Green Bay Packers Report Historic National Revenue in Record NFL Financial Year
In a year that marked unprecedented financial milestones for the NFL, the Green Bay Packers have reported a historic $402.3 million in national revenue for the fiscal year 2024. This represents a peak in the franchise's financial history and underscores the NFL’s burgeoning prosperity.
The Packers’ windfall reflects a league-wide trend, with each of the 32 NFL teams receiving over $400 million in national revenue for the first time. The NFL's total revenue distribution in fiscal year 2024 nearly touched the $13 billion mark, showcasing the sport's escalating appeal and economic vigor. This milestone follows the NFL's achievement of surpassing $12 billion in revenue in fiscal year 2023, up from $10 billion the prior year.
Mark Murphy, the Packers President and CEO, commented on the team’s financial performance: "I think probably the main takeaway is that it's another strong year from a financial standpoint for the Packers, and I think really speaks to the popularity overall of the NFL."
The NFL's dominion over the airwaves continues to be a significant factor in its financial success. In 2023 alone, 93 of the 100 most-watched TV broadcasts were NFL games. This high viewership drives lucrative television deals, which in turn fuels national revenue distribution to the teams.
Despite the record-setting national revenue, the Packers saw a decrease in operational profit, which stood at $60.1 million, down from $68.6 million the previous year. Local revenue for the Packers did increase from $235.9 million to $251.8 million, marking a 6.7 percent rise. Murphy noted, "The increase in local revenue was not enough to offset the increasing costs of stadium depreciation and player salaries." This points to trending concerns where growing financial gains are tempered by rising operational expenses.
"We are in a good, strong financial position, but there will be challenges along the way," Murphy added. He pointed to shifting dynamics within the league, mentioning, "Things are changing within the league with the new ownership, the private equity, new owners, billionaires." While these changes could potentially impact the league's economic landscape, Murphy remains optimistic that revenue sharing—a key component of the NFL's financial model—will remain stable for the short term. "The revenue sharing, I don't see that changing in the short term, but if that ever changes, that could be an issue," he said.
Murphy also addressed the evolving nature of media consumption. "One of the things the league has talked about is trying to meet people where they are," he noted. Highlighting the NFL’s enduring appeal, he reflected, "It's one of the few things that people watch live anymore." This live viewership is highly valued by networks, which are willing to pay premium prices. Murphy acknowledged, "We're very fortunate that we're in that position and the networks are willing to pay, but we're also looking at where the future is going and, certainly, streaming is growing."
The Packers’ overall financial health is framed by their successful season on the field, where they made the playoffs in 2023 under the leadership of quarterback Jordan Love. As the team continues to grapple with operational expenses, the steadying impact of a competitive roster and dedicated fan base cannot be overstated.
Looking ahead, the Packers are poised for executive transitions, with Mark Murphy set to retire in July 2025 upon reaching the mandatory retirement age of 70. Ed Policy is expected to succeed him, inheriting the challenge of navigating the team's future both financially and competitively.
"The economics of the league are changing pretty dramatically," Murphy concluded, encapsulating a period of flux that holds both promise and unpredictability for one of football’s most storied franchises.