PWT36
Cheesehead
This editorial appeared on Editorial page of the Green Bay Press-Gazette today- Friday, June 27,2008. It concerns the Financial report of the Green Bay Packers. And the great importance of the Green Bay Packer franchise to Green Bay, Wi and northeast Wisconsin.
"Editorial: Everyone has a stake in Packers' finances
June 27, 2008
Packers profits last year weren't as high as might be expected after a season that took them to the brink of the Super Bowl. That's not good news, but it isn't the sort of bad news that accompanies a losing season.
Last week Packers officials — president and Chief Executive Officer Mark Murphy, treasurer Larry Weyers and vice president of finance Vicki Vannieuwenhoven — gave the Green Bay Press-Gazette a preview of the financial presentation they'll make in July at the annual team shareholders meeting.
Bottom line: Annual operating profit fell from $34 million to $22 million.
"It was a strong financial year, but it was not what you would have thought, given our success on the field," Murphy candidly acknowledged.
Apparently financial concerns don't evaporate even when you sell out every seat and luxury box, generate millions of dollars in merchandise revenue, and enjoy an unexpectedly strong season on the field that results in hosting the NFC championship game.
According to Murphy, the cost of fielding a squad is increasing at a faster rate than national revenue from television contracts. That means the Packers will need to find ways to increase local revenue, which in turn is more crucial to the long-term stability of the franchise.
The steps the Packers are contemplating by purchasing and developing real estate around the stadium, or by using the stadium for offseason non-football events, won't grab the sort of national headlines that go with finding someone to fill the shoes a legendary quarterback.
But the off-field decisions Murphy and the Packers' new regime will make in the next few years are just as critical as those decisions that were made by Bob Harlan and his predecessors.
This isn't Wall Street, so the value of a share of Packers stock won't change with the news that revenues fell slightly short of expectations. Before Murphy's announcement the only value was sentimental. After his announcement the only value is sentimental.
But the Packer's bottom line means more in Northeastern Wisconsin, because here the Packers are more than an autumnal obsession. They are essential to the economic and aesthetic fiber of the community.
Even those who don't own stock or season tickets have a stake in those decisions.
"Editorial: Everyone has a stake in Packers' finances
June 27, 2008
Packers profits last year weren't as high as might be expected after a season that took them to the brink of the Super Bowl. That's not good news, but it isn't the sort of bad news that accompanies a losing season.
Last week Packers officials — president and Chief Executive Officer Mark Murphy, treasurer Larry Weyers and vice president of finance Vicki Vannieuwenhoven — gave the Green Bay Press-Gazette a preview of the financial presentation they'll make in July at the annual team shareholders meeting.
Bottom line: Annual operating profit fell from $34 million to $22 million.
"It was a strong financial year, but it was not what you would have thought, given our success on the field," Murphy candidly acknowledged.
Apparently financial concerns don't evaporate even when you sell out every seat and luxury box, generate millions of dollars in merchandise revenue, and enjoy an unexpectedly strong season on the field that results in hosting the NFC championship game.
According to Murphy, the cost of fielding a squad is increasing at a faster rate than national revenue from television contracts. That means the Packers will need to find ways to increase local revenue, which in turn is more crucial to the long-term stability of the franchise.
The steps the Packers are contemplating by purchasing and developing real estate around the stadium, or by using the stadium for offseason non-football events, won't grab the sort of national headlines that go with finding someone to fill the shoes a legendary quarterback.
But the off-field decisions Murphy and the Packers' new regime will make in the next few years are just as critical as those decisions that were made by Bob Harlan and his predecessors.
This isn't Wall Street, so the value of a share of Packers stock won't change with the news that revenues fell slightly short of expectations. Before Murphy's announcement the only value was sentimental. After his announcement the only value is sentimental.
But the Packer's bottom line means more in Northeastern Wisconsin, because here the Packers are more than an autumnal obsession. They are essential to the economic and aesthetic fiber of the community.
Even those who don't own stock or season tickets have a stake in those decisions.
