GREEN BAY, Wis. -- The Packers have $385 million in their reserve fund, and depending on what happens with the 2020 NFL season, they might have to dip into it.

The Packers, without a single deep-pockets owner, long ago established the savings account specifically to ensure the team could cover expenses for one year in case both leaguewide and local revenue dried up.

In a letter sent to team shareholders Thursday, Packers president Mark Murphy said he is hopeful the NFL season will start on time "with full stadiums, but we are also planning for a whole range of contingencies and examining the financial ramifications."

He pointed to the "ample resources available ... to weather these difficult times."

The Packers' reserve fund has dropped since last summer, when the team reported it at $397 million during its annual shareholders meeting in July.

The Packers are publicly owned, with more than 5 million shares of stock held by 361,256 people. No one person can own more than 200,000 shares. The Packers' most recent stock sale came in 2011.

The letter detailed how the Packers have handled the limitations and shutdowns during the coronavirus pandemic. Murphy included that the team has sent Packers face masks to all fans with season tickets while extending the payment deadline to June 1.