Crossing The Red Line: Coyotes Post $1.25M Operating Loss In May
By Tripp Mickle, Staff Writer, SportsBusiness Journal
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Coyotes' Income Statement Shows Operating
Loss Of $26.39M For Year Ending May 31 |
The Coyotes posted an operating loss of $1.25M and didn't generate any ticket sale revenue in the month of May, according to financial documents filed by the team in bankruptcy court. The club, which generated $13.3M in ticket sales over the prior 11 months, managed just $574,626 in total revenue against $1.8M in total expenses during the month of May when it played no games. The team's income statement showed an operating loss of $26.39M for the year ending May 31 and a net operating loss of $70.26M over the same period. The bulk of the team's revenue came from "Corporate/Naming Rights Revenue" of $374,237, "Suite/Premium Revenues" of $184,458 and "NHL Revenues - Broadcast & Enterprises" of $105,064. The team showed a loss of $72,088 on concessions and merchandise in May. Arena Management, which operates Jobing.com Arena, showed year-to-date losses of $5.24M. The Coyotes spent $393,916 on hockey operations, $110,805 on scouting operations, $174,324 on finance and administration, $97,286 on their ticket sales department, $57,690 on advertising and promotion and $154,918 on their broadcast department, among others (see chart). Their largest checks issued included: $98,585.17 to the NHL for 2nd quarter health/dental premiums; $1.15M to BWD Group LLC for insurance premiums; and $32,850 to the NHLPA for dues deducted from payroll. It also voided $537,154 in checks. It spent $303,807.45 on staff payroll on May 13 and $647,376.82 on staff payroll on May 27.
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