Packers record $34.1 million profit

[Mark87]

Packers record $34.1 million profit

The Green Bay Packers had “another strong year financially,” team President and CEO Mark Murphy said on Monday, even though profit from operations fell by almost half in fiscal-year 2018.
“The NFL continues to be very popular nationally,” Murphy said in revealing the team’s financial statement ahead of the July 25 shareholders meeting. “There’s been a lot talked about with ratings that have gone down, but, really, relative to ratings overall, the league remains very strong. The fan interest and support remain strong for both the league and us. Our strong, stable financial position has allowed us to invest in the team through contracts for players and coaches, our facility, the stadium, the fan experience and community, and making sure the franchise stays strong for the future.”
The Packers announced a profit from operations of $34.1 million. That was a decline of 47.9 percent compared to fiscal-year 2017’s windfall of $65.4 million. Expenses increased by 11.9 percent from $376.1 million to $420.9 million, due to an increase in player salaries, changes to the coaching staff and rising travel costs. Meanwhile, revenue increased only 3.1 percent from $441.4 million to $454.9 million.
The Packers recorded a record profit of $75.0 million in fiscal-year 2016 and a profit of $65.4 million in fiscal-year 2017.
Last year’s massive profit was bolstered by a one-time payment of between $27 million and $30 million in relocation fees from the Rams’ move from St. Louis to Los Angeles, the Chargers’ move from San Diego to Los Angeles and the Raiders’ upcoming move from Oakland to Las Vegas. Last year, Murphy projected that to be $27.1 million – spread out over 10 years beginning on Dec. 31, 2019, but, for accounting purposes, placed only on last year’s ledger.

The lack of that financial windfall, coupled with the team’s lack of success on the field, conspired to drive down the bottom line. Local revenue grew by only 0.8 percent.
“This is the first year since 2008 that we were not in the playoffs, and I think that had an impact on us,” Murphy said. “We didn’t have a home playoff game and some of our visitation numbers were down a little bit. We don’t see that as a negative trend.”

The Packers took measures to make sure that’s not a negative trend. First, Murphy conducted a national search to replace Ted Thompson before picking Brian Gutekunst as general manager. Then, coach Mike McCarthy dismissed defensive coordinator Dom Capers and offensive coordinator Edgar Bennett with Mike Pettine and Joe Philbin, respectively.
Murphy, during the annual, statewide Tailgate Tour, senses fans’ optimism, with the July 26 start of training camp ushering in the team’s 100th-anniversary season. Bolstering that optimism is the return of quarterback Aaron Rodgers, who missed half of last season with a broken collarbone.

“From what I’ve seen with Brian and his leadership, I’ve been very encouraged,” Murphy said. “I thought the way he handled the draft to me was like a seasoned veteran. I think Brian showed he’s willing to look at the roster and make some changes. If he thinks there’s a player out there that will help us, he’ll do it. …

“I do sense my sense from talking to fans is there’s a sense of optimism for this season, certainly having Aaron healthy is a part of that, but I think some of the changes we’ve made coaching staff as well as the draft and players we’ve added, I think people are excited for the season. And you add on top of that the 100 seasons, it should, knock on wood, a good year.”

 

[Cheesedog]

"Murphy conducted a Nationwide search to replace Ted Thompson.. "

 

[rpiotr01]

"Murphy conducted a Nationwide search to replace Ted Thompson.. "

He's gotta be careful, telling whoppers like that so close to financial info will get you thrown in the clink for fraud.