Home / Sports / Pack's profit drops 98% due to losing big business

Pack's profit drops 98% due to losing big business

GREEN BAY, Delete. – Green Bay Packers posted a profit of just $ 724,000 during its last fiscal year, including its second straight season without a playoff, a major quarterback contract by Aaron Rodgers and change in head coaches from Mike McCarthy to Matt LaFleur.

Green Bay's profit for the year ending March 31 was 97.9% down from $ 34.1 million in the year ending March 2018 and over 99% from the $ 75 million record in the previous financial year. [19659002] "From a financial point of view, it was a unique year for the Packers," said team president Mark Murphy on Friday.

Costs increased from $ 420.9 million to $ 477.2 million, boosted by Rodgers $ 134 million in four years and contracts for several free agents: outside line builder Za & # 39; Darius Smith and Preston Smith, security Adrian Amos and guard Billy Turner.

"We were a little more aggressive than we have been for a number of years," says Murphy. [1

9659006] While total revenue increased by 5.1% to $ 477.9 million, local revenue improved by only 2.3%, damaged by successive lost seasons that affected Pro Shop visits and tours of Lambeau Field and Packers Hall of Fame.

"If we can come back to the playoffs and come to the Super Bowl, which always helps," Murphy said. "We have a policy for our seasonal ticket pricing. We want to be just below the league target. We do not want everything to be on the backpack of our season card holder."

The NFL collective agreement is set to expire after the 2020 season and the team has $ 397 million in its corporate reserve fund.

"The plan was that we had enough money to cover the expenses for a year. I think we're in good shape with that," Murphy said. "We do not have a rich, deep-fledged owner, so we have a $ 400 million business reserve. Three or four years ago, we put $ 50 million into the business reserve. Since then, it has been invested with return on investment and we have made significant investments in real estate around this area. "

Source link