Packers Financials Released

[CaliforniaCheez]

Packer financials are released.

Revenue 241 million up 19.6%

Profits 23.6 million up 6%

Player costs went up by 14 million while television revenues went up 10.7 million. This on a team that didn't spend much in free agency and was quite young. Other teams had to have been hurt worse and hence the owners voted out of the CBA.

The Packers expenses were up because it was a good year and they paid down some debt. This despite the fact that the Packers have had the lowest debt ratio in the league for several years. Administrative and General expenses went from 27.5 million the prior year to 35.2 million last year.

Only 2 million was added to the franchise preservation (rainy day) fund putting that total to 127.5 million. Money that would have been placed here was used to buy real estate near the stadium. Wasn't that about 20 million?? That is in the long term interest of the Packers so that is a good investment.

The Pro Shop which has the highest sales in the league is a huge contributor to local revenue. They spent money expanding it.

In all it appears the Packers are spending the money wisely on long term items that will provide more revenue in the future.

[bobblehead]

we showed an increase in profits while other franchises might have lost money....look out, here come the tax the rich proponents.

[CaliforniaCheez]

With revenue sharing the Packers have been "taxed" to pay for franchises that lose money, like the vikings.

If you look at it the Packers bought land near the stadium, expanded the Pro Shop and paid for the new fancy turf at Lambeau. In good years you can pay for things and not show too much of a profit.

Helping nonprofits with the concession stand deal is a nice addition to all the contributions to charities. Goodwill in the community is a long term investment as well.

Link to financials is at

http://www.packers.com/news/stories/2008/06/21/1/