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Packers' profits fall 11.7% after season in which they played one of their home games overseas

Green Bay Packers
Posted at 8:23 AM, Jul 20, 2023

GREEN BAY, Wis. (AP) — The Green Bay Packers’ profits fell 11.7% over the last fiscal year after a season in which they missed the playoffs and had a regular-season home game moved overseas.

The Packers on Wednesday reported a $68.6 million profit from team operations, down from $77.7 million last year. The Packers had $610.3 million in total revenues and $541.6 million in expenses.

As the NFL’s only publicly owned franchise, the Packers disclose their expenses and revenues each year. The team is holding its annual shareholders meeting Monday.

Rather than having a combined 10 regular-season and preseason home games last season, the Packers played eight home games and one preseason contest at Lambeau Field. One of their nine “home” games was a 27-22 loss to the New York Giants that took place at London’s Tottenham Hotspur Stadium.

“That extra game would have put us right around last year’s level, if not a little bit higher,” said Paul Baniel, the Packers' vice president of finance and administration. “It really was the difference, when you look at the operating profit and the fact it’s down that $9.1 million year-over-year.”

The Packers also didn’t have a home playoff game for the first time since 2018, though that wasn’t as much of a factor as the moved regular-season game.

The NFL collects revenue from postseason ticket sales. The Packers still get money from concessions, parking and other ancillary costs from home playoff games, but they get more revenue from home preseason or regular-season games because of the ticket sales.

Green Bay went 8-9 last season, ending a string of three straight NFC North titles.

The team’s revenues increased 5.4% from last year, and expenses grew by 8%. While the Packers’ revenue from national sources such as the NFL’s television contract improved by 7.8% over last year, local revenues increased only 1.8%.

“We’re in a really great position, I think, to provide football all the resources they need to be successful and also to continue to invest in Lambeau Field and the community,” Packers President and CEO Mark Murphy said. “The real keys for us, I think, and the league as a whole and every team is the combination of the long-term bargaining agreement … and then the long-term media deals.”