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Packers address Favre, finances with shareholders

GREEN BAY, Wis. (AP) — Green Bay Packers president and CEO Mark Murphy was cheered when he brought up the dreaded F-word — Favre — at Thursday's annual meeting with the team's shareholders.

The warm reception could be a sign many fans are backing the way the Pack has handled its indecisive ex-quarterback.

Speaking to about 7,500 fans who hold shares in the NFL's only publicly owned franchise, Murphy praised the way the Packers handled Brett Favre's unretirement saga and subsequent trade to the New York Jets last year.

"We felt we had to act in the best long-term interests of the Packers," he said.

Murphy's comment received sustained applause — a stark contrast with last year's meeting, when a smattering of loud and defiant "Bring Brett back!" chants interrupted what is usually an orderly gathering of the team's most hard-core fans.

"Obviously, I think people realize it was a difficult situation," Murphy told reporters after Thursday's meeting. "And I mentioned that I think on the one hand, we're balancing a legendary player that had meant so much to the organization, being fair to him, but trying to do what's in the best interests of the organization."

Murphy reiterated the team's pledge to eventually retire Favre's No. 4 jersey, but again was not willing to guess when the rift between the team and one of its most popular players might heal. And Murphy said Favre's recent flirtation with the rival Minnesota Vikings — Favre said this week he's remaining retired, at least for now — don't have any bearing on the Packers.

"If he wanted to do it, fine," Murphy said. "But no, that doesn't really affect us."

With that, Murphy said the Packers are moving on.

The former Washington Redskins safety, who joined the Packers in January 2008 after a stint as the athletic director at Northwestern, expressed optimism about the upcoming season but detailed to shareholders his concerns about looming economic trends and labor issues.

The Packers posted a $20.1 million operating profit for the fiscal year ending March 31. Even taking into account significant investment losses — board of directors member Mark McMullen joked that it was a "Detroit Lion-type season" for the Packers' portfolio — the Packers still managed $4 million in net income.

Such economic issues are expected to drive upcoming labor negotiations between NFL owners and the players' union, the NFL Players Association.

Balking at a system that pays players about 60 percent of the league's gross revenue, owners voted last year to opt out of the current agreement. If the two sides don't agree to a new deal, the league could face a work stoppage in 2011.

"To me, there's no question: The biggest issue that we're going to face, as well as the league, is our collective-bargaining situation," Murphy said.

The union could try to use the Packers' ability to turn a modest profit in a rough economy to show that NFL owners can prosper under the current system; other teams are privately owned and don't make their financial information public.

But Murphy said the current system will be "hard to sustain," even for the Packers.

"When you really dig in and look at the numbers, it shows the issues that we have with the union. ... Just the last two years, our player costs have gone up $14 million — at a much higher rate than our revenues," Murphy said.

Murphy, who has a law degree and worked for the union after his playing days were over, took time during Thursday's meeting to make a 17-minute presentation on the history and future of NFL labor relations.

And yes, he saw some glazed-over eyes staring back at him.

"I actually cut it back a little bit," Murphy joked. "They would have been REALLY bored."