The Green Bay Packers, standing as the 12th most-valuable NFL franchise with a value of $6.3 billion, have a ownership structure that sets them apart from all other teams in the league. Established over a century ago, the Packers’ ownership is made up of stockholders, most of whom are devoted fans of the team. In total, there are more than 5.2 million outstanding shares held by over 538,000 individuals, resulting from six stock offerings that occurred in 1923, 1935, 1950, 1997, 2011, and 2021. Shareholders do not receive dividends, cannot sell the shares outside of family, and do not benefit financially from their ownership except for a small return if they sell their shares back to the team. This ownership structure, unique in professional sports, allows shareholders to have a say in the team’s annual meeting and the election of the board of directors.
Despite their immense popularity and success, the Packers operate as a nonprofit organization. In the year 2023, the team generated revenue of $638 million and earnings before interest, taxes, depreciation, and amortization reached $128 million. This revenue is used for various purposes such as player salaries, stadium maintenance, and marketing efforts. The share offerings over the years have been instrumental in enabling the team to overcome financial challenges and carry out significant renovations at Lambeau Field. It is important to note that while other NFL teams seek private equity investments, the ownership structure of the Packers makes them less appealing to these investors due to the lack of financial returns.
The Packers have imposed a 200,000 share ownership cap per person, which amounts to less than 4% of the total outstanding shares. This limitation, coupled with the infrequency of stock offerings, creates a scenario where acquiring a share of the team is not primarily about financial means but rather about timing. Despite the fact that the price per share has increased over the years, reaching as high as $300 in the 2021 offering, it remains significantly lower than the average valuation of NFL teams today. The unique ownership structure of the Packers, characterized by fan ownership and limited financial benefits, sets them apart from the rest of the league.
Apart from their ownership structure, the Green Bay Packers stand out in the NFL for various reasons. As the smallest television market among all 32 teams, Green Bay lacks the extensive tourism opportunities that larger cities enjoy. Furthermore, the team has garnered attention and criticism from other fans and organizations for its stability at the quarterback position, transitioning seamlessly from legends like Brett Favre to Aaron Rodgers and now to Jordan Love. This long-term success and unique ownership model contribute to the Packers’ distinct position within the NFL landscape.
The Green Bay Packers’ ownership structure, characterized by public ownership and limited financial benefits, sets them apart from every other NFL team. With a history of stock offerings that have served the team well in times of financial need and a dedicated fan base that values their ownership stake, the Packers continue to thrive in a league dominated by private ownership. Despite the challenges and limitations posed by their ownership model, the Packers remain a symbol of tradition, success, and community in the world of professional football.