In their latest financial report to shareholders, the Syracuse Chiefs (Class AAA; International League) reported a profit of more than $67,000 in 2016.
The numbers for 2016 show some signs of progress for the Chiefs, who just a little more than three years ago undertook a drastic overhaul to the organization amidst financial difficulties. Final numbers for the 2016 season show a profit of $67,108, with a total revenue figure of $3,440,484. The club has reported a reduction in losses over three consecutive seasons, which coincides with the tenure of general manager Jason Smorol.
The Chiefs’ track record under Smorol was a focal point as team officials presented the latest financial report. More from Syracuse.com:
The small figure on the plus side of the ledger comes three years after Jason Smorol took over as general manager of a franchise on the precipice of extinction.
“(It’s) not a big profit, but I’ll take a profit any way I can look at it,” said team treasurer Crandall Melvin III. “We still have a long way to go. All of this is building, building, building to what I feel in 2017 is going to be a very good year. Next year, when I stand here in front of you, I hope that I will have a much more of a significant increase over the $67,000 profit.”
The Chiefs also made a key move in 2016 by extending their commitment to Syracuse with a reworked lease. As part of the agreement, the team will remain at NBT Bank Stadium through 2026 while paying a higher annual rent figure in exchange for Onondaga County picking up maintenance and utility costs.