The Winnipeg Football Club is in the red by $7 million after reporting a significant loss owing to the COVID-19 pandemic.
The club released its 2020 annual report on Monday, revealing its revenue decreased by $32.3 million last year in comparison to 2019.
With the cancellation of the 2020 CFL season and shutdown of all events at IG Field, saying it was a difficult year for the WFC and the Winnipeg Blue Bombers would be an understatement.
“The Winnipeg Football Club has a strong history of profitability. The club entered 2020 on very solid financial footing with net assets of $12.9 million, including an operating reserve of $4.1 million,” said president and CEO Wade Miller, in a release.
The report also says the club incurred expenses of $3.4 million related to the operation of the stadium.
The Blue Bombers also 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.
“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,” Miller added.