Packers Hold Annual Shareholders Meeting, Expect 8% Uptick In Revenue This Season
The Packers on Wednesday held their annual state-of-the-team report at Lambeau Field in front of approximately 13,000 shareholders, and the "theme that came through over and over again was that this organization is running at full capacity," according to Tom Silverstein of the MILWAUKEE JOURNAL SENTINEL. Those who "filled the east stands" at Lambeau "heard the annual report from president Mark Murphy, general manager Ted Thompson and other corporate officers." Murphy after the meeting said, "From a financial standpoint, I think it was good for the shareholders to hear that we're in good financial shape." Thanks to an "aggressive approach in upgrading Lambeau Field and a favorable" CBA agreement, the Packers have "seen a huge increase in revenue and net income and are estimating an 8% increase in the former next year as the fruit of their labor." The recent financial success has "been a boon to the football operation, which will soon have one of the best training facilities in the NFL." Still, the total corporate reserve "rose to $250.6 million this year." Murphy also "informed shareholders" that Humana Marketpoint Chair & CFO Gerald L. Ganoni and Breakthrough Fuel CEO & Chief Innovation Officer Craig S. Dickman were "voted in as members of the board of directors." Murphy also said that 3,800 people were "taken off the season-ticket waiting list." The average time for those who came off "was about 30 years" (MILWAUKEE JOURNAL SENTINEL, 7/25).
WAY OF LIFE: In Green Bay, Rob Demovsky wrote Thompson "revealed little or no news" at the meeting, "as has been his custom during this annual address." Each "accomplishment mentioned" by Thompson and Murphy was "met with rousing applause, which showed just how far they have come since the summer of 2008 when fans were discontented over the way the Packers handled quarterback Brett Favre’s exit." Murphy: "I could not be more pleased with the job Ted is doing, and I hope you all feel the same way" (GREENBAYPRESSGAZETTE.com, 7/24). THE MMQB's Andrew Brandt, a former Packers VP, wrote, "The shareholders’ meeting always reaffirmed my belief that the Packers are much more than a football team." They are a "community, a way of life." Many "consider their Packers stock, which isn’t transferable and has no dividend potential, to be one of their most valuable possessions." Brandt: "When managing the Packers’ payroll and contracts, I often thought about what was in the best interest of shareholders. I viewed myself as a steward of a public trust" (MMBQ.SI.com, 7/24).