Green and gold worried about being in the black
GREEN BAY, Wis. (AP) — The Green Bay Packers haven’t been sacked by the recession despite a rough season on the field and significant financial challenges off it, but officials remain wary of the future.
The NFL’s only publicly owned franchise turned a $20.1 million operating profit last year, according to team officials. Taking into account significant investment losses, the Packers still managed $4 million in net income for the fiscal year ending March 31.
That’s down $19.4 million from the previous year — but the numbers remain black, not red, and that’s more than can be said for many businesses these days.
“We have been able to weather it OK,” Packers treasurer Larry Weyers said. “We’re still a strong institution and we still have the strength to support football operations and maintain the quality of our football team.”
But Weyers added: “It’s obviously somewhat concerning whenever your profits dropped off as much as ours did this year.”
Future economic challenges have team officials even more concerned. They see player costs rising faster than local revenues, a trend that makes Packers brass likely to join other NFL owners in taking a firm stance against the players’ union in upcoming collective bargaining negotiations.
Jun 22, 2009 at 3:53 p.m.
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JSonline reported that investment income went from making 8 million in 2007 to losing 16 million in 2008. That alone accounts for more than 19.4 million decrease....not selling a few less Favre jerseys!
Jun 22, 2009 at 11:50 a.m.
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"Future economic challenges have team officials even more concerned. They see player costs rising faster than local revenues, a trend that makes Packers brass likely to join other NFL owners in taking a firm stance against the players’ union in upcoming collective bargaining negotiations."
This sounds funny coming from a team where:
Thompson signs no free agents.
Thompson lets Packer free agents go so they don't have to pay them.
The Packers have had the youngest team in the league for three straight seasons - not a GOOD thing.
The Packers only build through mediocre at best drafts.
They are one of the league leaders in salary cap room.
And they have nearly 70,000 people on the waiting list for tickets so there are never open seats at Lambeau.
Selling a few less Favre jersey's isn't making that kind of impact. Something is wrong in GB - hint: their initials are MM (not McCarthy) and TT.
Jun 22, 2009 at 11:43 a.m.
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Garyprimer: re: bailout...too funny!!
Black and red aren't the only colors the Packers should be worried about!! Purple and gold seems to be much more threatening this year!! And, because of that, Ted Thompson should be worried about pink this year. As in pink slip...
Jun 22, 2009 at 8:57 a.m.
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Favre says he is waiting to see how successful his recent surgery is before he commits to playing this season. If he doesn't think he is 100%, he is not going to play. I am sure that the Vikings are also waiting before they commit. As for the subject of the story, times are tough all over and some people cannot live without football, but some can. Maybe the federal government can step in and bail the Packers out.
Jun 22, 2009 at 8:34 a.m.
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From Rotoworld.com -- With coach Brad Childress leaving for a fishing trip to Alaska on Monday, Brett Favre is not expected to officially join the Vikings for at least a week.
It doesn't look like an announcement is in the works before July, although PFT reports Favre may have already agreed to a deal. According to SI's Peter King, the contract dollars are "either done or absolutely not going to be a problem. King also reports that Favre is throwing the ball with "the old zip" right now, so "only a setback in his throwing" will keep him from signing with the Vikes. Jun. 22 - 8:31 am et
Jun 21, 2009 at 11:41 p.m.
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I won't feel sorry for any corporation that claims it hit hard times until they reveal what the front office makes and what % raise/bonus they are receiving....
Jun 21, 2009 at 9:18 p.m.
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But....the cost of living is a whole lot less in Mississippi....
Jun 21, 2009 at 8:10 p.m.
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Maybe it could be the $7 hot chocolate. There's not even any booze in it!
Jun 21, 2009 at 7:56 p.m.
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hey the train left Green Bay and looks like a lot of $$ did too!!!!! I could go on and on and on.....but I aint gonna bring up the past. I think I like the color purple though....LOL
Jun 21, 2009 at 2:09 p.m.
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You are trying to start something here.:-)
Jun 21, 2009 at 1:02 p.m.
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I wonder how much revenue the Jets took in last year? What was their profit margain comparison from the 07 season to the 08 season??
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