Rangers turn a profit once again
Now it’s time to see some success on the ice, says team’s chief operating officer Bienkowksi
KITCHENER — As a business, the Kitchener Rangers are soaring.
Now team chief operating officer Steve Bienkowski wants to see some of that success translate to the hockey side.
“It’s time to be as good on the ice as we are off the ice,” he said.
The Rangers announced a profit for the 22nd consecutive year at their annual general meeting Monday night at the Aud.
About 115 season ticket holders attended the meeting in the rink’s Subscribers’ Lounge where it was revealed that the team took in $6.6 million in total revenues for the 2017 fiscal year.
That’s up about $350,000 from the previous campaign.
After all the bills were paid the team collected a tidy profit of $265,764, which is about $100,000 more than the season before.
“The results were a little better because the Memorial Cup was in Ontario,” said Bienkowski, noting that each Ontario Hockey League club gets a cut of the proceeds when the tournament is held in the province. “That only happens every three years.” The Rangers also get money from National Hockey League teams when their players are drafted and the team had three in 2016; forwards Adam Mascherin and Connor Bunnaman and defenceman Connor Hall.
The club collected $93,000 in just two playoff dates after being bounced by the Owen Sound Attack in five games in the opening round.
The team has won just one playoff series in the past four years, but hopes to break that trend this season.
Bienkowski usually keeps the comments to the business side at the AGM, but brought up the on-ice product Monday.
He reminded fans that the club has been rebuilding of late after a decade-long run left them thin on draft picks and prospects.
“We’ve planted the tree three years in a row and I’ve watched it grow,” he said. “Now I want to see the fruit come off. It’s that simple.”
Hampering team profits are ongoing payments for loans taken out for major renovations to the Aud.
The team borrowed $10.6 million to add an addition to the building as well as a new dressing room and office space — among other things — five years ago and owes about $7.5 million on that tab.
Debt for the $1.7 million score clock and ribbon board system acquired two years back has been reduced to $646,000 and will see another $139,000 shaved off in the next fiscal year.
The Rangers continue to take care of others. The club has $1.3 million tied up in scholarships to current and former players, though that figure can vary.
Payments are void if players ink a professional deal or fail to enrol as a full-time student in a post-secondary institution within 18 months of their graduation from the OHL.
The Blueshirts donated $444,000 to charity with about half going to minor hockey organizations. That’s up $73,000 from last season. Fans still wear team gear with pride as the squad sold $438,000 in merchandise from their store at the Aud.
Despite the years of success, Bienkowski always sweats the books. “I worry every year,” he said. “The thing that we always have to remember is that we’re operating almost at full capacity,” he added.
“If we ever had a significant drop in attendance that would eliminate our bottom line in a hurry.”
GOALIE DEPTH: The Rangers added a veteran to their crease Monday by acquiring 20-year-old Anthony Dumont-Bouchard from the Barrie Colts for a 14thround draft pick in 2018. Dumont-Bouchard spent parts of three seasons in the QMJHL, but was recently picked up on waivers by Barrie. The netminder went 20-9-1-1 and had a 2.76 goals against average and .906 save percentage last season.