Health Overview

Jul 22, 2021  
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The NFL's entire season was broadcast on television like usual, so the national revenue rose its customary amount. Expenses decreased primarily due to collectively bargained benefits the players' union agreed to forego during the pandemic (in exchange for salary-cap reductions being delayed until this year and spread out over multiple upcoming seasons), and due to the lack of game-day staff, security, and other costs related to hosting fans for games. The Packers were able to navigate the economic downturn without tapping into its corporate reserve fund by using a combination of a credit line and cash on hand – thanks in part to a portion of season-ticket holders leaving their money on account to be applied to the 2021 season. The corporate reserve fund, which sat at just under $500 million at the close of the most recent fiscal year, helped secure the line of credit needed to manage the unique financial circumstances. The fact that it remained untouched helped maximize the investment gains from the market rebound, leading to the positive net income. Moving see this forward, investment in both Lambeau Field and the Titletown development will continue both this year and beyond. The stadium's concourse renovation was paused last year but has resumed in preparation for capacity crowds again in 2021, with the current project adding more grab-and-go concession stands as well as televisions and other video monitors throughout. "It'll be great to have all our fans back, and we're excited for them to see and experience the changes," Murphy said. Coming soon, Lambeau's video boards will need to be replaced, and a football facility expansion is under discussion, with the recent relocation of the stadium's underground surge tank a necessary first step. With Titletown, several townhouses have been sold with a handful of owners moving in, and occupancy in the new office and apartment buildings will begin later this fall. The partnerships with Microsoft in TitletownTech and the Equity League are off to good starts as well. TitletownTech has contributed to or invested in more than 20 start-up companies, while the Equity League – which also involves the Bucks and Brewers – will be directing investments toward minority-owned companies and contributed to efforts to break down barriers for minority business owners. "We view Titletown as a community asset," Murphy said. "It's an investment made in the community, and we're still developing it. "A number of different professional sports teams are developing land and areas around their stadium, which can make a very positive impact. For us, it's even more significant given the relative small size of our market." The team's charitable impact over the past year rose to more than $9 million, with a sizable portion going toward COVID-19 support and social justice initiatives.

https://www.packers.com/news/pandemic-season-produced-uncommon-financial-report-for-packers