Packers might need to utilize $385M reserves

Packers might need to utilize $385M reserves

A reserve fund of $385 million might be needed during the coronavirus pandemic, Green Bay Packers president Mark Murphy said in a letter to shareholders on Thursday.

Without an individual owner or ownership group, the fund was created to cover expenses in cases such as the present. Uncertainty due to the coronavirus pandemic is all but certain to impact the NFL, which has discussed starting the season on time in September but not necessarily bringing fans to stadiums.

Murphy said he is hopeful full stadiums are a reality by September.

"But we are also planning for a whole range of contingencies and examining the financial ramifications," Murphy wrote.

Wisconsin on Wednesday reopened abruptly when the State Supreme Court ruled the Governor's stay-at-home order was unconstitutional. By Thursday, some bars and restaurants were crowded with patrons who'd been confined to their homes for nearly two months.

The team reported a reserve fund of $397 million in 2019.

According to Spotrac, the Packers have $206.8 million on the books for player contracts for 2020.

Forbes' most recent valuation of the franchise put a $2.85 billion price tag on the Packers with an estimated $456 million in 2019 revenue.

--Field Level Media

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