Packers Report Record Revenue, But Net Income Falls 82%

Packers President Says Player Costs Growing At Much Faster Rate Than Revenue

The Packers Thursday at their annual shareholders meeting reported record operating revenue of $248M and record expenses of $228M for the FY ended March 31, according to Richard Ryman of the GREEN BAY PRESS-GAZETTE. The team's net income fell 82% to $4M, primarily because of a $14M "increase in player expenses" and an $11M "loss in long-term investments." Profit from operations before the investment loss and income taxes was $20M, down 6%, while the team's reservation fund "remained untouched" at $127.5M. Packers VP/Public Administration and Corporate Counsel Jason Weid: "Funds available for football operations have not been impaired by the financial downturn." Packers President & CEO Mark Murphy "made it clear with an extended overview of [NFL] labor agreements that more serious matters are looming." Murphy: "Player costs are growing at a much faster rate than revenue. Players get about 60[%] of gross revenue. We really are in uncharted territory." Ryman notes "about 7,500 people attended" Thursday's meeting, but it is "unclear how many shareholders" were in attendance (GREEN BAY PRESS-GAZETTE, 7/31).

OTHER TEAM ISSUES: Murphy said that for this upcoming season "many sponsors are sticking with the team, and new ones have been added." He said that season-ticket prices this year "were not increased." Also, in Milwaukee, Don Walker notes the team is "formulating a regional development plan for land it owns around" Lambeau Field, and Murphy "stressed that any plan would include the input of the City of Green Bay, Brown County and the Village of Ashwaubenon." Meanwhile, Murphy also acknowledged that QB Brett Favre's No. 4 jersey "will be retired someday, but only after some time has elapsed and the two sides can get together to plan an appropriate ceremony" (MILWAUKEE JOURNAL SENTINEL, 7/31).