Eskimos take half-million loss for 2008
The Edmonton Journal
Wed 25 Feb 2009
Byline: Mario Annicchiarico
Source: The Edmonton Journal
Revenues were all up, but the bottom line is the economic downfall also took its toll on the Edmonton Eskimos football club in 2008.
The club reported a net loss of $504,049 for the season at its annual general meeting on Tuesday. The loss was incurred from its net loss of investments which came in at a $553,000 hit.
"Like the rest of the world, our stabilization fund was pounded a little bit, resulting in about an $800,000 loss, for net loss of about $500,000," Doug Goss, team treasurer and newly announced chairman of the board, told a large crowd, which also gathered for the announcement of the 2010 Grey Cup.
Operating revenues came in at $14,868,089, up almost $1.1 million from 2007. Operating expenses were also up, however, to $14,523,000, increasing by $893,000.
Among the increased expenses was a $300,000 hit for transit expenses where fans sporting tickets had access to free park and ride. "We think it was well worth the investment," said Goss, of the unique promotion.
Team CEO and president Rick LeLacheur also announced that: "We're going to be zeroing in on 90 per cent of our (season-seat) renewals by this coming Friday, which is end of renewals, which is an exceptional number."
The club did come in $50,000 under the Canadian Football League salary cap of $4.2 million. Commissioner Mark Cohon, on hand for the Grey Cup announcement, was asked how that compared to the remaining CFL teams.
"We haven't announced it yet, we're finishing our audits now. We'll issue the final reports in about 30 days," he said.