GREEN BAY, WI (WTAQ-WLUK) – The Green Bay Packers say the 2020 fiscal year was a big improvement from 2019.
“It was the first time ever that our total revenue was over $500 million. I think, obviously, a big part of that was the national revenue increased by 7.9%. That is really, mostly due to our broadcast agreements,” said Packers president/CEO Mark Murphy.
“We have built-in increases there and I think you all know the ratings have done well. We’re very positive about the future in terms of what our broadcast revenue can be in the future.”
In 2020 the team had a 316.6% improvement in net income from 2019, making $34.9 million.
They say a lot of factors contributed to that, including a head coaching change and the acquisition of numerous free agents before the 2019 season.
“The biggest difference was the expenses that we had in 2019 fiscal year, I don’t want to say one time, but more extraordinary,” said Murphy. “The fiscal year 2020 was much more normal with expenses. If you look at our profit from operations of $70 million, that is more in line with what we’ve had in previous years, prior to the year before this.”
But Murphy also says the 2021 fiscal year will be a different story.
“It’s hard to estimate what the impact will be for us this year although we know it will be significant in terms of the revenue hit we’ll take this year, but I think for the long term we’re positioned well financially.”
One area contributing to that will be a significantly reduced crowd for regular season games, if there’s a crowd at all.
“In term of the number of fans, it’s going to be very reduced. Initial estimates will probably be between 10,000 and 12,000 seating capacity. Even if we do have fans it’s going to be a very different feel and experience in the stadium than anything we have seen in the past.”
With or without fans, Murphy believes there will be a season.
“I don’t know a lot about the NHL, the NBA is a bubble. A very different concept. I don’t think that’s practical or feasible for us,” said Murphy. “I think we can learn a little bit from Major League Baseball in terms of what they’re trying to do. Our medical experts at the league office and those with the NFLPA are in touch with other leagues. I think college football, we can learn a little bit from them in terms of what happens when the student athletes come back. There’s no question it’s going to be a challenge.”
Murphy says the Packers haven’t finalized an official start date for training camp as they’re still going through labor negotiations with the players’ union.
No matter what happens the team says it’s in good financial shape for the long-term, actually growing its reserve fund $26 million since the start of the pandemic to $411 million.
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