GREEN BAY, Wis. (WFRV) — The Green Bay Packers released its 2018 Financial Report Friday and while the total revenue was up from last year, so were the team’s expenses.
According to the report, revenue was up $23 million from last year’s $455 million to $478 million, expenses associated with last year’s season ate up most of those profits.
About $30 million was spent on signing players, including $10 million attributed to the salary cap increase, and the cost of transitioning to a new coaching staff and payments made toward the league’s concussion settlement with former players helped increase the team’s expenses over $56 million dollars.
The Packers’ 100th-year celebration and the continued development of the Titletown District added to the costs.
In the end, the report shows a total net profit from operations of less than $1 million dollars, down almost 98 percent from last year.
“From an overall financial standpoint, I think we’re still in a very strong position. I think if you take out those atypical expenses, our profits would be at a fairly normal level,” says Packers President and CEO Mark Murphy.
Murphy went on to say the Packers are in a strong, stable, and long term position to be able to continue to invest in the team, facility, and surrounding community.
Murphy went on to say he hopes more wins at home and more revenues from the Titletown District will help the bottom line in 2019.