Packers Announce Record $54 Million in Profits
This pretty much seems to be the same message each summer — the Green Bay Packers release their financials and report record revenue and profits.
For the 2012-13 fiscal year, the numbers are $54.3 million in operating profit and $308 million in total revenue. Net profit was $43.1 million. The Packers reported $42.7 million in net profit in 2011-12 and $302 million in total revenue.
The increases in profits can largely be attributed to players costs, which fell from $155 million in 2011-12 to $136 million in 2012-13. That’s a difference of $19 million. But the Packers just threw a boatload of money at Aaron Rodgers and Clay Matthews, you say?
That money won’t be counted against player costs until 2013-14, so the Packers might not be showing record profits again next year. Then again, more than 6,000 new people will be in stadium for each home game, so that will more than likely make up the difference.
“You’ll have additional revenue from the expansion,” Board of Directors Treasurer Mark McMullen said. He explained that careful management of the balance of revenues vs. expenditures keeps the Packers in the black and continues to give the franchise a solid financial future.
“The most solid it’s ever been,” McMullen added.
Other interesting tidbits — local revenue dropped 2 percent to $128.1 million, while national revenue went up almost 5 percent to $179.9 million. National revenue is shared between all NFL teams equally and the rise can be attributed to the new uniform deal with Nike and the NFL Network reaching deals with more cable providers.