumulating to an estimated 3.3 million dollars.
I said "I do need to stress that this turnaround is not a one-year initiative. This will take a few years. Improvement will be evident this year, but let's fully understand that this is a multi-year initiative to get to where we want to be."
Ian Murray
Chair, Edmonton Elks Football Club
There are a lot of factors that have contributed to the huge financial loss that the Edmonton Elks have recently reported for the 2022 CFL season.
The Treasurer's Report
In the Trasurer's Report, the Elks did achieve a financial target goal to finish the 2022 year with 22.1 million dollars. It was a slight financial gain previously in 2021 where that achievement was that of 20.8 million dollars. However, there are a few factors that helped out the Edmonton Elks for the 2022 season. For one, CFL Distributions were at 6.4 million in 2022 whereas in 2021, it was at 3.9 million dollars. This was a financial help across the CFL where the strategic partnership with Genius Sports Limited came to fruition. With that said, there was a drop in sponsorship income, along with no government assistance for the 2022 Edmonton Elks season.
With the Canadian Football League being predominately gate-driven, there was a drop of 9.2% in attendance in 2022 for the Edmonton Elks with an average attendance of 23,787 per game. Whereas in 2021, the Edmonton Elks had a game attendance average of 26,210 per game. Although on record for dropping an average of 2,423 per game attendance, the Elks did have an increase in their gate receipts.
Light at the End of the Tunnell
Unfortunately for the Edmonton Elks, the last three years have been a perfect storm for a recipe for disaster. It's one thing about the COVID-19 pandemic that put a halt to all 9 CFL teams for the 2020 season; where the Edmonton Elks suffered with an estimated financial loss of 7.2 million dollars for the cancelled 2020 CFL season. Mix in back-to-back subpar performances by the Edmonton Elks with only 7 wins combined to show for it, and you can see why fans have given up on the Edmonton Elks.
At least for the time being.
And why not. This is completely understandable.
Edmonton fans want to win. And they want to win regularly. Just like the long-storied proud franchise of wearing the Green and Gold, the EE logo on the helmet, and the great players and coaches of the past, Edmonton fans want to see that next generation of talent that one day they can say "Wow. That Edmonton Elks team was a great team" no matter what season it was from here on forward.
Sometimes when you hit rock bottom, it is the best thing for your football team. Because after all, there is no other way but up.
The Edmonton Elks planted the seeds from the top brass down. Although it had only been a team that's been together entering a 3rd season together, the worse days have passed. With being aggressive in free agency, along with a successful draft in the past two seasons, this Edmonton Elks team will be turning a corner in 2023. When that turnaround begins, fan support will increase. Because after all, winning on the field, cures a lot of financial issues.
Come on Edmonton fans.
Antler up!
Come out to Commonwealth Stadium in droves.
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