Packers president Mark Murphy predicted before last season began that the financial impact from the pandemic would be “significant.” The NFL, indeed, was not immune from COVID-19 and the effects on its bottom line.
The Packers lost $38.8 million in the last fiscal year that ended March 31, the team reported Friday.
“It was the first time we haven’t had a profit in over 20 years,” Murphy said, via Bill Huber of SI.com.
The last operating loss for the team was before the 2003 stadium renovation.
The Packers were one of 13 teams to play in front of no fans at home. The Cowboys led the league, averaging 28,187 fans at AT&T Stadium for their eight home games.
The NFL’s smallest market team, and the only one that publicly discloses its financial records, did not need to tap into its corporate reserve fund. Its local revenue dropped from $210.9 million in fiscal year 2020 to $61.8 million in fiscal year 2021.
The Packers reported $371.1 million in total revenue, down from a record $506.9 million in the 2020 fiscal year.
“COVID obviously impacted the Packers from a financial perspective,” Murphy said. “Our local revenue was significantly impacted. Still, we really feel that we remain in a strong financial position going forward and that we will continue to be able to provide the resources for the organization to be successful both on and off the field. As we all faced health and economic challenges with the pandemic, we really feel we emerged in a very good financial position.”
However, the Packers’ national revenue share was $309.2 million, meaning the NFL’s 32 teams split $9.894 billion, an increase of $42 million with expanded playoffs helping offset some of the losses.
The league, with a 17-game regular season, is expected to surpass $10 billion for the first time in fiscal year 2021, which began April 1.
“It’s a real credit to the league that we were able to play a full slate of regular-season games and postseason games,” Murphy said. “It was really crucial. We knew if we were able to get all the games broadcast that that would cover all of our player expenses.”