Packers Secure $58M in NFL Stadium Funding
Packers stockholders meet for the teams annual shareholders meeting in Lambeau Field
GREEN BAY, Wis.--The NFL has approved the Packers' request for $58 million in G-4 stadium funding money. This will reduce the amount of money the team needs to borrow for the Lambeau Field renovation project.
"We're pleased that the owners voted to provide funding for our project. When we decided not to pursue any public money for the project, we were hopeful we would be able to receive funding through the new Collective Bargaining Agreement," Packers President and CEO Mark Murphy said.
The G-4 program is a league program for funding the construction of new stadiums and the renovation of existing stadiums and a product of the CBA and is funded by the teams and players.
“It’s getting harder and harder to get public money, so I think the league and the players have to be creative to ensure that stadiums don’t become outdated,” Murphy said.
A new sound system, video boards and entrance are already in use in Lambeau Field for the 2012 season. The north loft, a viewing platform for 500 atop the north end zone, was completed this year and immediately became popular with fans.
The south end zone expansion, which will provide approximately 7,000 additional seats, the economic equivalent of one more home game a year for local businesses, will be complete for the start of the 2013 season.