Packers announce record revenue
The Green Bay Packers announced a record profit of $375.5 million for the previous fiscal year on Monday. The record figure is due largely to the national broadcast contracts that resulted in payouts for all NFL teams, but the team also cited strong sales at the Packers Pro Shop as a big reason.
“Overall, we’re continuing to perform strong financially. The success of the team on the field and the support from our fans has helped drive it,” said Mark Murphy, President and CEO of the Packers.
Player costs remained relatively stable, but those are expected to increase next year, as a higher salary cap will result from the revenue generated by the new broadcast contracts.
In a press conference on Monday, Murphy said the Packers are 18th in the league in average ticket price, which achieves the team’s goal of being just beneath the league average, and the Packers are ninth in the league in revenue. The waiting list for Packers tickets is 115,000.
The Packers continue to explore variable ticket pricing. Even though lowering the cost of preseason tickets wouldn’t lower the cost of a season ticket, the decrease in preseason ticket prices would help ticket-holders to sell their preseason tickets.
Work on Lambeau Field isn’t done, either. Next up is a $55 million renovation of the suites and club seats, which will feature installing operable windows, among other improvements.
“We keep on investing in the stadium to keep it state-of-the-art, and we continue to use local companies when the opportunities present themselves,” Packers Board of Directors Treasurer Mark McMullen said.
The Packers also continue to grow their overall community impact. The “Packers Give Back” program surpassed $7 million in charitable contributions in the last year, up from $6 million in recent years.