Packers Tell Stockholders To Grin & Bear Lambeau Renovation

A crowd of 2,147 attended the annual Packers stockholders meeting yesterday and heard team execs "warn of reduced income this year and next" due to decreased parking and concession during the Lambeau Field renovation, according to Bob McGinn of the MILWAUKEE JOURNAL SENTINEL. Packers Treasurer John Underwood noted the team has $40.7M in cash reserves, but said, "We do have a couple tough years where I'm pretty sure our reserves are going to go down some more and our revenue ranking (18th) within the league will decline again. But we're still not going to go down to zero, and once we get to '03 we'll have the new sources of revenue." Meanwhile, the team reported net income of $5.6M for FY '01, the fourth highest in team history. The income was attributed to a $6.7M increase in TV revenue, a $2.2M rise in ticket revenue and "almost no change" in player and administrative costs (JOURNAL SENTINEL, 7/12).