GreenWhites in the Red
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Saskatchewan Roughriders announce $4.3M loss
Murray McCormick, Regina Leader-Post
SASKATOON — The Green and White is in the red.
A dismal 2015 season contributed to the Saskatchewan Roughriders posting a loss of $4.3 million for the 2015-16 fiscal year.
An early glimpse of CFL team’s financial picture for 2015-16 was available Monday when the franchise issued a notice to shareholders of its annual general meeting, set for June 22 at the Conexus Arts Centre.
Along with a loss, the direct mailout noted that the Riders would not have been in a deficit situation if not for the amortization of the 2013 Grey Cup Legacy Fund. A total of $15 million was spent on renovations to Mosaic Stadium in 2012 to cover the installation of end-zone seats, luxury boxes and two new video boards leading up to the 2013 Grey Cup game, which was won by the Roughriders at Mosaic Stadium.
According to the mailout, removing the amortization of the Grey Cup Legacy Fund meant the Riders actually had a profit of $873,000. For accounting purposes, the four-year amortization of the Grey Cup Legacy Fund is to be completed this year.
Regardless, the Riders are still left with a loss that snapped a streak of eight consecutive years in which the franchise posted a seven-figure profit. It’s also the first time the Riders have posted a deficit since the 2001-02 fiscal year, when they lost $130,000.
Despite the $4.3-million deficit, the team did record an increase in ticket revenues last season. The Riders generated $15.7 million in ticket sales in last year compared to $15 million for the 2014-15 fiscal year.
Saskatchewan Roughriders announce $4.3M loss
Murray McCormick, Regina Leader-Post
SASKATOON — The Green and White is in the red.
A dismal 2015 season contributed to the Saskatchewan Roughriders posting a loss of $4.3 million for the 2015-16 fiscal year.
An early glimpse of CFL team’s financial picture for 2015-16 was available Monday when the franchise issued a notice to shareholders of its annual general meeting, set for June 22 at the Conexus Arts Centre.
Along with a loss, the direct mailout noted that the Riders would not have been in a deficit situation if not for the amortization of the 2013 Grey Cup Legacy Fund. A total of $15 million was spent on renovations to Mosaic Stadium in 2012 to cover the installation of end-zone seats, luxury boxes and two new video boards leading up to the 2013 Grey Cup game, which was won by the Roughriders at Mosaic Stadium.
According to the mailout, removing the amortization of the Grey Cup Legacy Fund meant the Riders actually had a profit of $873,000. For accounting purposes, the four-year amortization of the Grey Cup Legacy Fund is to be completed this year.
Regardless, the Riders are still left with a loss that snapped a streak of eight consecutive years in which the franchise posted a seven-figure profit. It’s also the first time the Riders have posted a deficit since the 2001-02 fiscal year, when they lost $130,000.
Despite the $4.3-million deficit, the team did record an increase in ticket revenues last season. The Riders generated $15.7 million in ticket sales in last year compared to $15 million for the 2014-15 fiscal year.
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