Packers enjoy record earnings
The Green Bay Packers enjoyed record revenue and profits for the 2012-13 season, the team said Tuesday as part of its annual releasing of financials.
The Packers said that, after operations, the team made $54.3 million in profit on $308 million in total revenue.
"Winning two straight NFC North championships helps in a lot of ways, including finances," said team president and CEO Mark Murphy.
While local revenues dropped by almost two percent from last year to $128.1 million, national revenue, which is equally split among the league's teams, was up nearly five percent to $179.9 million. Murphy attributed the rise of greater revenue to the NFL's new apparel contract with Nike and an increase in fees generated from additional carriage of the NFL Network.
He also said that while player costs dropped -- to $136 million as compared to the $155 million the previous year -- the numbers don't necessarily reflect the reality. This is because the reporting period was concluded before prorated signing bonuses from the deals of quarterback Aaron Rodgers and linebacker Clay Matthews went on the books.
The Packers are required to release limited fiscal information since the team is technically publicly owned by the fans, even though the shares have no actual value and cannot be sold or traded.
The Packers said there are now 364,114 shareholders after more than 250,000 people purchased more than 269,000 shares from December 2011 to February 2012 in the team's fifth stock offering in its history.
The team had projected it would raise $20 million from the sale of what is essentially proof of ownership in the form of a stock certificate, but coming off a Super Bowl title, fans couldn't get enough. The team says the total raised was $63 million by selling shares at $250 apiece. Murphy said the team is using that money to make recent renovations to Lambeau Field and supplemented that amount with a $116 million loan from the NFL's G4 stadium loan project.
The team will meet next week with its shareholders, who vote on the team's board of directors.
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