The Packers' "cash concerns mounted" during the last
FY, as the team's expenses surpassed revenues and it "was
forced to dip into its reserves," according to Thomas
Content of the GREEN BAY PRESS-GAZETTE. Although the
Packers will again show a profit in their annual report,
Packers Treasurer John Underwood said that the team's
financial and cash situation "declined considerably in the
past year." The team reported $419,000 in operating losses
for the FY ended March 31 -- its "first operating loss in a
decade" -- compared to an operating profit of $6.99M the
previous year. The Packers' cash reserves fell $2.6M to
$49.85M during the FY, down 5% from a year ago. Team execs
said that the "cash crunch underscores the Packers' need to
tap lucrative sources of revenue from a renovated Lambeau
Field." The figures also showed that the Packers' revenues
increased by 5.9%, but expenses were up 14.1%, largely due
to player costs, which jumped by more than 16.1%. The
Packers now rank 16th among NFL teams in revenue, down from
ninth two years ago (GREEN BAY PRESS-GAZETTE, 5/28).
