CFL's Blue and Gold back in the red

The Winnipeg Blue Bombers have a red balance sheet to show for awinning 2007 season.

Theclub revealed its 2007 financial pictureThursday and blamed much ofits $264,000 net loss onthe team's aging stadium.

"Competitive success, success on the field in the CFL, doesn't always translate into success financially,"Bombers board chairman Ken Hildahl told a news conference.

Hildahl agreed the team had a great year on the field, withfive straight sold-out games at home, star slotback Milt Stegall breaking the all-time touchdown record, anda spot in the Grey Cup final.

But, at the bank, it's a different story.

"You know we had a tremendous year. The fan excitement was great; we hadfive sell-outs; all of the stars aligned, if you will. And, at the end of the day, it was essentially, on operations, a break-even point, but that's life in the CFL," Hildahl said.

Increased operating costs contributed to the net loss, he said.

"What the old [CanadInns] stadium has done is really limited our ability to expand our revenue streams," he said, noting the team spent $262,000 on planning for a new stadium.

Bombers president and CEO Lyle Bauer called it money well spent.

"A new facility with additional revenue streams and opportunities it's absolutely imperative and critical to the future of this organization,"Bauer told reporters.

Asper has pledged $40M for new stadium

The club has entered an agreement withWinnipeg businessman David Asper, who has promised to build a new stadium inexchange for ownership of the team.

Asper has pledged to contribute $65 million, including $40 million toward a $120-million stadium and $25 millionfor a retail development near the facility. He wants the provincial and federal governmentsto fund the balance, but politicians have not yet madea commitment to provide any cash.

The present stadium was built in the 1950s.

But thereare some positives on the balance sheet.The Bombers have a $4.3 million surplus, game revenueclimbed to $5.3 million from $4.5 million last year, and corporate revenue hit the $7.7 million mark up from $7.1 million in 2006.

Revenue from the league dropped to $1.9 million from $2.3 million in 2006, and football operationscost $8.1 million, upfrom $7.9 million.

Bauer said the club lost close to $300,000 in Grey Cup costs this year.

In 2006, largely due to hosting the Grey Cup, the club made $2.9 million.