Really good news in Packerland today.
July 15, 2003
Brown to return to Packers
The Packers listed defensive tackle Gilbert Brown on their roster even though he isn't under contract. Brown is expected to sign a contract before the team reports to camp over the weekend. According to his agent, Roosevelt Barnes, Brown is down to his college weight of around 325 pounds working with a personal trainer.
espn.go.com
Remodeled Lambeau provides Pack with big boost
By ARNIE STAPLETON, AP Sports Writer
July 15, 2003
sports.yahoo.com
GREEN BAY, Wis. (AP) -- Lambeau Field's remodeling won't be finished until next month, but the refurbished stadium already is paying big dividends for the Green Bay Packers.
The team said at its annual stockholders meeting Tuesday that the $295 million makeover has provided a financial windfall a year earlier than anticipated.
The Packers reported total operating income of $153.1 million for the fiscal year ending March 31, an increase of $21.1 million over the previous fiscal year.
The team's corporate reserve account, which is used for signing bonuses and other football operations expenses, has grown from $35.6 million in 2002 to $58 million.
Most importantly, the Packers now rank 10th out of the 32 NFL teams in revenue. A year ago, the team was 20th after a steady decline from ninth in 1997, the last year they reached the Super Bowl.
``We were really on the road to financial oblivion,'' said John Underwood, the team's treasurer. ``I'm very pleased to say we've moved up to 10th. We will probably level off somewhere in that area, but we can compete at that spot.''
Being publicly held, the Packers are the only team that releases its financial statements every year. The team knows where it ranks in terms of revenue but not which teams are ahead of them.
The Packers were able to realize benefits from the stadium makeover a year early because the construction is on schedule and on budget, Underwood said.
``We didn't have major cost overruns, the weather was favorable,'' he said. ``All this brought the revenue streams on line a year early.''
Capacity at Lambeau Field last year increased by 3,000 seats to 64,000, including 1,000 premium club seats. More expensive luxury boxes were added.
Also, the new Packers Pro Shop in the stadium's atrium had gross revenue of $11.1 million for the last fiscal year, compared with $6.2 million the previous year. Underwood said it's the NFL's top-selling retail store. |
