The Green Bay Packers stand out as the only National Football League team with an ownership structure that resembles a publicly traded company. With a valuation of $6.3 billion, the Packers are owned by stockholders, many of whom are passionate fans of the team. This unique ownership model has been in place for over 100 years, setting the Packers apart from other NFL franchises.
The Packers have had six stock offerings since 1923, resulting in over 5.2 million outstanding shares owned by more than 538,000 individuals. Shareholders 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 ownership. The shares pay no dividend, are nontransferable, and do not hold any intrinsic market value. The only way for shareholders to make money is by selling their stake back to the team, albeit for a percentage of the original share price.
In 2023, the Packers generated $638 million in revenue, with earnings before interest, taxes, depreciation, and amortization reaching $128 million. As a nonprofit organization, the team’s revenue is used to pay players, maintain Lambeau Field, and cover various marketing expenses. The unique ownership structure has helped the team navigate financial challenges and undertake significant renovations of their stadium over the years.
The Packers’ ownership model makes them less attractive to private equity investors, as ownership is capped at 200,000 shares per person. Even though NFL rules allow approved private equity firms to own up to 10% of a franchise, the Packers’ unique setup is not conducive to outside investment. The infrequency of share offerings also presents a barrier to fans looking to own a piece of the team, with timing being a more significant challenge than financial constraints.
In addition to their ownership structure, the Packers distinguish themselves in other ways within the NFL. Green Bay is the smallest television market among the 32 teams and lacks the high tourism levels seen in cities like Las Vegas and New York. The team’s stability at quarterback, transitioning from Brett Favre to Aaron Rodgers to Jordan Love, has drawn both admiration and criticism from fans and organizations across the league.
The Green Bay Packers’ publicly owned status and unique ownership structure set them apart as an outlier in the world of professional sports. With a rich history of fan engagement and community support, the Packers continue to thrive under their distinctive ownership model, showcasing the enduring values of tradition and loyalty in the NFL.
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