Packers Post Net Profit Of $4M Despite Tough Economic Climate
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| Packers Net Revenue Up 3% To $247.9M |
The Packers for the FY ending March 31 posted a “net profit” of $4M, according to Richard Ryman of the GREEN BAY PRESS-GAZETTE. While it “wasn’t a big profit … in the current economic climate, Packers leaders will take it.” Net revenue was up 3% to $247.9M. Net income was 83% less than in ’07-08, and profit from operations, which does not include investment income or provisions for taxes, “fell for the third straight year,” to $20.1M. Profit from operations was $34M in ’06-07 and $22M last year, “reductions the team blames, in part, on rising player costs.” Packers President & CEO Mark Murphy: “Player costs are growing at a much faster rate than our revenue.” Murphy said that the team generated $82M in “new revenue in the past seven years," but 80% of that -- $65M -- "went to players, much of the increase being required” by the CBA. Meanwhile, sales and marketing revenue, which includes Pro Shop sales, fell from $50.2M to $43.7M. Murphy said that the reduction in sales and market revenue “was due mainly to falling merchandise sales.” Sales and marketing net income was $20.4M, down from $34.2M the previous year. Season-ticket renewals “remained the league’s strongest” at 99.4%, slightly less than the 99.8% last year. Corporate suite renewals “were down some from last year, too,” but Murphy said that he is “confident all suites will be leased by the start of the season.” About 10 of Lambeau Field’s 166 suites “were not renewed” (GREEN BAY PRESS-GAZETTE, 6/21). Murphy said despite the tough economy, the team has "placed no restriction on football in terms of what they need to be successful. We are continuing to provide them all of the resources they need to sign players and be competitive on the field” (MILWAUKEE JOURNAL SENTINEL, 6/21). Murphy said that “one of the factors working in the Packers favor is its relative lack of debt compared with other NFL teams that have built new stadiums in recent years” (BIZJOURNALS.com, 6/21).
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PACKERS' BALANCE SHEET
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FY '09
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FY '08
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FY '07
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Net Income
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$4.0M
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$23.3M
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$22.0M
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Total Revenue
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$247.9M
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$241.3M
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$218.1M
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| Total Expenses |
$227.8M
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$219.9M
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$183.8M
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| Player Costs |
$138.7M
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$124.0M
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$110.0M
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