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Senators’ Losses Continue To Grow

from James Gordon of Senators Extra,

Ottawa Senators owner Eugene Melnyk says the Ottawa Senators have lost $110 million since he took over the team 10 years ago.

In August, senior team officials told the Citizen that the franchise has generated a grand total of just $6 million on operations (total revenues minus the costs associated with paying and moving the players, advertising and managing the arena).

continued..

Melnyk made the comment today on TSN 1200 Ottawa radio and you can listen to the full interview here (comment on lose of $110 is at the 11 minute mark).  Melnyk also in a round-about way rips some of the NHL teams on how they handle their finances.

Filed in: NHL Teams, Ottawa Senators, | KK Hockey | Permalink
 

Comments

Avatar

Bad Business.  Selling out every game but can’t turn a profit?  In Canada?

Posted by neffernin on 10/16/13 at 06:37 PM ET

Hootinani's avatar

Sounds like Gary will be running another team in the near future.

Posted by Hootinani on 10/16/13 at 06:41 PM ET

Down River Dan's avatar

I’m losing my A## on hockey, but just give a casino license and everythings fine….

What business man can’t say the same thing.

Owning a casino solves all of lifes problems… hmmm

Posted by Down River Dan on 10/16/13 at 07:18 PM ET

shanetx's avatar

It’s sad.  The Wirtz’s have robbed me of the ability to trust owners saying they are losing money.

Posted by shanetx from Floydada, Texas on 10/16/13 at 07:52 PM ET

wolverine's avatar

I would love to get a look at the books of the Senators, showing all revenue generated by the team - ticket sales, suite sales, advertising rights, concessions, merchandise, TV rights,  parking,  - and then subtract the expenses to see where Melnyk stands.  Agree with Down River Dan, he wants a casino and will prove to everyone he needs one.  To quote from Shakespeare, “the lady doth protest too much, methinks”

Posted by wolverine on 10/16/13 at 07:53 PM ET

Avatar

What his quote also said it’s that the hockey team pays to manage the arena. Apparently there is nothing else that goes there that generates revenue for him. Concessions and parking go to the arena, whose profits he pockets directly, not to the hockey team. The only ones losing money are the ones who don’t own the arena.

Posted by teldar on 10/16/13 at 08:19 PM ET

mrfluffy's avatar

Posted by teldar on 10/16/13 at 09:19 PM ET

Ask the previous owner of the LA Dodgers how that worked out for him…

Posted by mrfluffy from A wide spot on I-90 in Montana on 10/16/13 at 08:50 PM ET

Avatar

Melnyk once nearly went to prison for falsifying one of his company’s filings, FYI.

Consider me extremely skeptical about his reported “losses.”

Posted by larry on 10/16/13 at 10:03 PM ET

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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.

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