Packers post another year of record revenue, topping $375 million
MILWAUKEE — The Green Bay Packers reported another year of record revenue Monday, with the NFL’s only publicly-owned team bolstered in part by the windfall from the league’s massive broadcasting deals.
The Packers said revenue from the 2015 fiscal year topped $375 million, up 16 percent from the previous year. Revenue from national sources increased by 21 percent to $226 million.
A perennial playoff contender, Green Bay remains a marquee franchise with a national fan base in the most popular professional sports league in the country.
"From a high level, kind of an overall simple message — the Packers had another very strong year financially," team President Mark Murphy said.
The Packers must release financial data each year since they are publicly owned.
Murphy said most of the increase in national revenue came from the Packers’ share of profits from broadcasting contracts that kicked in this year. The Packers did not disclose the exact amount from television money.
Local revenue for the Packers increased 9 percent to $149 million, with more than half of the amount attributed to sales from the Packers’ expanded retail store at Lambeau Field that opened last summer. They were ninth in the 32-team league in revenue for the second straight year.
"National revenue is the same for every team, so we’re ninth in terms of local revenue then," Murphy said.
Playoff home games also help the bottom line since they aren’t guaranteed each season. But the Packers have had a playoff home game each of the last four seasons, and Murphy said that each game can have an economic impact of $14 million on the Green Bay community.
Team expenses grew by nearly 13 percent to $336 million. The Packers listed a net income for the fiscal year ending March 31, 2015 of $29 million after accounting for loan interest payments and a redevelopment project.
Player costs declined by $12 million to $159 million, which Murphy attributed to the cyclical nature of player contracts. Last year, the Packers had a spike in player contracts to account for recent extensions for quarterback Aaron Rodgers and linebacker Clay Matthews.
Green Bay tries to keep its ticket prices just below the league average. This season, the average ticket at 81,000-seat Lambeau Field will cost about $92.
The Packers cited recent investments at the stadium including a new sound system and video boards, along with three new gates. Upcoming projects include improved wireless internet connectivity and a $55 million project for upgrades to suites.
But Murphy said the Packers continue to look at other ways to grow revenue because "we don’t want to do it all on the backs of season-ticket holders."
Those projects include the addition and recent renovations to the Lambeau Field atrium, which includes the pro shop. A plaza outside the atrium gate was also recently renovated, and a new restaurant is opening this summer.
The Packers have spent about $312 million over the last five years on atrium-related renovations.
The team will also soon announce plans for its Titletown redevelopment project. The club has purchased 65 acres of land around the stadium in recent years, and Murphy said most of that property will be used for the project.
Titletown was "another way to give back to the community in terms of creating jobs and bringing more visitors into the area," Murphy said.
The Packers also cited $7 million in charitable contributions last year; and a $9 million payment to league as part of an NFL-wide assessment for debt refinancing.