Green Bay Packers post another year of record revenue

If this is beginning to sound like a broken record, it is.

This year’s record of $375.7 million in revenue, up more than $50 million from a year ago, is due mostly to the new national broadcast contracts that boosted the revenue of all the teams in the league, and to the new Packers Pro Shop that opened last summer.

Total revenue has increased every year since the Packers moved into the renovated Lambeau Field in 2003. “Really for three main reasons – the continued strong performance by the team on the field, great fan support that we receive off the field, and then the continued very strong popularity of the NFL nationally”.

Playoff home games also help the bottom line since they aren’t guaranteed each season.

Results like that allow the team to continue to invest in Lambeau Field and surrounding areas, Murphy said Monday during the team’s annual discussion of its financial results ahead of its annual shareholders’ meeting scheduled for 11 a.m. July 28 in the stadium. That led to a net income of almost $30 million, also a franchise record.

Player costs declined by $12 million to $159 million, which Murphy attributed to the cyclical nature of player contracts.

In addition, the endowment for the Packers Foundation has now surpassed $20 million.

More than half of the boost in local revenue was thanks to the new Pro Shop, now located in the new ground floor of the Lambeau Field Atrium.

Each of the league’s 32 teams received $226.4 million in national revenue in the year through March, up from $187.7 million last year, according to Packers accounts released today.

Higher expenses at a time when player costs shrunk were a product of stadium renovations, debt refinancing and costs affiliated with Titletown, a project on team-owned land around Lambeau Field being developed to create local jobs and attract consumers. That project set the team up to do another $312 million in improvements over the last four years without public tax money.

Murphy also said the Packers have devoted “significant” resources to improving the Wi-Fi capabilities in the stadium on game days. Next up is a $55 million renovation of the suites and club seats, which will feature installing operable windows, among other improvements. About 240,000 square feet will be included in the renovation. Work will take place during the next two off-seasons, the west side first.

Great stories were told during the evening, including one Favre shared about Andy Reid, who was once an assistant coach with Green Bay.

The Packers organization made $7 million in donations to the community past year, including in-kind contributions, Murphy said.