Lambeau Renovation Gives Packers Edge As NFL Revenues Increase
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Packers Have Seen Rising Trend In Local
Income Since Lambeau Field Renovation in '03 |
With the economy "improving, the Packers may once again resume what has been a consistent rising trend in local income since the renovation of Lambeau Field in 2003," according to Richard Ryman of the GREEN BAY PRESS-GAZETTE. While the Packers' local revenues were "falling or treading water last year, primarily because of the recession, the NFL's national television and marketing payouts continued to increase, rising more in percentage and actual dollars than local revenue fell." Compared to the year before Lambeau's renovation, the Packers in '08-09 registered a 66.7% increase in local revenue, down from 74.9% the previous year. National revenue was 58.9% more, up from 46.3% last year. Player costs were 78.6% more, up from 60.6% last year. Lambeau Field's renovation cost $295M and was "partly paid for" by a 0.05% sales tax in Brown County. Because of the tax, and because the Packers were "among the first NFL teams to improve their stadium," the team has the "lowest debt ratio in the league." The Packers ranked 11th in revenue in the NFL at the end of the '07-08 season, the last year for which rankings are available. That is "where the team has said it wants to be, figuring that will be high enough to keep it competitive and low enough to moderate its monetary contributions to revenue sharing." Meanwhile, the Packers "have been looking ahead, purchasing land to the south and west of the stadium for future development." Packers VP/Public Administration & Corporate Counsel Jason Weid said that the Packers "continue to plan for future development, but will not launch any major projects until the [CBA] is settled." Ryman noted the team "took a bigger hit in investment income, which was a net $11[M] less" compared to last year. But Packers VP/Finance Paul Baniel said that the team's investments are "rebounding along with the market" (GREEN BAY PRESS-GAZETTE, 10/18).
NATIONAL BOOST: The GREEN BAY PRESS-GAZETTE's Ryman yesterday noted revenue from national TV contracts grew nearly $7M to $94.5M in '08-09, and money from other NFL marketing deals, including the NFL Network, was $3.6M more, for a total of $36.5M. Meanwhile, Weid said of local revenue falling, "That's mostly recession-related, tied to retail sales." Ryman noted the Packers "reported more than 500 events held in the Lambeau Field Atrium last year, more than any time since the renovated stadium opened in 2003, which means it is fulfilling the team's goal of being a year-round, revenue-generating venue" (GREEN BAY PRESS-GAZETTE, 10/18).
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