GREEN BAY, Wis. (CBS) – As they head to the Super Bowl, the Green Bay Packers have released a financial report showing profits in the millions, even though the team is a not-for-profit company.
The Packers are the only team that release financial reports, since they are the only NFL team that is run as a publicly-owned, nonprofit company. The team has 112,158 shareholders who together own 4.7 million shares, the New York Times reported.
The report shows the Packers earning considerably less than four years ago. Their operating profits dropped from $34.2 million in the 2006-2007 season to $9.8 million in 2009-2010. The primary cause was player salaries, which went up more than $40 million, the New York Times reported.
Revenues from network TV deals were up more than $10 million last year compared with 2005, and their cut of licensing and merchandising is up more than $30 million, the New York Times reported.
The Packers financial report is considered a proxy for the 31 other teams that do not release financial statements, information of great interest to the NFL Players Association as owner seek to alter the economics of paying their players under a new agreement, the New York Times reported.
Union officials often complain that they are not permitted to examine the books for every team, the New York Times reported.