The Green Bay Packers are reporting a net income of $72.8 million in 2017, up 49 percent from the previous year.

The team released its annual finance report Wednesday, which shows a record year for revenue and income.

The Packers saw increases in all categories, except "Profit from Operations" where they were down nearly 10 percent from 2016.

Packers President and CEO Mark Murphy says the emerging Titletown District will provide a further boost in the years to come.

"It really helps diversify our revenue so that we're not, it's not all based just on football," Murphy says.

Murphy considers the team in solid financial standing, especially since the bottom line accounts for the just-completed $55 million renovation to the Lambeau Field suites.

"Complaint we got from a lot of fans in the past was I feel like I'm watching the game in a fish bowl, and so now they have the option to open up the windows, they feel connected to the game," Murphy said.

"And my experience talking to fans is even in January, they're opening windows up, they want to really feel like they're at the game."

Here's the break down of the team's finances:

REVENUE

-National

2017: $244.0 million

2016: $222.6 million

Increase: $21.4 million

% change: 9.6 percent

-Local

2017: $197.4 million

2016: $186.2 million

Increase: $11.3 million

% change: 6.1 percent

-Total Revenue

2017: $441.4 million

2016: $408.7 million

Increase: $32.7 million

% change: 8.0 percent

EXPENSES

-Total expenses

2017: $376.1 million

2016: $333.7 million

Increase: $42.4 million

% change: 12.7 percent

PROFIT FROM OPERATIONS

2017: $65.4 million

2016: $75.0 million

Decrease: $9.7 million

% change: -12.9 percent

NET INCOME

2017: $72.8 million

2016: $48.9 million

Increase: $23.8 million

% change: 48.7 percent

The net income numbers are thanks in part to relocation fees from the Rams, Chargers and Raiders. Murphy also credits the team's tremendous fan base and success on the field for the Packers healthy bottom line.

"You can talk about business strategy, marketing strategy, but winning on the field helps," Murphy says.

As a publicly-owned franchise, the Packers are the only team in the National Football League required to release financial data.

"Other national reporters use it as a way to look at how is the league doing, how are other teams doing, but we're very proud of our organization and I think we've been responsible financially and we're in a very solid position because of that," Murphy says.