The Green Bay Packers are a standout in the National Football League due to their ownership structure, which is unlike any other team in the league. Established over 100 years ago, the Packers are the only publicly owned team across the four major North American professional sports leagues. The franchise is completely owned by stockholders, many of whom are die-hard Packers fans. Through six stock offerings initiated in various years, there are over 5.2 million outstanding shares owned by more than 538,000 individuals according to the team’s 2024 media guide.
Unlike traditional stock ownership, the shares of the Green Bay Packers pay no dividends, are nontransferable outside of passing to a family member, and do not hold any intrinsic market value. Shareholders have the privilege of attending the team’s annual meeting and voting for a board of directors, but do not receive any financial returns. Any monetary gains are only possible if a shareholder decides to sell their stake back to the team, and even then, it is for a fraction of the original share price. The revenue generated by the team, which amounted to $638 million in 2023, is utilized for player salaries, stadium maintenance, and marketing efforts, among other expenses.
Ownership Limitations
One of the significant limitations of owning a share of the Green Bay Packers is the ownership cap set at 200,000 shares per person, which is less than 4% of the total outstanding shares. This restriction makes it less appealing to private equity investors, as the team’s unique ownership structure does not allow for financial gains through ownership. Although current rules permit approved private equity firms to own up to 10% of a franchise, the Packers are unlikely to attract such investors due to the limitations imposed by the ownership structure.
Despite the intriguing ownership opportunity presented by the Green Bay Packers, the biggest challenge for fans looking to own a piece of the team is not financial constraints but rather the timing of stock offerings. The price of shares has varied over the years, from as low as $5 in the initial offering in 1923 to as high as $300 in the latest offering in 2021. However, even with the increase in share price, it remains a small fraction of the average valuation of an NFL team today, which stands at $6.49 billion.
Standing Out in the NFL
The Green Bay Packers distinguish themselves in the NFL not only through their ownership structure but also as the smallest television market among the 32 teams. Unlike cities like Las Vegas, Miami, New York, and Los Angeles, Green Bay does not benefit from a high level of tourism. Additionally, the team has faced criticism and envy from others due to its long-term stability at the quarterback position, with notable transitions from Brett Favre to Aaron Rodgers and eventually to Jordan Love.
The Green Bay Packers’ ownership structure serves as a unique anomaly in the world of professional sports, emphasizing community involvement and loyalty among fans. While other NFL teams operate under private ownership, the Packers’ commitment to their shareholders and the team’s historical legacy set them apart as a beloved and iconic franchise in the league.