The Winnipeg Blue Bombers might still be licking their wounds following their most recent Grey Cup defeat, but a major victory off the field should ease the pain of an otherwise successful year.
The Winnipeg Football Club announced Wednesday an operating profit of $7 million in 2024. The $1.3-million boost to the bottom line comes on the heels of the $5.7-million profit generated in 2023.
“It speaks to the strength of this organization, to the fan base that we have, to the corporate partnerships and to everybody that’s part of what we do,” WFC president and CEO Wade Miller said in a phone interview.
“It speaks to the players and coaches, to our amazing staff that we have and to all the hard work that goes into making game days so special and something that is truly unique in Canada.”
Finishing in the black coincided with a strong showing on the field, including the Blue and Gold topping the West Division for a fourth straight season with an 11-7 record. The Bombers made it to a fifth-straight Grey Cup, but fell short in painstaking fashion, 41-24, to the Toronto Argonauts, in what was Winnipeg’s third straight loss in the CFL’s championship game.
Revenue totalled $54.7 million in 2024, a $4.2-million increase over the previous year.
A notable chunk of that came from a record year at the gate, with the club generating a franchise-high $15.9 million in ticket sales. Winnipeg led the CFL in attendance for a third consecutive season, averaging more than 31,000 fans per game, including five sellouts (32,343).
Corporate partnerships were also crucial to the bottom line, generating $14.4 million in revenue.
“I’ll put it up against most experiences that you go to in North America, being at Princess Auto Stadium (the Bombers’ home field), and it’s because of our fans who bring that energy every week and it only seems get better each time,” Miller said. “We have to keep evolving and keep working hard to create a great fan experience and that means always re-inventing and coming up with new ways and new things to engage our fans and make this a place you want to come and spend your entertainment dollars. They’re limited, and we know that.”
The Bombers spent an additional $2.8 million in 2024 compared to 2023, with operating expenses totalling $47.7 million. Football operations, including team salaries and travel costs, accounted for $14.3 million – $1 million more from the previous year.
In 2021, the WFC entered into a new agreement with the Manitoba government and Triple B Stadium Inc., resulting in the establishment of a capital fund that included a $10.2-million contribution from the province to be used for stadium maintenance and improvements. Prior to the deal, the club wasn’t on the hook for these bills, although it was expected to make significant payments against the stadium determined through a formula based on profits and often to the tune of millions of dollars.
They no longer have to make the costly stadium payments — the team’s $85-million dollar loan from the provincial government, of which only $6 million was paid off, was forgiven in the new deal — that often left the club in the red. Instead, there’s a new formula that has the club contributing to the capital fund each year.
Under that deal, the first $1 million in profits go to the stadium capital fund and the second $1 million is transferred to the team’s operating reserve. Any additional profits are added to the capital fund until it’s “fully funded,” which means the WFC would have enough money to cover major capital upgrades for the next five years and 80 per cent of anticipated capital costs over eight years. The anticipated costs are unpredictable and alter over time.
“All of the things we’ve done have been done to either increase the fan experience or drive revenue.”–WFC president and CEO Wade Miller
The Bombers allocated $7.6 million to the capital fund over the 2024 season, bringing it to $10.1 million by the end of the calendar year. That doesn’t include the $7.1 million they invested into various stadium upgrades, including new turf, a new LED board at the suite level, more grab-and-go food locations on the concourse, a permanent stage and BBQ shack in the tailgate area and a major renovation to the Bomber Store.
When it comes to the club’s operating reserve, the $1-million allocation brings the total to $7.6 million as of Dec. 31, 2024. The operating reserve is used in case of an emergency, such as another global health crisis like COVID-19.
“All of the things we’ve done have been done to either increase the fan experience or drive revenue,” Miller said. “It can be a tough business, for sure. But we’ve been able to create stability, especially over the last five or so years, thanks to the commitment from our fans and partners.”
Valour FC, the city’s pro soccer team that has finished the last few years in the red, was not on the WFC’s books this year. The Canadian Premier League agreed to cover the club’s operating costs in 2024 with a loan. The agreement is also in place this year, but no other details were provided.
The Bombers have had a busy winter with notable improvements and renovations.
The club improved the HVAC system in football operations and are currently creating a new and modern player lounge that will be the envy of the league. They are also installing additional contactless security screening devices, along with two new luxury suites.
The WFC will be hosting the 112th Grey Cup in November and are bringing the Thunder Concert Series – featuring artists such as rock band Def Leppard and country star Riley Green – to Princess Auto Stadium in July. Both are anticipated to be well attended and generate significant revenue for 2025.
“It’s going to be fantastic,” said Miller. “Fans are excited. Season tickets are really strong. It will be interesting to see when single-game tickets become available in May, how quickly the Banjo Bowl sells out this year.”
Jeff.Hamilton@freepress.mb.ca
Jeff Hamilton
Multimedia producer
Jeff Hamilton is a sports and investigative reporter. Jeff joined the Free Press newsroom in April 2015, and has been covering the local sports scene since graduating from Carleton University’s journalism program in 2012. Read more about Jeff.
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History
Updated on Wednesday, April 9, 2025 2:27 PM CDT: Updates with writethru, adds photos
