Packers Announce Record Profits
The Green Bay Packers may not have had too swell of a year on the field in 2011, but they had a pretty nice one off it. The Packers announced record profits on Tuesday.
The biggest jump came in net income, which rose to $42.7 million for 2011-12, a jump of 150 percent. Total revenue came in at $302 million, up 6.9 percent.
The revenue pie breaks down like this. National revenue, which comes from things like the NFL’s TV deals, was $171.6 million and local revenue was $130.4 million. Local revenue comes primarily from activities at Lambeau Field and local media deals.
Packers president Mark Murphy suggested the excitement surrounding the team’s 15-1 regular season drove the increases.
The Packers also showed a decrease in expenses, which dropped four percent to $259 million. The decrease can be attributed, at least in part, to the fact the Packers didn’t play four road playoff games like they did following the 2010 season.
Perhaps most impressive is the $64 million the Packers raised by selling overpriced, worthless stock wasn’t factored into the report.
The Green Bay Packers thank you.