Pandemic causes Packers' revenues to plummet by nearly 27%
GREEN BAY, Wis. (AP) - Playing home games without spectators because of the pandemic caused the Green Bay Packers´ operating revenues to drop nearly 27% during the most recent fiscal year.
The Packers reported $409.8 million in expenses and $371.1 million in revenues. That's the first time since 2000 the team spent more money than it brought in.
The team had a record $506.9 million in revenues a year earlier.
"The pandemic had a significant impact on our finances. But that said, I think the Packers remain in a very strong position financially," Packers CEO/president Mark Murphy said at a Friday news conference.
Green Bay did not have paying spectators at Lambeau Field until the playoffs, when it had a limited crowd at two games.
The Packers expect to fill Lambeau Field´s entire seating capacity for games this season and also plan to welcome fans to training camp later this month. Murphy says that means the team´s finances should return to their pre-pandemic levels.
Murphy said the Packers had $309.2 million in national revenues, up from $296 million a year ago. But local revenues fell from $210.9 million to $61.8 million, a drop of 70.7%.
As the NFL´s only publicly owned franchise, the Packers disclose their expenses and revenues each year. The team's annual shareholders meeting is scheduled for July 26.
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