The Yorkton Terriers lost a substantial amount of money suffering a $54,792 deficit over the past season.
That builds on an existing debt of roughly $34,000, leaving the team with an overall debt nearing $90,000.
The numbers were unveiled Monday at the Terrier鈥檚 annual general meeting by club treasurer Corvyn Neufeld.
In presenting the numbers Neufeld did note the team鈥檚 auditors have pointed out to the club that the Terriers 鈥渄on鈥檛 have enough assets to cover our liabilities.鈥�
鈥淭hat number (the debt), got a little bit bigger,鈥� he noted.
Asked who was owed money with the team in debt, Neufeld told Yorkton This Week the team has a line of credit with the Royal Bank.
鈥淲e鈥檙e close to that limit now,鈥� he said, adding the debt 鈥渇luctuates over the source of the year,鈥� but the overall debt is now at the credit limit.
The deficit on operations in the past year to May 31, came about for a variety of reasons, said Neufeld.
For example, on the revenue side dollars generated by advertising and sponsorships declined from $217,250 in 2018, to $178,800.
But gate receipts, aided by a playoff run this spring jumped from $35,544 to $153, 419, however season ticket revenue declined by approximately $14,000.
The Terriers also lost $15,463 hosting the Montreal Canadiens old-timer team.
On the expenses side, again in part because of a playoff run, increased in most key areas.
General and administrative costs grew from $98,241 to $132,602.
Operating costs grew from $60,961 to $93,937.
Personnel costs were up from $151,596 to $180,824, with player costs up from $220,162 to $264,897.
So how does the team anticipate addressing the debt?
Neufeld said the first step is 鈥渢o increase revenues,鈥� adding the executive feels there is 鈥渁n opportunity to increase sponsorships.
In his report to the meeting Neufeld noted that the Terriers pay almost three times as much for game time ice rentals to the City of Yorkton in the playoffs than for regular season games. He later told Yorkton This Week the rental fees are detailed in a contract that is to be renewed this summer.
鈥淲e鈥檒l have some discussions with the City,鈥� in terms of rental fees, said Neufeld, adding that rates across the Saskatchewan Junior Hockey League 鈥渧ary quite a lot.鈥�
One thing the Terriers do have in common with most SJHL teams is debt. Neufeld said most junior hockey franchises in the province struggle with keeping the teams close to break even.
