GREEN BAY, WI (WTAQ-WLUK) – The Green Bay Packers brought in — and spent — more money in the 2022 fiscal year than ever before.
The team released its annual financial report Friday. It showed an organization bouncing back from the COVID-19 pandemic.
“I think the storyline this year is return to normalcy,” Packers president and CEO Mark Murphy said.
After a 2021 fiscal year which saw the team’s total revenue drop to $370.1 million, 2022 saw revenue jump to $579 million, the highest ever.
The team turned a profit of $77.7 million.
“The comparisons of this fiscal year to last fiscal year really aren’t relevant given the impact of the pandemic,” Murphy said. “So you’ll see the comparisons that we feel are really more relevant are the fiscal year 2022 back to two years ago — 2020.”
The organization’s fiscal year runs from April to March.
The biggest jump was in local revenue. Murphy credits this to fans being back in the stands and the growth of the Titletown development. National revenue was up, too, with new TV deals and a new schedule.
“The 17th regular season game in 2022 helped increase national revenue,” Murphy said. “We had an extra playoff game — we’ve had that a couple years but last year it was a prime-time game — so that was positive as well.”
The organization’s recent stock sale brought in more than $64 million, money not counted not in the revenue number. This money will go toward field renovations like a new scoreboard. Lambeau is also debuting a new bar and market at the soccer game.
Over the past four years, $467 million has been put into the stadium.
The total expenses were $501.3 million, a new record. That’s nearly $100 million higher than in 2021, due to many stadium projects being pushed off during the pandemic. The league’s player salary cap also went down.
“We did end up reworking and renegotiating a lot of player contracts. Quite honestly, we did some things we probably would not have done were it not for the pandemic and the financial situation.”
Although the Packers have one fewer home game due to their London trip, Murphy still expects financial growth with the investments made at Lambeau. And he says the entire NFL is in a good position to continue making money.
The Packers average $15 million in revenue for every home game. This weekend’s soccer game is expected to generate $10 million.
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