Struggling Edmonton Elks to review ownership structure amid mounting losses
Edmonton's CFL team has struck a committee to review its ownership structure as the club deals with mounting losses.
The goal of the five-person committee is to ensure "professional football continues to thrive as a member of the Canadian Football League in Edmonton and northern Alberta," Elks chairman Tom Richards said Thursday at a media availability.
The team has been community-owned since it was founded in 1949. Elks interim president and chief executive officer Rick LeLacheur said there has been interest in the club from potential private owners.
"I've told them they just have to wait. We've had no negotiations or anything like that," LeLacheur said. "But it's a great community for sports, it's a great community for football and I think there's going to be a fair amount of interest whether it's a group or an individual.
LeLacheur, who serves on the committee as a non-voting member, said in a statement earlier Thursday that the "club’s financial struggles over the last several seasons can't be overlooked."
"The impacts of the COVID pandemic, football operations decisions, and subsequent struggles on the field have all contributed to a difficult financial situation," he said.
LeLacheur, who has agreed to stay on as president and CEO until the process is completed, said the team has had to use a stabilization trust fund to cover expenses.
"Over 2024, if we kept on the same track, or even to a degree got better, that the trust fund is going to be in danger of diminishing," LeLacheur said.
The committee includes board members Richards, Brent Hesje and Darryl Boessenkool, along with previous board members Diane Brickner and Bruce Bentley, who serves as chair.
The team had an operating loss of $3.3 million in 2022, which was the fourth straight year the community-owned club ran a deficit.
LeLacheur, who took over as president/CEO on Aug. 22 after the Elks and former president/CEO Victor Cui parted ways, said he's confident the team will operate in 2024, but new investment is needed for the future.
"We are going to need a capital investment on the club going forward, because it's going to take us a couple of years to get out of these losses we've been accumulating on an annual basis." he said.
News of the Elks' financial struggles is the latest body blow for what was once the model franchise of the CFL.
The franchise has amassed 699 all-time wins — tying it with Calgary for the most in league history — and won 14 Grey Cups, the last coming in 2015 when it finished atop the West Division with a 14-4-0 record.
But Edmonton hasn't reached the CFL playoffs since 2019 when it crossed over into the East Division after finishing fourth in the West with an 8-10 record.
Since the CFL resumed play in 2021 — the COVID-19 pandemic forced it to cancel the 2020 season — Edmonton has recorded three straight last-place finishes in the West Division, with records of 3-11-0 in 2021 and 4-14-0 in '22 and '23.
A 30-20 win over Ottawa on Aug. 28 ended a 22-game home losing streak, the longest in North American professional sports.
The franchise averaged just over 24,700 spectators per game this season _ which included a season-low crowd of 19,921. This year's attendance is down significantly from 2015 when the franchise averaged a CFL-high 31,517 fans per game.
Next season, Edmonton will close the upper bowl at Commonwealth Stadium, which has a seating capacity for 56,400 fans.
The Elks did improve their on-field product at the end of this past season thanks to the emergence of Canadian quarterback Tre Ford.
LeLacheur said the "environment improved" in Edmonton once Ford took over under centre.
"We're selling a good number of new season seats, which is a great sign," he said.
This report by The Canadian Press was first published Nov. 23, 2023.
CTVNews.ca Top Stories
Canadian comedian, talk show host Mike Bullard dead at 67
Canadian stand-up comedian and former talk show host Mike Bullard has died.
Israel's military says 4 soldiers were killed in a Hezbollah drone attack
A Hezbollah drone attack on an army base in central Israel killed four soldiers and severely wounded seven others Sunday, the military said, in the deadliest strike by the militant group since Israel launched its ground invasion of Lebanon nearly two weeks ago.
Thousands of miles from home, Trudeau learns of dissension in his caucus
The free trade agreement with ASEAN is expected to be signed at the end of 2025. If Trudeau is pressured to step down, or if his government falls and loses the next election, Trudeau will not, as prime minister, be there to see the fruits of his labour.
Here's the dirt on the germiest items in your day-to-day life
Your home – considered to be one of the safest havens from all the external stresses – is filthy.
Trump suggests a protester may get 'the hell knocked out of her' by her parents
Former U.S. president Donald Trump called for a protester at one of his rallies to 'go back home to Mommy' to 'get the hell knocked out of her,' his latest instance of using violent language when confronted by demonstrators.
Should men and women eat different breakfasts? Study suggests they should
The study, which uses a mathematical model, indicates that men and women may benefit from different breakfast choices to optimize metabolism and potentially aid weight management.
Ukrainian journalist Victoria Roshchyna dies in Russian detention, Kyiv says
Ukrainian journalist Victoria Roshchyna, who went missing in an occupied part of her country, died in Russian detention last month, Ukrainian authorities said earlier this week.
Historic Jersey Shore amusement park closes after generations of family thrills
The historic Jersey Shore amusement park has closed amid financial woes made worse by COVID-19 and Superstorm Sandy.
Court untangles 'bizarre mess' that allowed Vancouver duplex owner to pay off mortgage after foreclosure, sale
A B.C. Supreme Court judge has ruled on a case she describes as a "bizarre mess" in a decision issued earlier this week.