The Green Bay Packers brought in record profits during their last financial cycle, recording a profit increase of 26 percent. The Packers reported a profit of $54.3 million over the 12-month period ending March 31, according to a report from the Sports Business Journal.
Packers’ profits climb in 2013
The Packers’ annual financial results were released on Tuesday. Business has been good in Green Bay.
Jeff Hanisch-US PRESSWIRE
Unlike the other 31 NFL teams, the Packers are not privately owned. Instead, Green Bay is owned by shareholders, which is why its financial records are publicly disclosed.
The Packers' revenue increased $6.1 million in 2013, but the biggest reason for the record profit was a $19.6 million decrease in player costs. Green Bay's player costs have decreased in each of the last four seasons, although Packers President Mark Murphy said that may change in the next financial cycle when contract extensions for Aaron Rodgers and Clay Matthews hit the books.
Green Bay had a net income of $5.2 million in 2010. That number rose to $17.1 million in 2011, but has skyrocketed since the NFL’s new collective bargaining agreement went into place in 2012. Green Bay had a net income of $42.7 million in 2012 and $43.1 million this past year.
Green Bay’s profits go into a reserve fund which is used for stadium renovations along with community and charitable purposes. The fund is currently at $254 million.
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