GREEN BAY, Wis. (WFRV) – The Green Bay Packers released their past fiscal year financials and the numbers are record-setting. But the team knows the pandemic will impact the current season.
The Packers compiled a 13-3 record this past season and unfortunately lost in the NFC Championship game. But at the end of the season, the organization made money, in fact, record-setting revenue.
“It was the first time ever our total revenue was over $500 million,” said Packers President & CEO Mark Murphy.
Murphy says total revenue increased over 6 percent to $507 million, fueled by an 8 percent increase on the national side through national TV contracts.
“I think you all know the ratings have done well and we’re very positive about the future in terms of what our broadcast revenue can be in the future,” Murphy said.
On the local side, revenues increased nearly 4 percent to $211 million – through an increase in gameday revenues, sponsorships, Packers Pro Shop sales, and even cash from the teams Titletown District.
“In terms of Titletown, not a huge number there, but we’re obviously starting to see some rents from some of the facilities and buildings that we own there,” Murphy said.
Total expenses went down over 8 percent, with fewer personal costs and one time charges – with profit from operation up 9,600 percent from 2019 – at $70 million and net income of %35 million.
“If you look at our profit from operations of $70 million, that’s more in line what we’ve had in previous years, prior to the year before this,” Murphy said.
As for the future the Packers know things will change with the pandemic.
“Our revenue will definitely go down this year, it’s just reality,” he said.
With no preseason games, no Family Night, and no more sellout crowds, if and when football happens.
“Initial estimates will probably be between 10,000 and 12,000 seating capacity,” said Murphy.
Meaning the $411 million now in the teams Corporate Reserve Fund – should help the team weather what is ahead.
“But I think for the long term we are positioned well financially,” he said.
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