'It was a disappointing year': Roughriders lose $1.1 M in revenue in 2023
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The Saskatchewan Roughriders held their Annual General Meeting on Tuesday evening where the organization debuted their financial results from the 2023 season.
The Saskatchewan Roughriders held their Annual General Meeting on Tuesday evening where the organization debuted their financial results from the 2023 season.
The community owned team lost $1.1 million dollars in 2023 and cited two primary factors for the major loss.
“Our on field performance and the economy. Two consecutive years of 6-12 records and not making the playoffs challenged the team’s sentiment and ticket sales. The economy with the high inflation and increasing interest rates has affected everyone in Rider Nation,” said Kent Paul, Chief Financial Officer for the Saskatchewan Roughriders.
Paul went on to share the club’s EBIDA – Earnings Before Interest, Depreciation, and Amortization in detail.
“For the year ending in March 31, 2024 the club had a positive EBEDA of $1.5 million dollars. When you add back the club’s amortization expense and interest paid on debt. The club had excess expense over revenues for a loss of $1.1 million. The club’s revenues resulted in a total in 36 million dollars, a 4 million dollar decrease from the prior year,” shared Paul.
Also added the operating expenses increased to $37 million a $900,000 increase from 2022. As well gate receipts were decreased by 1.9 million from the previous year.
“I think it is reflective of what last year was, it was a disappointing year on the field. As a result we didn’t have overly strong financials,” said CEO Craig Reynolds.
