Re: 3DownNation says 2021 Season May Not Happen
Posted: Wed Feb 17, 2021 5:05 am
The Original BC Lions Football Fan Forum since 99
https://www.Lionbackers.com/bc_lions/
Makes a difference when the remaining 8 teams have to dig into their own pockets to cover the operation of any team the CFL takes over. There quickly becomes a point when they tell the league to sell the team or fold it because they will no longer cover it. The Bombers 2019 Annual Report showed it cost them $657,600 for their share to operate the Alouettes under CFL ownership, just for their 2019 fiscal year.
maybe a small erosionHambone wrote: ↑Sat Feb 13, 2021 4:34 pmHave over $20M? Or had as of last year's annual reports before Covid started eroding their cash reserves. The notoriously the grass is always greener in Saskatchewan Rider fans seem to be of the belief their Stabilization Fund has all but been exhausted. It had already shrunk considerably prior to Covid due to their own obligations towards Mosaic 2.0.
first, they only lost money because the gave $1.2m to charity.B.C.FAN wrote: ↑Wed Feb 17, 2021 4:36 pmThe Riders lost money in 2019 and expected to use up all of their stabilization fund of $7.6 million in 2020, and that was before the season was cancelled.
https://www.google.ca/amp/s/globalnews. ... ances/amp/
Roughly $5M of those non-football expenses the Riders have more than other teams are used to operate 4 Rider store retail outlets; 1 at Mosaic, 1 in a Regina and 2 more in Saskatoon. I don't know if any other teams operate actual retail stores. The Riders did however close one of the Saskatoon stores just prior to the end of their last fiscal year. I believe that decision was made prior to the Covid outbreak thus the two weren't related.Qman wrote: ↑Wed Feb 17, 2021 5:03 pmfirst, they only lost money because the gave $1.2m to charity.B.C.FAN wrote: ↑Wed Feb 17, 2021 4:36 pmThe Riders lost money in 2019 and expected to use up all of their stabilization fund of $7.6 million in 2020, and that was before the season was cancelled.
https://www.google.ca/amp/s/globalnews. ... ances/amp/
The still have $10million outside the stabilization fund. Plus you spend over $10-15m more on non-football expenses than every other team, its pretty easy to trim those costs and bank the profits. Unfortunately, its hard to fire people when have all that money sitting in the bank
For the beneficiaries of Braley's estate, it might be in their interests to get what they can now so they can recoup at least some of the money Braley set aside for the team. They won't get much for the team when the money's gone.
I don't think the price the Lions fetch be it $2M or $20M will be more than a drop in the bucket in the grand scheme of Braley's estate. If anything the sale of the team would be like taking care of a loose end. The sense I got from reading the article is that while the Estate has been holding some discussions with potential groups any sale is unlikely to be completed in the near future due to obvious reservations any prospective buyer would have about owning a CFL team under Covid fan restrictions. An offer today would be for a "as is, where is" franchise with a very real risk that you could wind up with nothing for your purchase price while having to cover all operating expenses and losses between now and when the CFL can operate with full attendance..........or folds.