Kärpät would be bankrupt on hockey alone, analysis says

Oulun Kärpät would already be bankrupt if it relied only on ice hockey, according to an analysis by Yle journalist Pekka Loukkola. The club needs sporting success to offset losses in hockey and support the finances of its wider business group.

The Oulun Kärpät group reported a loss of 1.5 million euros for its latest financial year, double the previous year’s loss of 0.7 million euros.

Ice hockey accounts for only about one third of the group’s business. The parent company, Oulun Kärpät Oy, reported a loss of 2 million euros last season, after finishing 14th in the SM-liiga regular season. In the 2024 to 2025 season, the club finished 13th and reported an operating loss of 1.3 million euros.

Restaurants and events provide most revenue

The Oulun Kärpät group includes Oulun Kärpät Oy, Qstock Oy, the Tunturiviihde group and Kiinteistö Oy Raksila Tekojääkentän Katsomo.

The group’s revenue for the financial year from 1 May 2025 to 30 April 2026 was 33.4 million euros. The ice hockey club accounted for 10.1 million euros, while restaurant operations generated 15.6 million euros and events brought in 7.7 million euros.

The group employed 228 people, including 58 players, coaches and equipment staff.

Playoff income is crucial

Kärpät have not reached the SM-liiga playoffs since winning bronze in the 2023 to 2024 season. That was also the last time the club paid dividends, helped by the revenue from playoff matches.

That season, ice hockey generated a loss of 200,000 euros, but the group reported an operating profit of 1 million euros.

When the season ends with the regular season, the financial result does not allow Kärpät to pay dividends to its shareholders. The largest shareholder is the non-profit Kärppä Foundation, which owns almost 80 percent of the company.

A single home playoff game generates about 200,000 euros in revenue for Kärpät. Five home playoff games would therefore bring in about 1 million euros. Sporting success also supports the wider Kärpät group.

The club’s investment in the Qstock festival has been financially successful. The festival has sold out 13 consecutive times, and Kärpät has already received enquiries about whether it would be willing to sell its stake.

According to investor Taito Tuunanen, who spoke at the Kärpät shareholders’ meeting attended by Loukkola, he had heard a claim that three to five SM-liiga clubs could face bankruptcy after the league’s “super season”.

Kärpät seeks additional income

League clubs are looking for additional revenue. Television agreements provide annual income, but more is needed. Ticket prices are adjusted according to demand through dynamic pricing.

Running a team is expensive. Player salaries have risen this season, and Kärpät’s player budget is 3.9 million euros.

In August, Kärpät bought the remaining shares in Tunturiviihde from its founder, Tomi Keisala. Tunturiviihde operates Ihku restaurants in Helsinki, Turku, Tampere, Oulu, Ruka and Levi.

The ownership also includes a street hockey event held in Ruka, Kuusamo, which has attracted hundreds of participating teams in recent years.

Kärpät did not respond to Yle’s questions about gambling companies’ interest in investing in league teams. Veikkaus’s exclusive status as the gambling company sponsor of the league ends in July 2027. Negotiations on a new agreement will be left to the next chief executive, as Tommi Virkkunen will leave the position next spring.

Since its foundation in 2000, Oulun Kärpät has paid approximately 2.2 million euros in dividends. Most of that money has gone to the Kärppä Foundation to support junior ice hockey in northern Finland.

The foundation supports junior ice hockey and junior activities in Oulu and northern Finland through grants, scholarships and operational support awarded on the basis of applications.