GREEN BAY, WI (WTAQ-WLUK) — The Green Bay Packers once again increased spending while bringing in hundreds of millions of dollars in revenue. The team released its 2023 fiscal year report Wednesday morning, a week before training camp opens.
During the 2023, fiscal year, which ran from April 2022 until March 2023, the organization recorded a net income of $35.6 million.
While not as high as the $61.6 million the organization made in 2022, which was a record year, the Packers says they are still in really good financial shape. President/CEO, Mark Murph says, “It was another strong financial year for the Packers. Kind of the second year now after the pandemic with normal operations.”
According to the organization’s financial report, the Packers brought in more than $610 million in revenue, a 5.4% increase from the year before. The organization crediting national revenue and the NFL’s television contracts along with the collective bargaining agreement for the majority of that increase.
“I think the TV deals are obviously very positive for the league, the ratings have been extremely strong and I think the league has been smart with the movement to streaming and Amazon and that was very positive, the Thursday night package,” adds Murphy.
Local revenue also increased over the previous year. The organization brought in $235.9 million, nearly 2% more than fiscal 2022.
Officials believe that number could have been at least $9 million higher had the Packers not played in London, losing out on hosting a home game.
According the Murphy, “I think we were the first team, first year of it, where it’s over an eight-year period every team is going to be required to play at least one international game. And, I think they used to make you whole for the revenue in your stadium. For us though, they just paid our travel expenses.”
Revenue wasn’t the only increase, the Packers also saw expenses rise. Overall, the Packers spent $541.6 million.
Player and team costs, along with one time expenses and stadium improvement projects — including the construction of the new football facility on the east side of the stadium, as well as improvements to the concourse concession stands and the replacement and expansion of the north and south end video boards — led to the 8% increase in spending.
The organization says that’s about average for what it sees on a yearly basis. Those expenses, according to team officials, are not only an investment in the longevity of the stadium, but also what makes Lambeau Field and Packers games a destination.
“People are used to following other games, they’re playing fantasy football and they expect certain things in stadiums and so we’ll continue to invest. I think it’s important we continue to have sellouts and fans have a good experience in the stadium,” adds Murphy.
And much like everyone else who deals with the stock market, the Packers organization did suffer a loss. Its corporate investment fund dropped about $20 million and currently sits at about $475 million.
Despite the loss, the organization is still making money.
“We can continue to invest in the team, in football and give football all of the resources it needs to be successful. And then we’re also continuing to invest in the community,” says Murphy.
As the organization moves forward this season, in the new era of Jordan Love, it believes it will continue to be successful both on and off the field.
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