Tuesday, March 30, 2004
Rogers' Accounting Sidesteps Blue Jays' Losses.
Derek DeCloet of The Globe and Mail reveals that (a) the Toronto Blue Jays reported an operating loss of $19.1 million (CDN) in 2003, but (b) through the magic of clever accounting, while Rogers Communications owns the club and is responsible for all losses, its CEO Ted Rogers personally controls the Jays through a private company.
The Jays' operating results have improved considerably in recent years, thanks almost entirely to cost controls. Between 2001 and 2003, revenues rose from $125 million to $133 million (Canadian), while expenses were slashed from $202 million to $152.6 million. Opening Day player salaries fell by about $25 million (US) over this period, which means the club was also able to reduce its nonplayer operating expenses by about $10 million (US).
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Derek DeCloet of The Globe and Mail reveals that (a) the Toronto Blue Jays reported an operating loss of $19.1 million (CDN) in 2003, but (b) through the magic of clever accounting, while Rogers Communications owns the club and is responsible for all losses, its CEO Ted Rogers personally controls the Jays through a private company.
The Jays' operating results have improved considerably in recent years, thanks almost entirely to cost controls. Between 2001 and 2003, revenues rose from $125 million to $133 million (Canadian), while expenses were slashed from $202 million to $152.6 million. Opening Day player salaries fell by about $25 million (US) over this period, which means the club was also able to reduce its nonplayer operating expenses by about $10 million (US).
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