Neepawa Titans unveil financial details at their annual general meeting A grim reality that can’t be sugar coated

By Eoin Devereux Neepawa Banner & Press

There’s no sugar coating the stark reality the Neepawa Titans are facing as they go into their 35th season in the Manitoba Junior Hockey League. Unless substantial changes happen to the team’s fortunes in the year ahead, there may not be a 36th season.

The junior ‘A’ hockey club held its annual general meeting on Tuesday, Aug. 1 at the Neepawa Library. At the get-together, the executive board offered up the financial details from the previous fiscal year, ending May 31. Over the course of the 2022-2023 fiscal year, the Titans accumulated a loss of $89,251. That is the single largest one year loss the club has had in the last decade. As well, that number now increases the total deficit for the Titans to $387,994.

The total amount of revenue brought in by the Titans last year was $423,369, an increase of $7,332. Expenses, however, also rose, to $516,177, compared to $480,790 in 2022-2023. The increase in expenses can be attributed simply to the inflationary pressures Canada has faced over the last two years. According to the latest figures from the Bank of Canada, the cost of goods and services across the country is up 11.17 per cent since 2021. Like all of us, the Neepawa Titans are seeing that trickle down to their bottom line.

More specific reasons for the team’s losses can be seen in a bump to league fees, bus rentals and payments for game officials last season. Those increased by $18,000, $9,000 and $3,000, respectively.

Team vice president Jamie

Denbow, who chaired the meeting, said all that contributed to the current situation.

“Overall, it was a poor financial year,” stated Denbow. “Our debt load is now reaching a point that is unbearable for our current structure.”

Denbow added that the Titans’ board of directors has reviewed the outlook and believe there are three things that must be addressed immediately.

First is making the playoffs, as even playing in a single bestof-seven series with the right opponent can bring in significant additional revenue. As well, the team must get maximum support from the community for sponsorships and the sale of the annual cash lottery, which has not sold out in recent years.

Second is a restructuring of the agreement with the Yellowhead

Centre, to see if an equal partnership on food and liquor sales is a possibility.

And third, and perhaps most important, is truly becoming a community team, with ‘community’ being defined as more than just the Town of Neepawa. Denbow stressed that engagements with as many local community leaders across the region is vital to the club’s survival.

“So I look at the opportunity for the team to be owned by 40 or 50 members, [within the region], each with a minimum investment, instead of the current ownership structure,” stated Denbow.

Financial statements

Revenue: Fundraising: $208,601; Advertising/Sponsorships: $94,634; Travel fee revenue: $53,240; Game revenue: $46,178;

Hockey camps: $16,720; Player contracts: $3,250; Patronage dividend: $746.

Total revenue $423,369.

Notable Expenses: Subcontracts: $87,190; Fundraising expenses: $69,282; Billets: $58,446; Hockey supplies: $55,709; Bus expenses: $48,883; Ice rentals: $26,216; Wages and benefits: $24,691; Travel: $23,977; Fitness and training: $23,059; Interest and bank charges: $17,156; Referee expenses: $17,033; Advertising: $14,871. Repairs and maintenance: $8,884; MJHL and Hockey Manitoba fees: $6,650: Scouting expenses: $6,319; Hockey camps: $5668; Bookkeeping: $4,867; Game day set-up: $4,085; Admission worker: $1,590: Four combined misc items under $1,000: $2,603.

Total expenses $516,177