The Green Bay Packers are a standout team in the NFL, not just for their performance on the field, but for their unique ownership structure. Unlike any other team in the league, the Packers are publicly owned, resembling a publicly traded company rather than a privately owned franchise. This ownership model sets them apart from the other 31 NFL teams and the rest of the major North American professional sports leagues.
The Packers’ ownership structure dates back more than a century, with the team being completely owned by stockholders. Over the years, the franchise has had six stock offerings, starting in 1923 and continuing through 2021. These offerings have resulted in over 5.2 million outstanding shares owned by more than 538,000 individuals, many of whom are passionate Packers fans. However, these shares do not pay dividends, cannot be transferred outside of family members, and lack any intrinsic market value.
Shareholders of the Green Bay Packers have the privilege of attending the team’s annual meeting and voting for a board of directors. However, despite this ownership, individuals do not receive any financial gains from their shares. The only way for a shareholder to realize any monetary value is by selling their stake back to the team, and even then, it is only for a portion of the original share price.
In 2023, the team generated $638 million in revenue and had earnings before interest, taxes, depreciation, and amortization of $128 million. As a nonprofit organization, the Packers utilize their annual revenue to cover player salaries, stadium maintenance, marketing, and other operational expenses. Despite the team’s solid financial position, private equity investors are unlikely to show interest due to the unique public ownership structure and lack of potential for financial returns.
While the Packers’ ownership model allows for widespread fan participation, the infrequency of stock offerings presents a significant obstacle for those looking to invest in the team. The timing of these offerings, coupled with the low cost of shares compared to the skyrocketing valuations of NFL teams, makes it difficult for fans to acquire a stake in the franchise. Additionally, there is a strict ownership cap of 200,000 shares per person, further limiting individual ownership.
Beyond their ownership structure, the Green Bay Packers stand out in the NFL for other reasons. They are based in the smallest television market among all 32 teams and lack the tourism revenue seen in larger cities with NFL franchises. Additionally, the team’s long-term stability at quarterback, 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’ unique ownership structure reflects a rich history of fan engagement and community ownership in the NFL. While this model sets them apart from their counterparts in the league, it also poses challenges for potential investors and limits the financial opportunities associated with traditional sports franchises. Despite these limitations, the Packers continue to thrive both on and off the field, maintaining a strong fan base and competitive presence in the NFL.
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