The Green Bay Packers, a team deeply rooted in tradition and history, have a one-of-a-kind ownership structure that sets them apart from the rest of the National Football League. Unlike the other 31 NFL teams, the Packers are owned by stockholders, making them the only publicly owned team in the four major North American professional sports leagues. This unique structure was established over 100 years ago and has resulted in over 5.2 million outstanding shares owned by more than 538,000 people.
Throughout the years, the Packers have had six stock offerings, beginning in 1923 and most recently in 2021. These offerings have been instrumental in pulling the team out of financial turmoil and funding major renovations of their iconic Lambeau Field. However, unlike traditional stocks, the shares of the Packers do not pay dividends, are nontransferable, and have no intrinsic market value. Shareholders have the opportunity to attend the team’s annual meeting and vote for a board of directors, but financial gains are not part of the ownership experience. The only way for a shareholder to receive any money is by selling their stake back to the team, and even then, it is only for a percentage of the original share price.
In 2023, the Green Bay Packers generated $638 million in revenue, with an earnings before interest, taxes, depreciation, and amortization of $128 million. As a nonprofit organization, the team’s revenue is primarily allocated towards player salaries, stadium maintenance, and marketing efforts. The only compensated member of the executive committee is the president, highlighting the team’s commitment to a unique operational structure.
One of the most distinctive aspects of the Packers’ ownership structure is the ownership cap of 200,000 shares per person, representing less than 4% of the team’s outstanding shares. While current NFL rules allow approved private equity firms to own up to 10% of a franchise, the Packers’ unique setup makes them a less attractive option for potential investors. The infrequent nature of stock offerings also presents a challenge for fans looking to own a piece of the team, as timing becomes a significant barrier.
The Green Bay Packers’ ownership model is just one of the many ways in which the team stands out in the NFL landscape. From being located in the smallest television market among all 32 teams to lacking the high level of tourism that other NFL cities benefit from, the Packers have carved out a unique niche in the league. Additionally, the team’s long-term stability at the quarterback position, from Brett Favre to Aaron Rodgers to Jordan Love, has drawn both admiration and criticism from fans and organizations alike.
The Green Bay Packers’ ownership structure exemplifies their commitment to tradition, community, and independence. By remaining the only publicly owned team in the NFL, the Packers continue to uphold a legacy that is truly unparalleled in the world of professional sports.