Still going: Packers report another year of record revenue
The Green Bay Packers have reported another year of record revenue.
Total revenue rose 8 percent in the past year to nearly $409 million in 2016. It's the 13th straight year with a new high for one of the NFL's marquee teams.
Revenue from national sources rose 6 percent to more than $222 million. It was outpaced by the nearly 11 percent growth in local revenue to $186 million.
Overall, the Packers are ninth in the league again in total revenue. Even an atypical season without a home playoff game didn't hurt too much.
The Packers hit the road for the postseason in 2015 after a four-year streak of winning the NFC Central ended. The difference in revenue between a road and home playoff game is only about $1.5 million.
As the league's only publicly owned team, the Packers are required to disclose financial information. The Packers play in the league's smallest market.
"We had a very strong year, another strong year financially," team president Mark Murphy said. "The consistent success that we've had on the field has been a part of that over the years."
Having one of the NFL's most popular players in quarterback Aaron Rodgers also helps.
Player costs increased by about $6 million to $7 million to roughly $165 million after declining the previous year. The Packers have attributed such ups and downs to the cyclical nature of player contracts.
Overall, team expenses declined slightly by 1.2 percent to more than $333 million. The Packers had a net income of nearly $49 million, up almost 68 percent.
Revenue from national sources, while still healthy, grew at a slower rate than local revenue as a reflection of the second year of the league's TV contract.
Murphy said the Packers are now seeing the impact of renovation projects over the past few years, including an updated main gate and atrium, pro shop and stadium restaurant.
"When you have that kind of profits in a period of time, the question comes up, 'What are you investing in?' For us, the first priority is winning championships," Murphy said. "The first look is investing in football and make sure that football has the resources they need to be successful."
The team is in the midst of a two-year project to renovate stadium suites. The Packers have also started the Titletown redevelopment project on a tract of land across the street from the stadium, which will include a hotel, restaurant and community plaza.
The team could see another uptick in revenue next year with the introduction of variable ticket pricing, in which seats have different prices depending on the game. The average ticket price at 81,000-seat Lambeau Field cost $92 last year. Green Bay aims to keep its ticket prices at just below the league average.
This year, the average price for general seats will be roughly $108 for regular-season games, and about $53 for preseason games.
Also, Murphy said the team had a "charitable impact" of more than $6.5 million to the community.
"Our other big investment ... we view our investment in Titletown as a community investment," Murphy said.
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