In a landmark financial year for the NFL, the Green Bay Packers have reported a staggering $402.3 million in national revenue for fiscal year 2024. This figure sets a historic high for the storied franchise and underscores the immense popularity and financial muscle of the NFL.
“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,” remarked Mark Murphy, whose tenure as Packers president is set to conclude in July 2025 upon reaching the mandatory retirement age of 70.
Historic Revenue Distribution
For the first time, each of the NFL's 32 teams received over $400 million in national revenue, culminating in a near $13 billion total revenue distribution. This remarkable milestone comes just a year after the NFL broke the $12 billion barrier in fiscal year 2023 and follows a trajectory of remarkable growth from the $10 billion mark the league achieved in the previous year.
Murphy highlighted the transformative nature of these financial milestones, stating, “The economics of the league are changing pretty dramatically.”
Local Revenue and Operational Challenges
Despite the overwhelming national revenue figures, the Packers faced operational challenges. Their operational profit for 2024 stood at $60.1 million, a drop from the previous year's $68.6 million. However, local revenue saw a healthy 6.7 percent increase, rising from $235.9 million to $251.8 million. Unfortunately, this increase was insufficient to balance out the rising costs of stadium depreciation and player salaries.
Murphy candidly acknowledged these challenges: “The increase in local revenue was not enough to offset the increasing costs of stadium depreciation and player salaries.” He further added, “We are in a good, strong financial position, but there will be challenges along the way.”
Future Outlook and Leadership Transition
Looking ahead, the Packers are poised for a leadership transition as Ed Policy is expected to succeed the retiring Murphy. The team’s future not only involves navigating operational costs but also adapting to evolving league dynamics characterized by new ownership models and increasing private equity investments.
“Things are changing within the league with the new ownership, the private equity, new owners, billionaires,” Murphy noted. The question of revenue sharing also looms large, with Murphy stating, “The revenue sharing, I don't see that changing in the short term, but if that ever changes, that could be an issue.”
Popularity and Media Presence
The Packers' robust financial performance is mirrored by the immense media presence the NFL commands. In 2023, 93 of the 100 most-watched TV broadcasts were NFL games, a testament to the league’s unrivaled popularity. “It’s one of the few things that people watch live anymore,” commented Murphy, emphasizing the live aspect of sports viewing that continues to draw massive audiences.
He also acknowledged the shifting landscape of media consumption, noting, “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, along with the rest of the league, are poised to capture this evolving market as they strive to meet fans "where they are."
On-field Performance
On the field, the Packers have also managed to bolster their reputation by making the playoffs in 2023, with Jordan Love leading the team as quarterback. This playoff appearance not only strengthens the team’s brand but also its marketability and revenue potential heading into the future.
As the Packers navigate the dual complexities of financial health and competitive success, Murphy’s leadership and the eventual transition to Ed Policy will be pivotal in maintaining the franchise’s storied legacy.