GREEN BAY, Wis. (WFRV) – Last year the Green Bay Packers faced a season like no other, as the pandemic canceled training camp, the preseason, and kept fans out of Lambeau until the playoffs. As Kris Schuller reports the global crisis had a big impact on the team’s past fiscal year.
For the second year in a row, the Packers compiled a 13-3 record during the season and lost in the NFC Championship game.
But according to Packers President Mark Murphy – the Packers toughest opponent was COVID-19, whose impact on the past fiscal year was significant.
“Obviously it was a very unique year with the pandemic and the pandemic had a significant impact on our finances,” said Murphy.
Murphy gave an annual update on the Packers’ finances last year. He said across the board the pandemic cut deep, with no fans at training camp, no family night, and no fans in the stands until the playoffs.
“Our inability to host fans at Lambeau Field lead to a 70.7 percent decrease in local revenue,” said Murphy.
Total expenses exceeded total revenues leading to the team’s first operating loss since early 2000.
“The decline in gameday revenues lead to a $38.8 million operating loss last year,” said Murphy.
On the bright side, Murphy says national revenue was up 5%, money made mostly from broadcast contracts.
“It was crucial, it covered all our player costs, obviously we still had an operating loss but without that TV revenue we would have been in a very difficult financial position,” he said.
And the team’s Corporate Reserve Fund gained millions in the market, giving the team firm ground to stand on if needed.
“We want to get back on track to where we were in 2020 and continue to grow our revenues. We’re always trying to be a little bit better this year than we were last year,” said Paul Baniel, Vice President of Finance and Administration for the Packers.
“Hopefully the future is like what we had prior to the pandemic. We do remain optimistic we’ll be able to have full capacity for our games this year. We lost money, we had an operating loss, but it could have been much worse,” Murphy said.
The Green Bay Packers statement of income from 2020 to 2021 can be found in the table below:
|Statement of Income||2021||2020||$ Increase/Decrease||% Increase/Decrease|
|Total Revenue||$371.1M||$506,9M||– $135.8M||– 26.8%|
|Total Expenses||$409.8M||$436.6M||– $26.7M||– 6.1%|
|Profit from Operations||$38.8M||$70.3M||– $109.1M||– 155.2%|
|Investment Fun Gain/Loss||$120.0M||$21.0M||+ $141.1M||670.9%|
|Net Income||$60.7M||$34.9M||+ $25.8M||74.1%|