Packers Financials: Revenue growth strong; Costs take bite out of profit

GREEN BAY, Wis. (WBAY) - The Green Bay Packers have released their financial report for the 2019 season. The team says revenue growth "continues on a strong trajectory."

The team's revenues weren't as strong as previous years. It blamed an increase in player signings and the salary cap, a transition to a new coaching staff, and a league-wide concussion settlement that all teams had to pay.

"From an overall standpoint, I think we're still in a very strong position. I think if you take out those atypical expenses, our profits would still be at a a fairly normal level," Packers president/CEO Mark Murphy said.

National revenue was up by $18.4 million, or 7.2 percent, over 2018.

Local revenue was up by $4.7 million, or 2.3 percent.

Here's the comparison:

NATIONAL REVENUE

2019 - $274.3 million
2018 - $255.9 million

LOCAL REVENUE

2019 - $203.7 million
2018 - $199.0 million

Total revenue in 2019 is $477.9 million. That's up from $454.9 million in 2018. It's a 5.1 percent boost.

The team saw deep dives in profit from Operations and Net Income.

Profit was down by $33.3 million, or 97.9 percent. Net income was down by $30.2 million, or 78.3 percent.

The reason? Non-regular costs. Player signings, an increase in salary cap, new coaching staff, and payments for the NFL concussion settlement.

Here's the comparison:

PROFIT FROM OPERATIONS

2019 - $724,000
2018 - $34.1 million

NET INCOME

2019 - $8.4 million
2018 - $38.6 million

The team also saw a 13.4 percent increase in expenses in 2019.

TOTAL EXPENSES

2019 - $477.9 million
2018 - $420.9 million