(Edmonton) The Edmonton Elks of the Canadian Football League have established a committee to review its business model, particularly at the club ownership level.

The goal of this five-member committee is to ensure that professional football continues to thrive in northern Alberta, the Elks said in a statement Thursday.

The club’s interim president and CEO Rick LeLacheur, who is a non-voting member of the committee, said “we cannot turn a blind eye to the club’s financial problems over the past few seasons.”

LeLacheur added that the “impacts of the COVID-19 pandemic, football operations decisions, as well as subsequent issues on the field” had all contributed to this difficult financial situation.

The committee is made up of board members Tom Richards, Brent Hesje and Darryl Boessenkool, as well as former board members Diane Brickner and Bruce Bentley. The latter acts as president of this committee.

The team posted operating losses of $3.3 million in 2022, the fourth consecutive loss-making year for the community-owned team.

LeLacheur is hopeful the Elks will be able to compete in the 2024 season, but new investments are needed moving forward.