The Green Bay Packers net income is up nearly 50 percent since last year, the team announced Wednesday.
In the latest financial report, the Packers revealed the team's net income for the 2017 fiscal year is $72.8 million, up $23.8 million from last year. That's a 49 percent increase.
The fiscal year ran from April 2016 to March 30, 2017. Last year was the first year the Packers generated more than $400 million in revenue, Packers President Mark Murphy said. This fiscal year, the team brought in more than $440 million.
Part of the revenue, about $27.1 million, comes from NFL relocation fees that the Raiders, Rams and Chargers had to pay this year. Those fees are split equally among NFL teams that aren't moving.
Here's a breakdown of the Packers revenue report:
National Revenue:
- 2017: $244 million
- 2016: $222.6 million
- Percent change: 9.6 percent
Local Revenue:
- 2017: $197.4 million
- 2016: $186.2 million
- Percent change: 6.1 percent
Total Revenue:
- 2017: $441.4 million
- 2016: $408.7 million
- Percent Change: 8 percent
However, expenses outpaced revenues for the Packers, and the team saw a decrease in operations profit. The Packers spent more because of the cyclical nature of player contracts and the first full year of depreciation costs connected to recent renovations at Lambeau Field, the team said.
Here's what those numbers look like:
Total Expenses:
- 2017: $376.1 million
- 2016: $333.7 million
- Percent Change: 12.7 percent
Profit from Operations
- 2017: $65.4 million
- 2016: $75 million
- Percent Change: -12.9 percent
With the addition of the Titletown District, Packers President Mark Murphy said he expects the Packers to have another strong financial year.
The annual shareholders meeting at Lambeau Field is on July 24. Training camp begins July 27.
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