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GREEN BAY - The Green Bay Packers will provide the annual peek into their finances on Friday.

Preliminary financial results of the 2015-16 season will be released at 4 p.m. Friday.  The NFL's smallest-market team reported record revenue of $375.7 million last year, ranking it ninth in the 32-team NFL. Total revenue has increased every year since Lambeau Field's 2003 renovation.

Total revenue, rather than net income, is the significant number in the Packers' financial report. Because profit isn't returned as dividends and doesn't affect stock price, it is primarily an accounting function.

The Packers are the only fan-owned team in U.S. professional sports. They have 363,948 shareholders. Shares are not traded and issued only occasionally. The last sale was in 2012 to help fund the south end zone expansion.

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The team spent $295 million on the 2003 renovation, a project that was supported by a 0.5 percent sales tax that ended in September 2015. In the past five years, the team invested another $367 million on expansion and improvements to Lambeau Field. That spending was done without taxpayer support.

Most of the team's revenue is from the NFL's national television contract. The team reported $226 million in national revenue and $149 million in local revenue for the 2014-15 fiscal year. Expenses totaled $336.3 million, also a record. The team's fiscal year ends March 31.

The Packers look to increase nonfootball sources of income with the development of the Titletown District west of the stadium.

Titletown District is bordered by Lombardi Avenue, South Ridge Road, Marlee Lane and Brookwood Drive. Initial investment in the project, including land acquisition and infrastructure improvements by the Packers, is estimated at $120 million to $130 million. Total team investment will be about $65 million, with the balance provided by tenants.

Two tenants, Lodge Kohler hotel and Hinterland Brewery, have begun construction. Bellin Health, which will build a sports medicine clinic, is expected to begin construction in August.

Phase 1 of Titletown District consists of 21 acres, including 6 acres of the planned 10-acre public park and plaza. The Packers have said they will work on the rest of the project once they get the anchors and plaza underway.

Contact rryman@greenbaypressgazette.com and follow him on Twitter @RichRymanPG, onInstagram at rrymanpgor on Facebook at Richard Ryman-Press-Gazette. Or call him at (920) 431-8342.

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