The Green Bay Packers are the only team in the National Football League that operates under a publicly owned structure. This ownership model dates back more than a century and is a stark contrast to the private ownership that is common among other professional sports teams. The Packers have undergone six stock offerings since their establishment, with the latest one occurring in 2021. These offerings have resulted in over 5.2 million outstanding shares held by more than 538,000 individuals, many of whom are die-hard fans of the team.
Despite owning shares in the Packers, stockholders do not receive any financial benefits such as dividends or profit-sharing. The shares cannot be sold on the open market and are nontransferable, except in the case of passing them down to family members. Stockholders do have the opportunity to attend the team’s annual meeting and vote for a board of directors, but their ownership stake does not translate into any monetary gains. The only way for a shareholder to retrieve any funds is by selling their shares back to the team, although this is typically done at a reduced price.
In 2023, the Green Bay Packers generated $638 million in revenue, with an EBITDA of $128 million. The team operates as a nonprofit organization, meaning that any profits or revenue generated are reinvested into the team and its operations. The revenue earned by the Packers goes towards player salaries, stadium maintenance, marketing efforts, and other expenses necessary for the team’s success. The ownership structure has allowed the team to navigate through financial challenges and undertake significant renovations at Lambeau Field over the years.
The ownership structure of the Packers presents certain challenges, particularly in attracting private equity investors. Due to the stock ownership model and restrictions on share transfers, traditional investors would not be able to generate a return on their investment. The team also has a strict ownership cap of 200,000 shares per individual, limiting the amount of ownership that any single entity can hold. While the Packers could potentially allow a private equity firm to own up to 10% of the team, it is unlikely that such an arrangement would appeal to investors seeking financial returns.
One of the key barriers to ownership for Packers fans is not the financial cost, but rather the timing of stock offerings. The infrequency of share sales means that fans must wait for the opportunity to purchase shares, which can be a challenge given the limited availability. The initial cost of a share in 1923 was $5, and despite price increases over the years, it remains a fraction of the average valuation of NFL teams today. This affordability has allowed a large number of Packers fans to become shareholders in the team and have a stake in its future.
The Green Bay Packers’ unique ownership structure is just one of the ways in which the team stands out in the NFL. The team hails from the smallest television market among all NFL franchises and lacks the significant tourism revenue that cities like Las Vegas, Miami, New York, and Los Angeles receive. Furthermore, the team has faced criticism from fans and other organizations for its long-term stability at the quarterback position, transitioning seamlessly from Brett Favre to Aaron Rodgers and, most recently, Jordan Love.
The Green Bay Packers’ publicly owned structure sets them apart from other NFL teams and reflects a deep connection with their fan base. While the ownership model may present challenges in terms of attracting outside investment, it has allowed the team to maintain stability and financial independence over the years. With a dedicated fan base and a history of success, the Packers continue to thrive under their unique ownership arrangement.
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