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Packers Report Earnings, Profit Exceeding Pre-Pandemic Levels | Sports

Green Bay, Wisconsin (AP) — The Green Bay Packers revenue and profits were above last year’s pre-pandemic levels as they took advantage of the opportunity to play again at the full stadium.

Packers officials announced their financial totals for fiscal year 2022 on Friday, three days before the NFL’s only public franchise meets its annual shareholders meeting.

Packers’ revenue was $ 579 million, an increase of 56% from a total of $ 371.1 million in 2021 and an increase of 14.2% from a total of $ 506.9 million in 2020. Packers had a cost of $ 501.3 million for a profit of $ 77.70 million.

This is a dramatic change from the previous year when Packers reported $ 409.8 million in revenue and $ 371.1 million in revenue, spending more money than the team brought in since 2000. This is the first time for me. The Packers didn’t have a paid spectator in Rambo. Field during the 2020 regular season due to a pandemic.

Packers reported a profit of $ 70.3 million in fiscal year 2020. This occupies the 2019 season.

“Given the impact of the pandemic, the comparison between this year and last year isn’t really relevant,” said Mark Murphy, CEO and President of Packers. “Comparisons that we find really relevant date back to fiscal year 2022 to two years ago.”

Both total revenue and total expense for the most recent fiscal year set a franchise record.

Packers’ reported revenue did not account for $ 64.7 million raised last year from the sixth equity offer. Packers added about 177,000 shareholders during this recent recruitment, for a total increase to 539,000.

The share offering was the first Packers to hold since 2011.

When the Packers offer shares, the team is not obligated to repay the amount the buyer pays to purchase the shares. Packers reminded potential shareholders that anyone considering buying stock in a team shouldn’t buy it to make a profit or get dividends or tax deductions.

Murphy commented the day before Lambofield hosted the first international football event, an exhibition match between FC Bayern Munich and Manchester City FC. Fans from all 50 states and 19 countries bought tickets for the game, Murphy said.


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Packers Report Earnings, Profit Exceeding Pre-Pandemic Levels | Sports

Source link Packers Report Earnings, Profit Exceeding Pre-Pandemic Levels | Sports

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