The Ottawa REDBLACKS winning the Grey Cup came at a cost for the Ottawa Sports and Entertainment Group.
OSEG posted a $14.4 million net loss in 2016, compared to a $12.6 million loss in 2015.
A report for the Finance and Economic Development Committee shows attendance at Lansdowne increased 41 per cent in 2016 to 3.4 million people. There were 96 events at Lansdowne in 2016, up from 83 in 2015. Revenues increased 17% to $50 million.
But in explaining the net loss, OSEG says “winning the Grey Cup proved to be expensive.” No other details were contained in the report.
The report also notes OSEG paid a full year of interest on the loan for the retail component of Lansdowne.
The City of Ottawa is also expected to see a $1 million increase in the 30-year revenue sharing deal with OSEG.
