The Green Bay Packers are a standout team in the National Football League with an ownership structure that differs from the rest. Unlike the other 31 NFL teams, the Packers are the only publicly owned team in the league. This unique ownership model resembles that of a publicly traded company, with stockholders holding ownership stakes in the franchise. With a valuation of $6.3 billion, the Packers are the 12th most valuable NFL team, according to CNBC’s Official 2024 NFL Team Valuations.
Established over 100 years ago, the ownership structure of the Green Bay Packers has undergone six stock offerings since its inception. These stock offerings took place in 1923, 1935, 1950, 1997, 2011, and most recently in 2021. As a result, the team currently has over 5.2 million outstanding shares owned by more than 538,000 individuals, many of whom are avid Packers fans. Shareholders do not receive dividends, and the shares are nontransferable except within the family. While shareholders have the right to attend the team’s annual meeting and vote for a board of directors, they do not receive any financial gains from their ownership.
Despite the team’s impressive revenue of $638 million in 2023 and an EBITDA of $128 million, shareholders do not benefit financially from owning Packers stock. The only way for a shareholder to realize any monetary value is by selling their stake back to the team, and even then, they receive only a percentage of the original share price. The revenue generated by the team is directed towards player salaries, stadium maintenance, marketing, and other operational expenses. This unique financial structure distinguishes the Packers from other NFL teams.
Private Equity Investment
With an ownership cap of 200,000 shares per person, equivalent to less than 4% of the team’s outstanding shares, the Green Bay Packers are not an attractive investment option for private equity firms. Despite current rules allowing private equity investors to own up to 10% of a franchise, the infrequent stock offerings and limited financial returns make the Packers an unappealing option. While the team has used share offerings to navigate financial challenges and fund stadium renovations, the ownership structure limits external investment opportunities.
Although the ownership structure of the Green Bay Packers has facilitated fan ownership and community involvement, it has faced criticism and challenges. One of the main barriers to ownership for Packers fans is the timing of stock offerings, rather than financial constraints. Over the years, the price of shares has increased, with the most recent offering in 2021 costing as much as $300 per share. Despite the affordability compared to the average NFL team valuation, the unique ownership model has attracted attention from fans and critics alike.
The Green Bay Packers’ publicly owned structure sets them apart as a unique entity in the NFL. While other teams operate under private ownership, the Packers’ fan-centric approach and community involvement have solidified their standing in the league. Despite challenges and criticisms, the team’s longstanding history and commitment to its shareholders make it a rare and valuable asset in the world of professional sports ownership.
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