Packers announce record revenue and profit figures for 2021-2022
GREEN BAY – COVID-19 is not gonebut that ceased to be a factor for the Green Bay Packers and their fans in 2021, leading to a rebound in the team’s financial performance.
“I think the storyline for this year is getting back to normal,” Packers President and CEO Mark Murphy said Friday. The Packers released their financial results ahead of the annual meeting of shareholders, scheduled for 11 a.m. Monday at Lambeau Field.
The NFL’s smallest market team and the only one to release its financial results, the Packers reported net income of $61.6 million. Total revenue and operating profit, rather than net profit, are the most important numbers in Packers’ finances because all money, whether profit or not, goes into team operations or in the community. Packers shares cannot be traded and do not pay dividends.
The most significant result last year was increased local revenue, also a record $231.7 million, compared to $61.9 million in the 2020-21 year when fans did not attend regular season games, or $210.9 million in 2019-20before COVID.
“The atrium helped with that,” said Paul Baniel, vice president of finance and administration for Packers. “The Packers Pro Shop had its best year yet.”
The pro shop and atrium, which is rented out for events such as corporate meetings, conventions and weddings, enjoyed pent-up demand after COVID, Baniel said.
The Packers throwback jersey introduced last year and Cliff Christl’s complete Packers history series, “The Greatest Story in Sports,” were notable contributors to Pro Shop sales.
The team’s spending of $501.3 million was a COVID-influenced record. The NFL and the NFL Players Association agreed two years ago to push back the payment of some player benefits so teams could maintain salaries amid lower or no fan attendance at games. These payments fell due last year.
“We ended up reworking and renegotiating a lot of player contracts,” Murphy said. “Quite honestly, we’ve done things that we probably wouldn’t have done had it not been for the pandemic and the financial situation we’ve found ourselves in.”
National income is up significantly from 2019-20, which the Packers used for most comparisons, when it was $296 million, and last year, when it was $309.2 million .
National revenues, which are shared equally by all 32 teams and are funded primarily through television and other media deals, remained relatively intact during the 2020 season as the NFL played and televised all of its games, qu there are fans in the stands or not.
Murphy attributed the increase in revenue to a newly introduced 17th regular season game last year, which boosted television revenue, among other things; an additional prime-time playoff game last season; the increase in sponsorship revenue and the annual increase in television revenue.
National revenues are expected to rise for another dozen years, which is how long the NFL has signed television deals.
The Packers’ corporate reserve fund – its savings account – fell from more than $500 million to around $440 million due to the fall of the stock market over the past few months.
The Packers also made a $3 million contribution to the Packers Foundation, that team’s charitable organization which, like the corporate reserve, suffered investment losses. In this case, the contribution compensated for these losses, maintaining the fund at $46 million.
A stock sale earlier this year added 177,000 shareholders to the list of Packers owners. The team now has more than 537,000 shareholders.
The money raised from the stock sale, approximately $66 million, will be used for non-player related construction projects, such as renovations to concession stands and new video scoreboards, which are expected to be installed. for the 2023 season.