Edmonton Eskimos AGM showcases relatively successful rookie season for CEO Len Rhodes
Gerry Moddejonge Edmonton Sun May 07, 2013
EDMONTON - The bottom line at the Edmonton Eskimos annual general meeting on Tuesday: they didn’t lose money.
Which is good news for president and CEO Len Rhodes, who reported a net profit of $207,060 in his first full season with the organization.
“It’s less than last year, but there were some changes in terms of our structure — one-time adjustments,” Rhodes said. “But (I’m) happy, yes, because we are not-for-profit.
“If we can generate more dollars than the bottom line, it’s about reinvesting in football operations and putting it right back in the community, as well.”
With total operating expenses of $18,833,674 —its highest in the last three years and 11% more than 2011 — the Eskimos managed to stay in the black.
“We had record revenues last year, but our expenses went up,” Rhodes said.
The club announced a net operating income of just $16,196 last year, which was a considerable drop from $637,806 in 2011.
Then again, that time around, the Eskimos didn’t donate $465,000 in support of amateur football across northern Alberta, like they did in 2012.
“The Huskies, the Wildcats, the U of A Golden Bears,” Rhodes said. “And our own special group of alumni, which helped build some community support.”
As well, 116,000 pounds of food were donated through the Purolator Tackle Hunger program, while the annual Eskimos Women’s Dinner has new brought in a total of a quarter-million dollars to fight ovarian cancer.
Rhodes was also instrumental in donating 509 pairs of shoes to the Edmonton’s women’s shelter.
“Helping every woman and child going through their doors for an entire year,” he said.
But there were plenty of downs to go with the ups.
“It must be stated that our club did experience a record number of injuries in one single season,” Rhodes said, referring to an increase in football-operations expenses of $31,000 due to nine-game injury expenses.
While those don’t count toward the salary cap, paying their healthy players didn’t exceed the $4.35-million cap.
The seat-replacement project currently underway at Commonwealth Stadium will see the lower bowl completed by the time the regular season kicks off on Canada Day weekend, with a finish date scheduled at the end of September.
“Originally, the seat installation was to be finished by the end of this calendar year, so we are actually ahead of schedule,” said Rhodes, who announced the Eskimos extended their lease on the stadium with the City of Edmonton through 2021.
For the 11th consecutive season, the Eskimos led the league in attendance, with an average of 33,975 and a season-high of more than 43,000 on Aug. 10 against the ever-popular Saskatchewan Roughriders.
“Putting a competitive club on the field is what’s going to sell tickets, and we recognize that,” said Rhodes. “We are putting the building blocks in place and I think it’s about continuous improvement.
“The financials will always follow when you have a winning record.”
As for the near future, the addition of tailgate parties before each home game and fan-watch parties, where people can gather at Commonwealth Stadium to watch away games, will be introduced this season.
ON BOARD: Three new members were elected to the club’s board of directors to replace the out-going Allan Sawin, Diane Brickner and Harold Roozen.
In their stead, Janice Agrios, Q.C., partner at Kennedy Agrios LLP; Douglas Cox, CEO of Touchstone Holdings Ltd.; and Marshall Sadd, president and CEO of the Lloyd Sadd Group, will serve a three-year term.
Also on Tuesday, the board elected Bruce Bently as chairman, John Moquin as treasurer and Chris Bruce as secretary.
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Ahhh, to be swimming in money! Do the Jets play the Giants ?.
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