The Packers accounted for all their scheduled relocation-fee revenue in their most recent FY, driving up net income nearly 50% to $72.8M, the team reported today. Of that amount, $27.1M is from the anticipated relocation fees of the Rams’ and Chargers’ move to L.A., as well as the Raiders, who are planning to be in Las Vegas by '20. The total amount of relocation fees paid by the teams comes to more than $1.5B. The $27.1M figure is the real-time value of the future fees, which will not begin to be actually paid for three years. The Packers decided to account for the future income now.
The Packers, the only NFL team to report financials, posted record revenue of $441.4M, up 8%. That was driven in large part by growth in national TV money. Local revenue also rose 6.1% to $197.4M, due in part to strong sponsorship and digital revenue growth. Packers President & CEO Mark Murphy said the team ranks second in the NFL behind the Cowboys in digital revenue.
The team’s profit from operation declined nearly 13% to $65.4M, a reflection of several large player contracts signed in the most recent FY and amortization costs tied to two retail outlets at Lambeau Field. Expenses rose 42.4% to $376.1M. The figures are for the 12 months ended March 31, 2017.
