Clarence Beeks has finally spoken.
The good news for the Packers? Total revenues reached record levels in the team’s most recently completed fiscal year, shooting to $258 million, per Richard Ryman of the Green Bay Press-Gazette. But operating profits dropped again, falling all the way from $20.1 million to $9.8 million.
Two years ago, the Packers had an operating profit of $34 million.
That said, total profits are up a bit, from $4 million to $5.2 million. Last year, the total profits plummeted due to investment losses resulting from the crashing of the stock market.
And here’s the key factor, as far as the team and the league will be concerned. Player expenses increased by $22 million. (Total expenses increased by only $20 million, because non-player expenses fell from $89 million to $87 million.)
So here’s how this will unfold over the next two weeks. The team and the league will blame the increased expenses on a player compensation system that needs to be fixed via the next labor deal, and the NFLPA will say that the Packers’ numbers can’t be extrapolated to the rest of the league — and that if the league wants to whine about financial losses the league needs to open the books of every team before doing so.