EDMONTON -- The EE Football Team lost more than $7 million last year after revenues fell by 84 per cent from the year before, according to the team's latest annual report. 

Board of Directors Chair Janice Agrios called 2020 "the most difficult year" in the team's history. 

"These are uncertain times," she wrote in the report. "Many have suffered and lost loved ones. But Edmonton is and has always been resilient. Our team and our fans are no different."

The team said it incurred "significant expenses and commitments" in preparing to play a modified 2020 season that was eventually called off before it could start on Aug. 17. 

Team revenue fell down to $3.8 million last year after reaching $23.5 million the year before. 

The club says it relied on the Canadian Emergency Wage Subsidy for $2.5 million.

The report noted the organization had reduced its football and business staff to a "skeleton operation" amid the pandemic. 

The team is still planning on the Canadian Football League holding a 14-game season, but the report indicates it's looking at other options should the 2021 season be cancelled as well. 

"Every member of this organization has the following goals. Playing games in front of fans, making the experience safe and enjoyable, and presenting a championship caliber football team," wrote Chris Presson, the team's president.

The team did not give an indication regarding when it was revealing its new name. 

"The team will take to the field this year with a new name," Agrios wrote. "We expect to be in a position to announce a new name shortly."

The team had previously said it intended to reveal its rebrand this spring. 

The CFL is expecting to return this year with a full 18-game season but has delayed its planned start to Aug. 5 and reduced its schedule to 14 games.