The Morning Journal (Lorain, OH)
Packers’ revenues, profits above pre-pandemic levels
GREEN BAY, WIS. » The Green Bay Packers’ revenues and profits soared above their pre-pandemic levels over the last year as they capitalized on the opportunity to play in full stadiums again.
Packers officials released their financial totals for the 2022 fiscal year on Friday, three days before the NFL’s only publicly owned franchise holds its annual shareholders meeting.
The Packers reported revenues of $579 million, a 56% increase over its 2021 total of $371.1 million and a 14.2% rise over its 2020 total of $506.9 million. The Packers had $501.3 million in expenses for a $77.7 million profit.
That’s a dramatic change from the previous year, when the Packers reported $409.8 million in expenses and $371.1 million in revenues, marking the first time since 2000 the team spent more money than it brought in.
The Packers didn’t have any paying spectators at Lambeau Field during the 2020 regular season due to the pandemic.
The Packers reported a profit of $70.3 million in the 2020 fiscal year, which accounted for the 2019 season.
“The comparisons for this fiscal year to the last fiscal year really are not relevant, given the impact of the pandemic,” Packers
CEO/president Mark Murphy said. “The comparisons that we feel are really more relevant are fiscal year 2022 back to two years ago.”
Their total revenues and expenses for the most recent fiscal year both set franchise records.
The Packers’ reported revenues didn’t account for the $64.7 million they raised last year from their sixth stock offering.