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Packers rake in $22 million profit for fiscal year

While on-field success ebbs and flows, the Green Bay Packers continue to report a rising tide at the cash register. The National Football League’s only publicly owned team says it made $22 million on $218 million in revenue for the fiscal year that ended on March 31. “The Packers are in very good shape financially,” said Larry Weyers, team treasurer told the Green Bay Press-Gazette. Weyers and Vicki Vannieuwenhoven, director of finance, provided an overview of the Packers’ financial condition to the Press-Gazette in advance of mailing the team’s annual report, which shareholders will begin receiving this week.

The Packers are the only League team whose finances are made public. The team’s stock is not traded, does not increase in value or pay dividends. The 111,000 stockholders do, however, get to elect the organization’s board of directors. Weyers said the organization added $10 million to its Team Preservation Fund, which now totals $125.5 million. In previous years the Packers have said they’d like to have a year’s worth of player-cost and team-operating expenses on reserve. That would currently be about $137 million, Weyers said.

The Packers do not know yet how they compare with the rest of the league in revenue. The NFL has not yet released the new rankings, but Weyers expects the team to be in the ninth to 16th range. Last year the Packers were seventh after several years ranking 10th. The ranking is rather important because the league’s top revenue producers make an additional revenue-sharing payment to teams that make less. The highest-ranking teams pay the most. The Packers are anticipating their current share will be about $4 million, Vannieuwenhoven said. Weyers also said local revenue is important because the team does not have to share it with the league.

Weyers said there is room for improvement in local revenue, which includes the Pro Shop, marketing agreements and Atrium events. “You can always take marketing revenues to higher levels,” Weyers said. “The Pro Shop can always be increased. “I don’t know what numbers I’d put to it, but a playoff game, or home playoff game, is very helpful. Football is what we are all about and (winning) is what it takes to be successful (financially).” Winning the Super Bowl would obviously be the financial jackpot, as it was in 1997.

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One Response to “Packers rake in $22 million profit for fiscal year”

  1. Jessica Routt says:

    I really hope the packers go to the superbowl. They are my favorite team ever. My boyfriend likes them too.


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