In spite of considerable financial and logistical challenges, Powell River Kings Hockey Club Society is working hard to maintain its revenue sources while making significant economic contributions to the local community, according to treasurer and fundraising director Joe Mastrodonato.
Last month, 23 members of the society gathered for the club’s annual general meeting, during which Mastrodonato announced a loss of around $20,000 for the fiscal year.
“Every year directors are faced with challenges to meet financial commitments,” said Mastrodonato, who has been involved with the Kings for 30 years.
Although the Kings had a strong year both on and off the ice, the society is struggling to keep ahead of rising expenses, according to Mastrodonato.
“Revenues are getting a little better every year, but we can’t seem to keep up with the expenses,” said Mastrodonato.
The team spends around $40,000 per year on things such as groceries for the players, in addition to $100,000 per year on transport. The Kings also have to pay rent at Powell River Recreation Complex.
On top of those costs, the Kings incurred some unexpected expenses last year. The society had to shell out to cover the costs of extra playoff games, in addition to a new team bus.
Nonetheless, Mastrodonato said the vast majority of the society’s budget was spent in Powell River.
“At least 90 per cent of our budget is spent locally,” he said.
A portion of those expenses went toward prizes for the Kings’ game nights, a vital source of revenue for the team. The team also generates income from raffles.
“There’s no doubt about it,” said Mastrodonato, “without these major raffles the team would not exist in Powell River.”
Mastrodonato said around $374,000 of the society’s $890,000 gross annual revenue came from gaming raffles and a $15,000 gaming grant. The team paid out a total of $178,000 to prizewinners, most of whom were locals.
In total, Mastrodonato estimates the Kings spent around $800,000 in Powell River last year.
“That’s a big boost for our community,” he noted. “The team is a huge asset.”
The hockey club also buys most of its equipment from local sports vendor Taws, and employs five full-time staff.
Although gate attendances at Kings games are steadily increasing, Mastrodonato said current ticket sales are not creating enough revenue to keep up with the club’s expenses. However, he said he is pleased to see that many newcomers to the city are showing an interest in the team.
“New people are coming to the city and are becoming hockey fans,” he said.
Mastrodonato also noted that corporate advertising has been enabled by the team’s recently installed LED screen.
“A lot of local sponsors have stepped up to the plate, and so we’re ahead of the game there,” he said. “We’re pretty happy with the corporate sponsorship.”
Mastrodonato said he hopes ongoing support from the community and careful management of the society’s finances will keep the Kings going for years to come.
“I’m always optimistic,” he added.
