The Edmonton Elks held their annual general meeting Wednesday and as expected, the 2023 CFL season was a very tough year financially again.
The Elks reported an operating loss of $3.9 million last season as the team struggled through another 4-14 season and missed the playoffs for a third straight season. Ticket revenue dropped by $1.4 million from the 2022 season. Over the last three seasons, the Elks have lost more than $15 million.
Despite the dire situation financially for the club, Kara Flynn, who serves at treasurer on the Elks board of directors, says there is no danger of the Elks not being able to operate in 2024. Flynn says there is enough working capital to get the Elks through the season.
Elks board chair Tom Richards says losing $3.9 million is a tough number to look at.
“It is a big number and honestly, as we were getting to appreciate the size of that number, it’s one of the reasons we made the decision in November to start exploring different ownership structures,” Richards said.
“We thought it was important to get out in front of it to give ourselves the best opportunity to find the best new owner.”
The Elks continue to search for a new ownership structure and it does look like private ownership will be a reality. Board chair Tom Richards says the process should be wrapped up in a couple of months with the new owner(s) being officially put into place by the end of the 2024 CFL season or by the start of the 2025 season.