At its annual general meeting on Wednesday, the shareholders of Edmonton’s Canadian Football League team learnt that there remains optimism despite the fact that the Green and Gold are currently experiencing even more financial hardship.
The Edmonton Elks had a $3.9 million net operational loss in 2023, an increase from the $3.3 million they lost in the previous CFL season. The primary cause of the deficit was lower revenue, which came in $3.98 million under budget.
Board treasurer Kara Flynn explained at the meeting that the team’s home stadium, Commonwealth Stadium, is seeing a decline in ticket revenue due to lower attendance. This has a knock-on effect on sales of premium seating, merchandise, and concessions, which have decreased year over year to $52 million from $6.6 million.
Previous years’ net operating losses for the Elks were $1.1 million in 2021 (opens in a new tab), $7.2 million during the 2020 campaign that was cancelled because of the COVID-19 epidemic, and $1.1 million in 2019.
The squad, which will celebrate its 75th season (opens in a new tab) in 2024, has sufficient funds to “meet all its current and anticipated obligations,” Flynn informed the audience, despite the growing losses.
In addition, the Elks may have a new ownership group after this season.
Tom Richards, the board chairman and a former employee who waited in queue at slotback in the late 1980s, informed shareholders that he was unable to provide a concrete timeline for a possible transfer of control from the current group to a new one.
The special committee of the board tasked with finding a new owner, he said, has narrowed the pool of possible candidates down to a shortlist and he “would love to have this done in the next couple of months.”
More than 20 interested parties have signed non-disclosure agreements as part of the process to investigate a change in Elks ownership, which started in November(opens in a new tab).
According to Richards, there are a number of outside and local interest groups that want to know who owns the squad.
“The amount of interested parties who approached us and said, ‘We’d want to look at this, we’re interested, can you provide us more information?’ is really encouraging. Eventually, though, we started to ask as many questions as
Richards said to reporters after the stadium’s AGM, “They were asking.”
“We want to leave this neighbourhood in excellent condition, with the team representing our community with the greatest ownership. That is our goal, to carry out all necessary research.”
Although both supporters and detractors can attribute part of the Elks’ financial difficulties to Edmonton’s poor performance in the CFL standings—the team has finished last in the West Division the last three seasons, winning 11 of 50 games played, and suffering a 22-game home losing streak that was ended in August—interim president and chief executive officer Rick LeLacheur expressed optimism about the upcoming season given “strides on
on the pitch” that the group captured during the second part of the 2023 season.
He informed investors, “This year, we’re expecting better results.”
“It’s pretty clear to me the players and the coaches, if they prepare and execute and, at times, deal with adversity, they’re going to be successful on the pitch.”
He informed the media that drawing viewers also involves the commercial and entertaining aspects of the equation.
“I consider Edmonton to be a fantastic sports city. We will continue to receive a lot of support, as we have in the past, but we must work hard to ensure that visitors have enjoyable games when they arrive, both on the field and in the business.” LeLacheur
who led the B.C. Lions from 20188 to 22 and came out of retirement this summer following the Elks’ firing of Victor Cui. He served as the club’s president and CEO from 2002 to 2011.
It’s an adventure that you must attend ten days a year, not just a football game. Our main goal is to ensure that everyone who passes through those gates will return, possibly bringing friends and family with them.
Prior to the main training camp opening on Sunday, the rookie class of the Elks reported to camp on Wednesday. The squad plays the Saskatchewan Roughriders at home on June 8 to kick off the 2024 campaign.
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