The Green Bay Packers’ net income more than tripled to $17.1 million in the fiscal year ending March 31, as the National Football League team won a Super Bowl title, club officials said.
Mark Murphy, chief executive of the NFL’s only publicly traded franchise, said today in a conference call that investment gains accounted for most of the increase from last year’s $5.2 million, though the championship run increased apparel sales and visits to the Wisconsin team’s Lambeau Field and Hall of Fame.
The NFL’s four-month lockout, which ended yesterday, offset some of the gains from the Super Bowl, which were limited because the team played its postseason games on the road, Murphy said.
“We think that winning the Super Bowl has had a bigger impact on us in a positive way than the lockout has,” he told reporters. “We saw a pretty big jump in our atrium business, particularly our pro shop, where we saw significant increases in apparel sales.”
The Packers beat the Pittsburgh Steelers 31-25 in the NFL’s title game, attracting the largest television audience in U.S. history, about five weeks before the league locked out players.
Operating revenue rose to $282.6 million from $258 million, with local revenue increasing to $119.3 million from $100.4 million and national revenue rising to $163.3 million from $157.6 million. Television money rose to $96.5 million from $95.8 million.
The Packers’ operating expenses rose to $270.5 million from $248.2 million. Murphy said player costs fell about $2 million, mostly because the lockout eliminated at least one month in which the team would have signed players.
The lockout’s biggest impact was on local sponsorships, Murphy said.
“We haven’t taken a big hit, but we lost some sponsors simply because they couldn’t make the commitment to activate special programs or sponsorships not knowing whether or not we’d have a full season,” Murphy said.
Green Bay Packers Inc. has been a publicly owned non-profit corporation since August 1932, according to the team’s website. More than 110,000 people own about 4.8 million shares, without receiving a dividend. Shares cannot be resold, except back to the team for a fraction of the original price.
To contact the editor responsible for this story: Michael Sillup at email@example.com.