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Packers' Net Income Down $17.8M, Player Costs Up $35M
July 10, 2014 05:00 PM
The drop is largely tied to the timing of four free agent contracts across the 2013 and 2014 seasons that all dropped into the most recent fiscal year, said Mark Murphy, Packers president. Murphy declined to identify the contracts, but some of the big-ticket signings in the last year include Sam Shields and Julius Peppers. Bonus money paid out for the contracts fell into expenses.
Local revenue rose 6 percent, driven by 7,000 new seats at Lambeau Field, to $136.4 million. National revenue, which includes broadcast TV and sponsorship money, jumped 4 percent, to $187.7 million. Part of this increase included the benefits from the NFL Network’s new distribution deals with Time Warner Cable and Cablevision Systems, Murphy said.
Total revenue for the team was $324.1 million, a Packers record, Murphy said. With a new Lambeau Field pro shop opening next week that’s expected to add $8 million annually to merchandise revenue, and new national TV contracts coming into play this fall, that looks to be a one-year record.
The Packers are publicly owned and, as such, they release their financials publicly. They are the only NFL team that does so.
Green Bay is grandfathered under a league policy that now prohibits public ownership of teams.