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THE GREEN MACHINE: PACKERS' PROFITS TO EXCEED ALL-TIME MARK
Published April 9, 1998
Just weeks after the Packers announced they had generated $24M from a public stock sale, Packers Corporate Treasurer John Underwood declared FY '97 as the team's "best ever," according to Tom Silverstein of the MILWAUKEE JOURNAL SENTINEL. For the FY ended March 31, Underwood "anticipates" that profits will have exceeded the all-time mark of $5.8M set last year. It will mark the third consecutive year that the Packers have pulled in more than $5M in profit, and will push their total take over that three-year period to around $17M. Silverstein reports that in addition to the profits and money from the stock sale, the team has another $26M in cash reserves to use for signing players. An increase in ticket prices accounted for an additional $1.7M this season, while road game revenue increased $1.1M and marketing generated an additional $1.5M, "mostly on the strength" of the Packers' victory in Super Bowl XXXI and increased local and national ad deals (MILWAUKEE JOURNAL SENTINEL, 4/9).