Football club officials reveal plan to pay for Bombers share of new stadium
Football club officials have disclosed details on how the Bombers will pay back their $85 million share of the cost for the new stadium.
The total price tag for the project is pegged at $190 million, with the province and city kicking in funds. The sale of the old stadium site near Polo Park is also expected to generate funds for the new stadium project.
The Winnipeg Football Club said Tuesday that it plans on raising ticket prices to try to pay back the $85 million loan from the province, which works out to roughly $176 million when interest is factored in over the 44-year repayment time frame.
Football club officials said a $6 fee will be added to each ticket for Bombers games to help cover the loan costs.
The total price for tickets have not yet been announced, but it could increase by about 10 per cent more, with smaller increases after that.
"There will be a ticket range for everyone, I can assure you that," said Jim Bell, president of the football club.
Along with the $6 fee per ticket, the team also hopes to raise funds for the construction costs through more stadium luxury boxes, naming rights and retail and concession stand opportunities.
If the team can't come up with the cash to repay the loan, tax dollars will likely go towards covering the remaining amount.
- with a report from CTV's Laura Lowe