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Total revenue continues to grow as Green Bay Packers release 2023 financial numbers

Total revenue continues to grow as Green Bay Packers release 2023 financial numbers
Posted at 5:10 PM, Jul 19, 2023
and last updated 2023-07-19 18:10:24-04

GREEN BAY — On Wednesday afternoon Packers President and CEO Mark Murphy gathered the media together to talk about the Packers finances for 2023, and thankfully for the organization, the NFL continues to be a booming business. But despite an increase in revenue the Packers actually saw a decrease in net income from last year.

“We’re in a really great position I think to provide [the football team] all the resources they need to be successful and also to continue to invest in Lambeau Field and the community,” said Murphy.

The Packers had a total revenue of $610.3 million last season. Their national revenue went up significantly from $347.3 million in 2022 to $374.4 million. A big chunk of that comes from media deals by the NFL.

“TV deals have been obviously very positive for the league,” Murphy said. “The ratings have been extremely strong and I think the league’s been smart with the movement to streaming and to Amazon and that was very positive on Thursday night[s].”

Local revenue went up by a little less than 2%. From $231.7 million to $235.9 million.

“Main factor there was we had one less home game than normal because of the London game,” Murphy said.

The organization continues to invest in Lambeau Field. A significant upgrade this year was two new video boards in each end zone costing a little more than $50 million. Murphy mentioned the Packers need to continually invest in the stadium to compete with television.

“Over the last two years it's just about $200 million – since 2003, and that’s 600 million that we’ve invested into the stadium,” the Packers President and CEO said. “I think it’s the most important asset that we have and we want to make sure that it continues to serve our fans and the community well.”

Murphy is also proud of how Titletown continues to grow. He said all parties involved have invested $300 million into the attraction.

“It’s instrumental in a number of different things,” he said. “I think that was really a key aspect of being able to get the draft here in 2025.”

The team's net income dropped by 42%. From 61.6 to 35.6 million. The two big reasons that happened were that they had one less home game and increased spending on the team itself.

Murphy also mentioned, if he had to guess, the 2025 draft in Green Bay will be held inside Lambeau Field. Although, the decision is entirely up to the NFL.