GREEN BAY, Wis. — As good as the Green Bay Packers were on the field last season, the NFL's only community-owned franchise might have had an even better year off it.
Setting records in multiple financial categories, the Packers increased their local and total revenue to all-time-high levels. The league's second-oldest franchise — established in 1919 — also set records in profit from operations and net income.
"I think what we've really seen over the last year is we continued to ride the wave of the Super Bowl in terms of our fans' excitement and passion for the team and the organization," Packers president and CEO Mark Murphy said Tuesday. "I think that, along with our 15-1 regular season, really spurred us on to a number of records in terms of our local revenue."
The most impressive number is the franchise's $43 million profit from operations in the Packers' 2012 fiscal year, which ended March 31. That's up from $12 million in 2011, accounting for more than a 250 percent increase.
Murphy attributed two-thirds of that substantial amount to increased revenue and the other third to reduced expenses. The reductions, Murphy said, were largely the result of controlling costs in the team's Pro Shops within Lambeau Field by generating more sales online.
The franchise's net income rose from $17.1 million in fiscal 2011 to $42.7 million in fiscal 2012, another record. National revenue increased by $8.3 million and local revenue went up by $11.1 million.
"The profits have been very positive for us," Murphy said. "We're really excited about it because we're investing those profits in the stadium and improving the fan experience through other renovation."
None of this profit is related whatsoever to the team's recent stock sale. The $64 million raised in that sale, by league agreement, went directly into the team's $143 million stadium renovation project. That project, which includes a new sound system, two new video boards and 6,700 additional seats in the south end zone, will be ready for the 2013 season.
Player cost decreased by about $3.5 million for fiscal 2012, after the Packers paid $158.9 million to player salaries in fiscal 2011.
Another significant local revenue increase was due to record-shattering attendance for tours of Lambeau Field and the Packers Hall of Fame. In previous years, about 90,000 people took in each tour. But in 2012, 156,000 people toured the Packers Hall of Fame and 137,000 experienced the stadium tour.
The Packers will increase ticket prices in 2012, ranging from $3 to $5. The higher amount will rank the Packers as the 17th-most expensive ticket in the NFL. In 2009, only two teams had cheaper tickets than the Packers. Since then, the franchise has been trying to close the gap, especially with some pressure coming from the rest of the league to do so.
The most expensive Packers ticket is now $92, significantly less than the top price charged for Minnesota Vikings games ($143) and Chicago Bears games ($140).
Considering the Packers have a season-ticket waiting list of nearly 100,000, it's safe to assume a minimal ticket-price increase won't lessen the chances of Lambeau Field being sold out for many decades to come.
When the Packers lost at home in an NFC Divisional Round playoff game last season to the eventual Super Bowl-champion New York Giants, Murphy estimates it cost the franchise $1 million-$2 million in additional revenue that would have been generated by a home NFC Championship Game.
Murphy added that the city of Green Bay lost out on nearly $15 million that would have been earned by local businesses had the Packers won one more game.
Murphy will soon meet with Packers shareholders — more than 24,000 already have confirmed they will attend — to answer any further questions about the team's finances.
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