Packers enjoy another record financial year

the Associated Press with Jay Sorgi

Packers enjoy another record financial year

By the Associated Press with Jay Sorgi. CREATED Jul 16, 2013

MADISON - The Green Bay Packers have put together another record financial year.

Team officials announced Tuesday they took in a record $308.1 million in total revenue over the last fiscal year, up 2 percent from 2012.

The team also generated a record $54.3 million in profit, up 26.4 percent, and a record $43.1 million in net income.

The Packers also cut their expenses by 2 percent, from $259 million in 2012 to $253.8 million.

Team President Mark Murphy says a $19 million reduction in player costs played a huge role in shrinking expenses.

Murphy said the team's numbers didn't include the big contract extensions quarterback Aaron Rodgers and linebacker Clay Matthews signed in April.

Those deals will count toward next year's figures.

Because the Packers are a non-profit stock corporation, it must release its financial records on a yearly basis.

Also, that non-profit status means that shareholders do not receive revenue, so the profit can get re-invested back in the team.