On Now
Coming Up
  • Mon., Jul. 13, 2015 7:00 AM CDT Packers Hall of Fame Inc. Golf Classic

    The Green Bay Packers Hall of Fame Inc. Golf Classic is set for Monday, July 13, 2015, at The Bull in Sheboygan Falls, WI. Those interested in participating in the event can contact Holly Borga (920-965-6986; hollyb@packershalloffame.com) for more information.

  • Sat., Jul. 18, 2015 7:00 PM CDT Brett Favre's Packers HOF Induction Banquet

    The Green Bay Packers Hall of Fame Inc. will induct former Packers quarterback Brett Favre at the 45th Annual Hall of Fame Induction Banquet. The event will also feature the retirement of Favre’s No. 4. This dual recognition is an honor that is unprecedented in Green Bay Packers history. The banquet will be held on Saturday, July 18, 2015, in the Lambeau Field Atrium.

  • Fri., Jul. 24, 2015 11:00 AM CDT 1919 Kitchen & Tap opens

    1919 Kitchen & Tap is scheduled to open on July 24, 2015 on the first floor of the Atrium (below where Curly's Pub was located).  We hope you'll join us at our new restaurant as we continue to make history with respect to our past!

  • Tue., Jul. 28, 2015 11:00 AM CDT Shareholders Meeting

    The Green Bay Packers 2015 Annual Meeting of Shareholders will be held Tuesday, July 28, at 11 a.m., at Lambeau Field. The meeting will take place rain or shine.

  • Thu., Jul. 30, 2015 8:20 AM - 10:20 AM CDT *Public practice *Any practices moved inside to the Don Hutson Center due to inclement weather, poor field conditions or for any other reason will be closed to the public due to space limitations. All other practices listed are expected to be open unless listed otherwise. All outdoor practices are expected to be held on Ray Nitschke Field (across from the Resch Center). All times indicated are Central.
  • Fri., Jul. 31, 2015 8:20 AM - 10:20 AM CDT *Public practice *Any practices moved inside to the Don Hutson Center due to inclement weather, poor field conditions or for any other reason will be closed to the public due to space limitations. All other practices listed are expected to be open unless listed otherwise. All outdoor practices are expected to be held on Ray Nitschke Field (across from the Resch Center). All times indicated are Central.

News

Print
RSS

Revenue up but profits down for Packers

Posted Jul 10, 2014

Major player contracts hit the books in last fiscal year

GREEN BAY—Yet another revenue record highlights the Green Bay Packers’ latest financial report, though the record profits of the past two years weren’t matched as a number of major player contracts hit the books in the previous fiscal year.

That’s the upshot of the team’s financial numbers released to the media on Thursday.

While revenue increased $16 million from last year to this year, player costs rose $35 million, mostly due to a convergence of major re-signings and other contracts for both the 2013 and ’14 seasons becoming official in the same fiscal year.

As a result, the Packers’ profit from operations dropped from $54.3 million a year ago to $25.6 million this year. Net income dropped from $43.1 million to $25.3 million.

“I think you have to look at the last two years together to get a sense of more normalized numbers,” Packers Board of Directors Treasurer Mark McMullen said. “Over the course of the CBA, things will even out.”

Indeed, if the last two years of operating profit are combined and averaged, the $40 million dollar figure is very close to the number reported in 2012 of $43.0 million.

The Packers saw their overall revenue jump 5.2 percent, from $308.1 million to a record $324.1 million. The $16 million increase was split rather evenly between national and local revenues.

National revenue is expected to increase even more in the coming years as new national television contracts take effect. Those deals will raise the salary cap for the players as well as the broadcast revenue for all of the league’s 32 teams.

The local increase came mostly from the expansion of Lambeau Field’s South End, which added 7,000 seats, boosting ticket and concession revenue considerably.

Local revenue should continue to increase with the latest Atrium renovation wrapping up this month. That construction project features the opening of a new Packers Pro Shop and new Harlan Plaza. Two final components, a renovated Packers Hall of Fame and a new on-site restaurant, will open in 2015.

The organization’s overall community impact remains at roughly $6 million annually. In addition, another $5 million was added to the Packers Foundation, an endowment that now approaches $20 million.

Packers President/CEO Mark Murphy pointed to all of that, along with the cost certainties and labor peace afforded by the seven years remaining under the current collective bargaining agreement with the players, as the foundation for a solid financial future.

“Our performance remains very strong,” Murphy said, referring to the team on the field as well as off the field. “We’re positioned really well for the future.”

That future could include any number of development concepts currently being studied for the “Titletown District” that will utilize the multiple properties adjacent to the stadium owned by the Packers.

“We will continue to invest in our facility and our team,” Murphy said. “One of the biggest investments we could make for the organization and the community in the next 10 years could be ‘Titletown.’ We’re excited about its potential.”

 
blog comments powered by Disqus

Latest News

You May Also Be Interested in...

Recent Videos

  • Anderson, Grabowski thrilled to be part of Packers

    (6:00) Posted 21 hours ago

    In this edition of Alumni Spotlight, Packers.com Senior Writer Mike Spofford sat down with former Packers RBs Donny Anderson and Jim Grabowski. Anderson and Grabowski talk about being drafted by Green Bay, playing in the first two Super Bowls, and being coached by Vince Lombardi.

  • Video Ask Vic: Dynasty!

    (1:48) Posted Jul 2, 2015

    In this 'Video Ask Vic,' Packers.com Editor Vic Ketchman talks about teams throughout the decades that became dynasties

  • NFL Top 100: Packers WR Jordy Nelson (No. 18)

    (2:55) Posted Jul 1, 2015

    Jordy Nelson is voted as the 18th-best player in the NFL by his peers on "Top 100 Players of 2015."