Green Bay Packers "post record profits"

Packers unveil details of 2016 fiscal records
Posted at 4:00 PM, Jun 24, 2016
and last updated 2016-06-24 20:32:25-04

Although the stock market may have taken a dive Friday, the Green Bay Packers have posted record profits, according to team officials. 

"The financial picture of the Green Bay Packers has never looked better," the Packers wrote on their website Friday.

But that may not last.

Citing the end of core player contracts, the Packers say the record profits aren’t sustainable. However, officials say the overall team's picture has the franchise well-positioned for the future, boasting a $275 million corporate reserve.

Net income reached $48.9 million for the fiscal year ending March 31, 2016, while profit from operations was at $75 million, according to Packers officials. 

"Those are healthy increases of 68 percent and 91 percent, respectively, over the previous year," officials said.

As for expenses, the team says general expenses have "dropped considerably."

Among the reasons why --- the Packers $65 million investment in the new Titletown District, already under construction.

The new 34-acre development includes plans for a 4-star hotel and spa, brewery, sports medicine clinic, and public park. It’s slated to be open before the kick off of the 2017 football season. 

Officials say the expenses for that project were tallied during the previous fiscal year --- from a league assessment related to debt refinancing, and other initial expenses that were not on the books this past year.

Among other expenses, Lambeau Field is also undergoing a two-year suite renovation project that will cost $55 million.