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GREEN BAY, WI – The Green Bay Packers have announced a profit of only $ 724,000 during their last fiscal year, which includes their second consecutive season without a playoff appearance, a major extension of quarterback Aaron Rodgers' contract. a change from head coach Mike McCarthy to Matt LaFleur.
Green Bay's profit for the year ended March 31 was down 97.9% from $ 34.1 million for the year ended March 2018 and more than 99% from the record high of $ 75 million. dollars reached in the previous fiscal year.
"On the financial side, it was a unique year for the Packers," said team chairman Mark Murphy on Friday.
Spending increased from $ 420.9 million to $ 477.2 million, boosted by Rodgers' $ 134 million four-year deal and contracts with several free agents: Za & # 39; Darius external linebackers Smith and Preston Smith, security guard Adrian Amos and goalkeeper Billy Turner.
"We've been a little more aggressive than in many years," said Murphy.
While total revenues increased by 5.1% to $ 477.9 million, local revenues grew by only 2.3%, penalized by the consecutive loss seasons that affected Pro Shop visits. tours of Lambeau Field and the Packers Hall of Fame.
"If we can go back to the playoffs and the Super Bowl, it will always help," said Murphy. "We have a policy regarding season ticket prices, we want to be just below the league average, we do not want everything to be to the detriment of our season ticket holders."
The NFL collective agreement is due to expire after the 2020 season and the team has a $ 397 million reserve fund.
"The plan was that we have enough money to cover the expenses for a year, I think we are in great shape with that," Murphy said. "We do not have a rich and wealthy owner, but so we have a $ 400 million business reserve." Three or four years ago, we invested $ 50 million in the reserve. Since then, the return on investments has increased .Significant investments in real estate around this area ".
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