The Green Bay Packers reported a record-setting profit of $321.4 million for the 2013-14 fiscal year, which happens to be an increase of 5.2 percent from last year.
However, their net income decreased by 41 percent from the previous year. This can be attributed to a few factors including the huge contracts extensions that were handed out to QB Aaron Rodgers and OLB Clay Matthews this past season.
Both players receivers large signings bonuses, so it shouldn’t come as much of a surprise that these contracts factored into the team’s bottom line.
On top of the new contracts, the Packers are beginning to absorb more than $300 million in expansion costs.
“We are investing in our team and investing in our stadium with a real priority on the game-day experience,” said Packers president and CEO Mark Murphy, via the Green Bay Press-Gazette.
The franchises’ total expenses for the year increased by $44.8 million (17.6 percent) to $298.5 million total.
Murphy mentioned that revenue increases are result of on-field success, support from shareholders and fans, the new 7,000 seats added to Lambeau Field and the the equivalent of an 11-game season.
A home game is estimated to net the Packers $13.5 million, which is close to a $1 million per game increase.
“The 2003 renovation was transformative,” Murphy said. “That’s put us in a position financially that we can make the investments we are.“
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