Originally Posted by blueandgoldguy
(Post 8531518)
Sigh. The more things change, the more they stay the same. Als were a financial basket case for much of their existence, most notably in the 80s.
Much was made of the Als resurgence in the late 90s, both on the field and off. That turned out to be a 10 - 15 year reprieve. Right around 2012 - 2014, their attendance and corporate support starting to nosedive. I suspect this is when the losses starting to mount and it continues to this day. The average crowds were announced as 17,000 for the season, but you could tell watching on tv that the actual numbers were 10 - 12,000. Lots of freebies and discounted tickets given to corporate sponsors, football and charitable organizations.
I imagine the cumulative losses the past half-decade are well over $10 million given the charming, yet antiquated stadium, minimal merchandise revenue, and no Grey Cups hosting duties for over a decade. Offhand, I have heard that Wettenhall was carrying a debt on the team close to or at 8 figures. I can see him not covering the annual losses once he came close to exhausting the profits from the "golden years" of the 2000s, so the reported cumulative debt would make sense.
As stated above, I wouldn't be surprised if Wettenhall has demanded that any prospective owners carry his outstanding debt in addition to a fee to acquire the team. Not an enticing prospect for an organization that plays in a fickle market with no real assets and with no prospect of hosting a Grey Cup any time soon.
Unfortunately, I too believe the league will take over the team and incur the outstanding debt. Hopefully, they will find someone who will buy the Als for approx. the going rate of an expansion team - $7 million. Then, it will be a question as to how this will be split between the CFL and the Wettenhalls. I would suspect the Wettenhalls would receive nearly all, if not the entirety of the proceeds, as a thank you from the league for investing in the team and Percival - Molson Stadium for all these years.
I suspect one of the conditions of the sale by the prospective ownership group will be a couple of Grey Cups within a specified time period. The Olympic Stadium roof will be ready replaced in either 2023 or 2024, and the city and province will be eager to make full use of it. A 2024 Grey Cup followed by another in 2027 - 2029 might do the trick.
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