SBD/October 23, 2012/Facilities

NFL Approves $58M Loan To Packers For Lambeau Field Expansion

The NFL last week during the owners’ meetings in Chicago approved a $58M loan that “completes financing of the $143 million expansion of Lambeau Field,” according to Richard Ryman of the GREEN BAY PRESS-GAZETTE. The Packers are “paying for the current expansion with $64 million from a stock sale last winter, the $58 million from the NFL and $21 million from the Green Bay/Brown County Professional Football Stadium District.” That money comes from “user fees charged new season-ticket holders.” The Packers are “adding more than 6,500 seats to the stadium.” The no-interest loan is “for 15 years,” and some of the money “from visiting teams’ shares of game-day revenue can be counted as payback.” The Packers are the “second NFL team to receive money under the new program,” after the 49ers received funds for their new stadium in Santa Clara. The NFL CBA “establishes a formula for how much money is available, league wide, for loans, so approval is not automatic.” Team President & CEO Mark Murphy said that the Packers paid an ‘03 loan “in less than half the allotted time, which also didn’t hurt their case.” Murphy said that the Packers were “still on track to announce details for the new construction by the end of the year, with work beginning as soon as possible” (GREEN BAY PRESS-GAZETTE, 10/23).
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