Packers Fiscal-Year 2019 Financials Released
By jasonperone
The Green Bay Packers' 2019 fiscal-year financials have been reported.
According to a report by Bill Huber, the team reported a net income of $8.4 million but just $724,000 in profit this past year, a stark change from the past several years that have turned up profit of no less than $25 million (2014).
Expenses were the reason for the drastic drop, having increased by over $56 million. Those include player contracts, coaching staff salaries that still include Mike McCarthy's staff who were under contract through 2019, the NFL's concussion settlement and expenses relating to the team's 100-year celebration.
Team revenues increased just over 5% but local revenues were up just over 2%. Two-straight disappointing seasons is a likely reason however, team President Mark Murphy feels that the team is still in a strong financial position and profits should bounce back in 2020.
As for ticket prices, Murphy remarked that the team's policy is to remain just below the league average so no big price hike is expected there, for now.
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Jason is a freelance writer on staff since 2012 and also co-hosts Cheesehead TV Live, Pulse of the Pack and Pack A Day podcasts. You can follow him on Twitter here
Comments (9)
Samson
July 12, 2019 at 03:48 pm
Oh - oh ... well, there's always stock to be bought & sold.
flackcatcher
July 12, 2019 at 04:00 pm
Interesting. I read Huber's report this morning as the Packers clearing the decks for the end of the CBA. But that may be an some what of an overstatement. There are going to be a lot of stories about the league financials based on the Packers. League owners hate the Packers setup for that single reason, and by the way agents too. Gives a pretty good window for us fans into the operations of the NFL as a whole. Go Pack........
stockholder
July 12, 2019 at 05:54 pm
Footnote: How players become owners to come.
fastmoving
July 13, 2019 at 04:22 am
If you make the 7 million or lose some does not make a big difference in a multi billion business and in the long term.
But the $400 million corporate reserve its pretty impressiv and shows how rock solid the Packers are. And thats without an deep pocket owner. Or just because of that fact?
Good work Mark Murphy
Thegreatreynoldo
July 13, 2019 at 06:44 pm
The Packers did not add any principal to the Reserve Fund last year, but a good year for the stock market increased the fund from $349M to about $380M. There doesn't appear to be any money to put into the Reserve Fund this year.
I'd be very surprised if GB paid AR $57.5M (all of which was paid in the 2018 calendar year, which is very unusual) out of operating funds. GB probably dipped into the reserve fund for some or most of it, but perhaps that was offset by another good year on the Stock Market.
$20M (Z Smith), $16M (P. Smith), $11M (Amos) and $9M (Turner) will show up next year, but $56M got paid this year now.
The good news is local revenue increased by 2.1%, which is up from the paltry 0.8% increase last year. TitleTown is not yet contributing to profit. That bodes well.
Edit: Okay, the GB press Gazette wrote the reserve was $390 at the end of the 2018 fiscal year and that increases were due to investment gains.
LeotisHarris
July 14, 2019 at 06:21 pm
Tgr, what are the odds free condiments are a thing of the past at Lambeau? Imagine the potential revenue generated by the sale of packets of ketchup and mustard. Will those fancy socialist condiment carts ever grace a concourse again?
ILPackerBacker
July 16, 2019 at 11:47 am
Spoken like someone without a single clue as to how the world works.
If a profit center in a 'multi billion' dollars business has a 7 million dollar loss then heads roll.
If the center starts with a guaranteed profit (money from NFL less salary cap) in the tens of millions and has a loss in the millions then multiple people are chopped.
Terrible work by MM who has channeled real money down the title town rabbit hole without any disclosure and financed a large part with tax money.
The reserve fund generates a fortune in income whether it is construed as 'profit' or not, whether it is 'retained in that fund' or not.
To the extent anyone can 'blame' the ending year on paying Rodgers then subtract the benefit this year got from prior year signing bonus money.
Ryan3468
July 13, 2019 at 12:02 pm
Is it to early to say Mark Murphy is on the hot seat? Lol
Lphill
July 13, 2019 at 12:29 pm
This is only a big deal for Vikings fans they will have a field day with this on other sites , I’m not even going to read the comments.