Green Bay Packers New Stadium Needed

Green Bay Packers New Stadium Neededliz Valadesouthern New Hampshire

Green Bay Packers: New Stadium Needed Liz Valade Southern New Hampshire University SPT-620 Dr. Dina Gentile This study source was downloaded by from CourseHero.com on :00:52 GMT -05:00 Green Bay Packers •Professional Football team in the National Football League (NFL) •Plays in the National Football Conference – Northern Division (NFC North) division •Located in Green Bay, Wisconsin •Population 104, census) •3rd largest city in Wisconsin •Green Bay is in the northeastern part of Wisconsin at the mouth of the Fox River. Today, Interstate 43 meets Interstate 41 (also U.S. Route 41) in Green Bay, about 90 miles (140 km) north of Milwaukee. •According to the United States Census Bureau, the city has a total area of 55.96 square miles (144.94 km2), of which, 45.47 square miles (117.77 km2) is land and 10.49 square miles (27.17 km2) is water. •Climate •Green Bay has a humid continental climate with some moderation due to the city's proximity to Lake Michigan. •Green Bay experiences warm, humid, frequently hot summers and long, cold and snowy winters.

This study source was downloaded by from CourseHero.com on :00:52 GMT -05:00 Industry Standing • Members of the NFL since 1920 • Green Bay Packers are proud to have played 100 seasons of football and established a rich legacy. Encompassing 13 championships, 26 Pro Football Hall of Famers, an iconic stadium and a unique bond with our passionate fans (and community) • Forbes Valuation • Team Value $3.05B (Calculated September 2020) • Smallest market for a professional team but 14th most valuable according to Forbes • $485M in revenue • $88M in Operating income • Lambeau Field is the oldest operating stadium in the NFL. This study source was downloaded by from CourseHero.com on :00:52 GMT -05:00 Cost vs. Revenue Category Annual Thousands ($) Revenue 477,943 (Sum of Total Revenue) Direct Costs 477,219 (Sum of Total Costs) Gross Profit 724 Game Expenses (schedule 1) Team Expenses (schedule 2) Administrative Expenses (Schedule 3) Debt Service (Schedule 4) Total Expenses: Operating Income: 724 (Gross Profit minus Total Expenses) Sources of Revenue: National Revenue 274,293 Local Revenue 203,650 Direct Costs: Player Costs 243,082 Team 63,595 Sales, Marketing and Fan Engagement 66,927 Facilities 30,466 General and Administrative 73,149 This study source was downloaded by from CourseHero.com on :00:52 GMT -05:00 Balance Sheet • According to construction cost rankings for NFL stadiums. (n.d.) new football stadiums cost between $15 million to 1.6 billion depending on the new stadium design. • The current cost of Lambeau Field is $295 million. • The Packers have $663 million of equity, consisting of $87 million from our five stock offerings, and the rest from retained annual earnings. • Because the plan would be to relocate to downtown and make this a destination the cost of the new stadium should range in the $500 million to $1 billion range.

Balance Sheet Assets In Thousands Cash & Investments $424,302 $444,170 Unamortized signing bonuses, net $99,489 $152,222 Property & equipment net $378,025 $370,581 Other $82,857 $96,838 Total Assets $984,673 $1,063,811 Liabilities In Thousands Debt $114,876 $147,408 Compensation liabilities $60,142 $83,711 Other liabilities $151,701 $169,230 Equity $657,954 $663,462 Total Liabilities and Equity $984,673 $1,063,811 This study source was downloaded by from CourseHero.com on :00:52 GMT -05:00 New Stadium Pitch • A new stadium is better than some renovations is that, with a new stadium you can pick any location in the area and build. • Renovations cannot change the need for more leg room, bigger aisles, and larger seats, while maintaining structural integrity • Building a new stadium would allow the Green Bay Packers to relocate to the downtown area, allowing easier access for people traveling to Green Bay to watch their beloved Packers • This would also address other issues such as parking, because it would make mass transit available, and a dome or retractable roof to combat the cold Wisconsin weather • Currently our stadium (Lambeau field) is 62 years old. • Very outdated by standards across the league, our stadium is the oldest stadium in the whole league and can use more than minor upgrades • Our capacity of 81,000 may be nice for sellouts but fan experience may be lacking • Structurally renovations can only upgrade so much. • The barebones of a stadium has a shelf life and that is something that needs to be considered • The balance sheet shows that we can sustain a full rebuild of a brand-new state of the art stadium.

