Generic Green Bay Packers game, Lambeau Field. PC: Fox 11 Online
GREEN BAY, WI (WTAQ-WLUK) — Despite rain, the annual Packers Shareholders meeting went on at Lambeau Field as planned.
The meeting comes just days after the Packers announced the organization has once again seen an increase in revenue.
Packers Shareholders came out all geared up for the most unique business meeting in all of sports.
Packers President and CEO Ed Policy shared the team’s latest financial status.
He said the Packers are in a strong financial position for the short and medium term, but has some long term concerns.
“Our industry and our league are changing faster than ever so we have to balance those two things. Continuity is a hallmark of the Packers’ way, but so is guarding against complacency, so times change, the NFL changes and market conditions change,” Policy said.
As we reported Friday, the Packers saw a 4.7% increase in total revenue from last year and a more than 50% profit.
The Packers also saw a loss of $1.1 million in its day-to-day operations.
Policy said it’s becoming harder for the Packers to compete with other teams owned by billionaires that can now sell a portion of their private equity.
The Packers can’t do this because of their ownership structure.
While Policy shared concerns about future finances, a sports economics expert we talked with said the Packers are in good shape and doesn’t think other teams tapping into private equity is a major threat.
“They were like 15th in the league and revenue, that’s right in the middle of the pack. I think there are other teams that have much larger concerns than the Packers do right now,” St. Norbert College Professor of Economics Kevin Quinn said.
Quinn said the Packers will be fine as long as the organization stays on the receiving end of media rights revenue.
Meanwhile, Policy said the team will be more aggressive in generating revenue going forward like more non-Packers events and sponsorships.
Despite this, shareholders we talked with are not worried and feel like the team is in a good place.
“I just think that, the organization is strong from top to bottom. And they really just have the right people and the right spots that are, you know, doing the right things,” Packers Shareholder Chad Dowland said.
“There’s a lot of opportunities for a lot performers to come to like, you know, a smaller community but that has the infrastructure and the resources available to host large crowds and do it very well,” Shareholder Eric Eichelberger said.
Still, fans say winning games and keeping the team publicly-owned in Green Bay are what’s most important.
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