Packers report revenue and profits above pre-pandemic levels
GREEN BAY, Wis.
The Green Bay Packers’ revenues and profits have surged past their pre-pandemic levels over the past year as they seized the opportunity to play to full stadiums again.
Packers officials released their financial totals for fiscal year 2022 on Friday, three days before the NFL’s only public franchise is due to hold its annual meeting of shareholders.
The Packers reported revenue of $579 million, a 56% increase from their 2021 total of $371.1 million and a 14.2% increase from their $506.9 million total. dollars in 2020. The Packers had $501.3 million in expenses for a profit of $77.7 million.
It’s a dramatic change from the previous year, when the Packers reported $409.8 million in expenses and $371.1 million in revenue, marking the first time since 2000 that the team has spent more money than she brought in. The Packers had no paying spectators at Lambeau Terrain during the 2020 regular season due to the pandemic.
The Packers reported a profit of $70.3 million in fiscal 2020, which represented the 2019 season.
“Comparisons for this fiscal year with last fiscal year are really irrelevant, given the impact of the pandemic,” Packers CEO/Chairman Mark Murphy said. “The comparisons that really seem more relevant to us are those of fiscal year 2022 compared to two years ago.”
Their total income and expenses for the most recent fiscal year both set franchise records.
The Packers’ reported earnings fell short of the $64.7 million they raised last year from their sixth stock offering. The Packers added about 177,000 shareholders in this recent bid, bringing their total to 539,000.
The stock offering was the first the Packers had held since 2011.
When the Packers make a stock offering, the team has no obligation to refund the amount a buyer pays to buy stock. The Packers reminded potential shareholders that anyone considering buying stock in the team should not make the purchase for the purpose of making a profit or receiving a dividend or tax deduction.
Murphy made his comments the day before at Lambeau Field which is hosting its first international football event, an exhibition match between FC Bayern Munich and Manchester City FC. Murphy said fans from all 50 states and 19 different countries bought tickets for that game.
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