Packers profits drop with COVID-19 pandemic
GREEN BAY, Wis. (WBAY) - The Green Bay Packers released their financial numbers today. They faced a 155.2% decrease in profit from operations between the 2020 to 2021 fiscal years which ends March 31. A loss due to not having fans during regular 2020 season games and lacking local merchandise purchases.
“We project that we will return to a normal situation,” the Packers president and C.E.O., Mark Murphy, said. “Hopefully the pandemic continues to be under control and the variants or the delta variant doesn’t have the impact some are concerned that it may have.”
Since the Packers are the only publicly-owned NFL team, they are required by law to share their figures. The financial breakdown from the organization showed profits were in the red this year. However, many fans rolled over their tickets in anticipation of this season.
“Knowing our fans I shouldn’t have been surprised but it was really helpful,” Murphy highlighted. “It was a pretty significant percentage of fans that said you keep the money and that helped us get through the pandemic.”
The team said national revenue was actually up about 5% thanks to a strong year of online merchandise purchases and a new television broadcast contract. Having socially distant outdoor facilities at Titletown like a park and playground also added value during the unique year.
“Titletown really is more impactful in what everyone sees in the community than necessarily what it does for our bottom line,” the Packers vice-president of finance and administration, Paul Baniel, emphasized.
The Packers plan to spend money by replacing their stadium video boards in the next year or two. Plus, have plans for underground parking, new offices and meeting spaces which will hopefully be approved by the fall according to Murphy. He would like to see them break ground on some of these construction projects in the offseason, focusing on February.
We will continue to follow this story and update you on more details.
Below is a partial breakdown of the Packers statement of income that was released today:
2021: ($ millions) // Changes from 2020 Fiscal Year
National revenue: $309.2 // + $13.2, 4.5%
Local revenue: $61.8 // - $149.1, -70.7%
Total revenue: $371.1 // - $135.8. -26.8%
Total expenses: $409.8 // - $26.7, -6.1%
Profit from Operations: ($38.8) // - 109.1, -155.2%
Investment Fund gain (loss): $120.0 // + 141.1, 670.9%
Net income: $60.7 // +25.8, 74.1%
2020: ($ millions)
National revenue: $296.0
Local revenue: $210.9
Total revenue: $506.9
Total expenses: $436.6
Profit from Operations: $70.3
Investment Fund gain (loss): ($21.0)
Net income: $34.9
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