The Green Bay Packers are a standout in the National Football League due to their ownership structure, which resembles that of a publicly traded company. Unlike other NFL teams, the Packers are the only team that is publicly owned, with the ownership distributed among stockholders. This unique structure, established over a century ago, sets the Packers apart from the rest.
Over the years, the Packers have had six stock offerings, dating back to 1923. These offerings have resulted in over 5.2 million outstanding shares owned by more than 538,000 individuals, many of whom are die-hard Packers fans. However, these shares do not pay dividends, are nontransferable, and do not have any inherent market value. Shareholders are granted the opportunity to attend the team’s annual meeting and vote for the board of directors, but they do not receive any financial benefits from ownership. The only way for a shareholder to make any money is by selling their stake back to the team, which is only done at a fraction of the original share price.
In 2023, the Packers generated $638 million in revenue, with earnings before interest, taxes, depreciation, and amortization totaling $128 million. Despite being a nonprofit organization, the team allocates its annual revenue towards player salaries, stadium maintenance, and marketing expenses. The unique ownership structure has allowed the Packers to navigate through financial challenges and undertake extensive renovations of Lambeau Field.
The ownership cap of 200,000 shares per person further sets the Packers apart from other NFL franchises, making them a less appealing option for private equity investors. While approved private equity firms can own up to 10% of a team, the Packers’ ownership model does not attract such investors. The limited availability of shares, coupled with infrequent stock offerings, creates a barrier for fans looking to own a piece of the team. Despite the increasing share prices over the years, owning a share of the Packers remains a small fraction of the average valuation of an NFL team.
Beyond their ownership structure, the Packers stand out in the NFL for several reasons. Green Bay is the smallest television market among the 32 teams, and it lacks the significant tourism appeal that other cities with NFL franchises enjoy. Additionally, the team’s long-term stability at the quarterback position, from Brett Favre to Aaron Rodgers to Jordan Love, has drawn attention and criticism from fans and organizations alike.
The Green Bay Packers’ unique ownership structure is a testament to their storied history and unwavering fan base. While other NFL teams operate under traditional ownership models, the Packers continue to thrive as a community-owned team, upholding their legacy as an outlier in the league.
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