GREEN BAY, WI (WTAQ) – Just in case an empty stadium last year wasn’t a clear enough sign, here’s the official word: The Green Bay Packers didn’t make their typical level of revenue in 2020.
The Green Bay Packers operated at a loss during the pandemic-impacted 2021 fiscal year, but ended up making money through investments.
“This past year was a challenge economically, financially for the Packers,” said Packers President Mark Murphy. “Particularly in our local revenue, [that] took a big hit. But I do think that as we look to the future, we’re in a strong financial position.”
The team addressed their financial statements with the media during an event on Friday.
While national revenue increased to $309.2 million from $296 million in 2020, the biggest drop was in local revenue. It fell to $61.8 million from $210.9 million the year before. The organization closed Lambeau Field and its Titletown development during part of the past year. The Packers played several games without fans in attendance, and allowed only limited attendance at the end of the season and playoffs.
The Packers’ expenses were $409.8 million, down from $436.6 million in 2020.
Murphy says those national dollars were a major factor in keeping the drive alive.
“Oh, it’s crucial. It covered all of our player costs. Obviously, we still had an operating loss but without that TV revenue, it would have been a very difficult financial position,” Murphy said. “The fact that we were able to play a full season and have the games on TV, that was the first priority. We lost money, we had an operating loss, but it could have been much worse.”
The lack of ticket sales and the pandemic also led to a drop-off in sales at the physical Packers Pro Shop and other attractions within Lambeau Field. Online shop sales, however, performed fairly well, Murphy said.
But one local piece that also provided relief was actually still ticket sales. That is – season ticket holders opting to roll their payment over into this upcoming season. Murphy says he shouldn’t have been surprised that the fanbase would provide that kind of support.
“[It was] really, really helpful. A pretty significant percentage of fans and just said ‘you keep the money,’ and that helped us get through the pandemic,” Murphy said.
Other factors that allowed the organization to navigate the rough year included a corporate reserve fund and long-term collective bargaining agreements with the league and NFL Players Association, as well as the broadcasting agreements that were in place.
But the team’s Investment Fund made $120 million in 2021, following a loss of $21 million in 2020. That’s a 670.9% increase.
Murphy says that corporate reserve fund was under $400 million about a year and a half ago, and it currently sits at $511 million. The goal of that fund is to allow the organization to cover emergency operations for at least one year.
“We had a line of credit and then cash available and then also the fact that so many of our fans our season ticket holders left their ticket money with us allow the flexibility where we didn’t have to dip into the corporate reserve fund,” Murphy said.
As for the future, Murphy was optimistic that pre-pandemic trends of financial growth will return over the next year or two – and that other investments will continue to create major impact on the community.
“We’re gonna continue to invest in the community and Titletown, and provide support for the community in charitable ways as well,” Murphy said.
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