New payment deal coming for Bombers stadium, province says

Manitoba taxpayers will still be getting money from the Winnipeg Blue Bombers, but that will involve finding a payment process that's more manageable for the football club, the province says.

"I want to be clear for taxpayers and Manitobans that we are going to get taxpayer value. We are going to get the money back, whether it be in the lands or work with the Bombers to work out another deal," Finance Minister Scott Fielding said on Friday.

On Wednesday, the Progressive Conservative government announced it was writing down the Winnipeg Football Club's $82-million share to construct the stadium.

The Bombers were starting to drown in interest payments alone. After its $3.5 million payment on the stadium loan, the Winnipeg Football Club reported a profit of $1.6 million for 2017.

The Bombers were given a break on loan interest until this year. Interest payments at current rates would work out to an extra $4 million in annual costs.

Fielding has promised to work with the Bombers on a new arrangement that will "protect taxpayers but also ensure the Bombers are very viable going forward."

Asked how the government can be confident in a new deal when Bombers revenue projections are so variable from year to year, Fielding said that remains to be seen.

"This is the last thing we want to do," he said of the loan writeoff.

He blamed the previous NDP-led government for originally arranging an overly complicated loan.

"Let's face facts, this was a very poorly constructed deal for taxpayers. We're not happy with it," he said.

"I can't answer the questions [about] what the thinking was at the time because our government was not there."

The bottom line, Fielding said, is "we want to protect taxpayers as much as we can and we want to get as much money back for taxpayers as we can."

He repeatedly noted the provincial auditor general has backed the decision to write off the loan. 

In total, the government now says it has taken on $201 million of loans for building Investors Group Field, which opened in 2013 and was constructed for $210 million.

IGF is owned by Triple B Stadium Inc., a consortium that includes the Bombers, the province, the City of Winnipeg and the University of Manitoba.

With files from The Canadian Press