Our balance sheet shows almost $663 million dollars in equity • $500 million to $1 billion range for a new state of the art stadium This study source was downloaded by from CourseHero.com on :00:52 GMT -05:00 Impact • Building a new stadium creates construction jobs, generates new spending in the community by people who attend games or work for the team and the venue attracts tourists and companies to the host city. • The new stadium can partner with local businesses for sponsorship and discounts. This project will make Green Bay a destination to visit which will increase income to the surrounding businesses. • Taxes would increase over the beginning of the project but would be recovered when the state-of-the-art stadium is completed, and visitors begin attending events at the location. • There should be no ethical considerations for this project as Green Bay Packers are owned by the shareholders in the local area. These ethical issues would be addressed in community meetings prior to the construction beginning.

Paper For Above instruction

The proposal for constructing a new stadium for the Green Bay Packers stems from the urgent need to modernize and improve the fan experience while addressing the limitations of the historic Lambeau Field. Since Lambeau Field, built in 1957, stands as the oldest operating stadium in the NFL, its age and structural limitations hinder the team’s potential for revenue growth and fan engagement. A new stadium would not only boost the team’s economic prospects but would also serve as a catalyst for urban development, job creation, and enhanced community relations in Green Bay, Wisconsin.

Environmental and logistical considerations are central to this project. The current stadium's location makes renovations challenging, restricting the scope of improvements that can be made without jeopardizing structural integrity. Building a new stadium gives the flexibility to select a strategic site, preferably in the downtown area, transforming Green Bay into a sports tourism destination. The potential stadium design includes a dome or a retractable roof, which would mitigate Wisconsin’s harsh winter weather—making the stadium more suitable for year-round events and increasing attendance. Moreover, relocating downtown would improve access for visitors via enhanced public transportation systems and parking facilities, significantly elevating the fan experience.

Financial considerations are paramount. The Green Bay Packers possess a solid equity base of approximately $663 million, positioning the team well to financially support a stadium development project estimated to cost between $500 million and $1 billion. This range is comparable to other new NFL stadium projects, which have varied in cost depending on architectural complexity. Current estimates indicate that the existing Lambeau Field requires substantial upgrades that are only feasible within a limited scope, reinforcing the need for a completely new facility. The team’s historical revenue streams, with total annual revenue of roughly $477 million, provide a stable financial base for financing development. Additionally, the team’s valuation at $3.05 billion underscores the economic capacity to undertake such a project without risking financial stability.

The economic impact of constructing a new stadium extends beyond immediate construction jobs. It encompasses increased local employment, higher spending in adjacent businesses, and an uptick in tourism. The multipliers effect, supported by economic theories, explains how the influx of visitors and fans boosts local economies through ancillary spending on hotels, restaurants, and retail outlets. Enhancing Green Bay’s infrastructure, such as roads and transit, further reinforces the potential for long-term economic benefits, with increased tax revenues to offset public investment costs.

Ethical considerations are minimal since the stadium project involves community-owned assets. Public meetings and consultations would address any concerns related to environmental sustainability, neighborhood disruption, or financial impacts. Since the Packers are owned by local shareholders, the project aligns with community interests and values. Transparency in planning and community engagement would ensure that stakeholder concerns are addressed appropriately, fostering support for the project.

In conclusion, a new stadium in downtown Green Bay presents a strategic opportunity to enhance the team’s facilities, bolster the local economy, and reinforce the city’s reputation as a premier sports destination. The financial capacity of the team, combined with the projected economic benefits and community support, makes this project viable and beneficial. Modern infrastructure, improved fan experience, and economic revitalization are compelling reasons to advance this development, affirming that the investment in a state-of-the-art stadium aligns with the long-term growth and prosperity of Green Bay and the Green Bay Packers.

References

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  • United States Census Bureau. (2020, April 1). Green Bay city, Wisconsin. https://www.census.gov/
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