Green Bay Packers Record Profit Of $54.3 million, Up 26 Percent

Profit surged for the Green Bay Packers over the past year, according to the team’s annual financial results, which were released this afternoon.

The information also shows how the now 2-year-old collective-bargaining agreement is delivering substantial returns to NFL ownership.

The Packers reported a record profit from operation of $54.3 million for the 12-month period ending March 31, 2013, a 26 percent increase from the $43 million the year before. Additionally, in the two seasons that preceded the CBA that was signed in August 2011 after a protracted labor struggle, Packers net income totaled $22.3 million. In the two seasons since, it has totaled $85.8 million.

Green Bay Packers President Mark Murphy cautioned that some of this past season’s profit was tied to the timing of new contracts for stars Aaron Rodgers and Clay Matthews, both re-signed this spring but whose new deals fall into the fiscal year 2014 season. Had they fallen into the 2013 fiscal year, the prorated share of their signing bonuses would have been added into player expenses and weighed down the profit. As a result, player expenses for the 2013 year were down significantly to $136 million, Murphy said, from $155 million the year before. Murphy promised that next year’s figures will show a higher player-expense number.

Team revenue hit a record of $308.1 million, with national revenue from the league hitting $179.9 million. That national figure was up 8.3 percent, which Murphy ascribed to new NFL Network carriage deals and the league’s new Nike contract.

Locally, revenue declined 2.2 percent to $128.2 million, though Murphy cautioned that is still very high historically for the Packers. And with renovations continuing at Lambeau Field, including the addition of 7,000 seats, the local figure looks sure to climb again.

Packers profits are reinvested into those renovations as well as community and charitable purposes. It also goes into reserves, which now stand at $254 million.

The Packers are the only NFL team to report its financial results. The league’s other 31 teams are not public entities, while the Packers are quasi-public. Shareholders own the team, but the shares do not trade on an exchange. The annual release of financial information is the only time the team discloses such figures.
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