In the world of professional sports, where team ownership is typically held by wealthy investors and corporations, the Green Bay Packers stand out as the only team in the National Football League with a unique ownership structure. Unlike the other 31 NFL franchises, the Packers are owned by stockholders, many of whom are die-hard fans of the team. This unconventional arrangement has been in place for over a century, making the Packers a true anomaly in the world of professional sports.
The Packers have conducted six stock offerings in their history, starting in 1923 and most recently in 2021. These offerings have resulted in over 5.2 million outstanding shares held by more than 538,000 individuals. It’s important to note that these shares pay no dividend, cannot be traded on the open market, and have no intrinsic market value. Shareholders do have the opportunity to attend the team’s annual meeting and vote for a board of directors, but they do not receive any financial benefits from owning stock in the team.
In 2023, the Packers generated $638 million in revenue, with earnings before interest, taxes, depreciation, and amortization totaling $128 million. As a nonprofit organization, the team’s revenue is used to cover player salaries, stadium maintenance, marketing, and other expenses. The team’s unique ownership structure has allowed them to navigate financial challenges and undertake major renovations of Lambeau Field over the years.
The Packers’ unusual ownership model makes them less attractive to private equity investors, who are generally looking to generate returns on their investments. With a strict ownership cap of 200,000 shares per person, private equity firms are limited in their ability to acquire a significant stake in the team. Even if the ownership restrictions were loosened, the team’s focus on community ownership and historical stability make it unlikely to attract private equity investors.
One of the biggest obstacles for Packers fans looking to own a piece of the team is not the cost, but the timing of stock offerings. While the price of shares has increased over the years, with the most recent offering starting at $300 per share, it remains a fraction of the average valuation of an NFL team today. The infrequency of stock offerings means that fans must be in the right place at the right time to become shareholders in the team.
The Green Bay Packers’ ownership structure is just one way in which the team stands out in the NFL. As the smallest television market among the 32 teams and lacking the tourism revenue of other cities, Green Bay has carved out a niche for itself in the league. The team’s long-term stability at the quarterback position, transitioning from Brett Favre to Aaron Rodgers to Jordan Love, has also drawn attention and sometimes criticism from other fans and organizations.
The Green Bay Packers’ publicly owned status sets them apart from the rest of the NFL and reflects the team’s commitment to its community and tradition. While this ownership structure may present challenges in terms of investment and ownership, it has allowed the team to thrive both on and off the field, making them a truly unique franchise in the world of professional sports.