Packers president says team has $385 million rainy day fund, which seems useful right now
The lone team in the NFL without a billionaire or billionaire family owning it has a decent amount of cash saved up.
Green Bay Packers president Mark Murphy sent a letter to league shareholders on Thursday saying the team’s reserve fund — a savings account specifically established years ago to cover the team’s expenses for a year in case revenue dries up — currently comes in at $385 million, according to ESPN’s Rob Demovsky.
You would imagine that reserve fund could be quite useful in case the ongoing coronavirus pandemic wreaks havoc with the NFL’s season, which the league may or may not be bracing for.
Packers hoping for the best, preparing for worst
Murphy reportedly told shareholders that he is hopeful the NFL season will start on time with fans in the stadium. The Packers are scheduled to begin their season on Sept. 13 against the Minnesota Vikings, with four weeks of preseason also scheduled. The team will reportedly even send face masks to season-ticket holders.
The team is also reportedly “planning for a whole range of contingencies and examining the financial ramifications,” with Murphy pointing to “ample resources available” to weather a potential storm.
Interestingly, the reserve fund has reportedly shrunk from the $397 million reported at last year’s shareholder meeting.
All of this is probably worth remembering as owners across all sports begin a potential labor fight over the possibility of a shortened or canceled season. As the billionaires fret over potential losses from the coronavirus pandemic, the NFL’s lone publicly owned team might be the best-prepared of all of them.
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