The Green Bay Packers stand out among National Football League teams with their ownership structure that resembles a publicly traded company. As the 12th most valuable NFL franchise at $6.3 billion, according to CNBC’s Official 2024 NFL Team Valuations, the Packers are the only publicly owned team across the four major North American professional sports leagues.
Established over 100 years ago, the Green Bay Packers are completely owned by stockholders, many of whom are loyal Packers fans. The franchise has had six stock offerings since its inception, with the most recent one in 2021. These offerings have resulted in over 5.2 million outstanding shares owned by more than 538,000 individuals, according to the team’s 2024 media guide.
Unlike traditional stocks, Packers shares pay no dividend, are nontransferable outside of passing to a child or relative, and do not hold any intrinsic market value. Shareholders have the opportunity to attend the team’s annual meeting and vote for a board of directors. However, the team states that owners do not receive any financial gains from their ownership. The only way for a shareholder to profit is by selling their stake back to the team, typically for a percentage of the original share price.
In 2023, the team generated $638 million in revenue, with earnings before interest, taxes, depreciation, and amortization totaling $128 million. The Packers operate as a nonprofit organization, with the only compensated member of the seven-person executive committee being the president. Annual revenue is allocated to player salaries, stadium maintenance, marketing, and other operational expenses.
The share offerings conducted by the Packers throughout the years have served as a means to navigate financial challenges and fund major renovations at Lambeau Field. However, the unique ownership structure has positioned the team as an unappealing investment for private equity firms. The ownership cap of 200,000 shares per person restricts outside investors from acquiring a significant stake in the team.
Despite the relatively low cost of Packers shares, timing remains a significant barrier for fans looking to own a piece of the team. The price of shares has increased over the years, with the most recent offering starting at $300. However, this amount is still substantially lower than the average $6.49 billion valuation of an NFL team in today’s market.
An Outlier in the NFL
The Green Bay Packers’ unique ownership structure is just one aspect that sets them apart from other NFL teams. As the smallest television market among the 32 franchises, Green Bay lacks the high levels of tourism seen in cities like Las Vegas, Miami, New York, and Los Angeles. Additionally, the team’s long-term stability at the quarterback position has drawn both admiration and criticism from fans and organizations alike as they transitioned from Brett Favre to Aaron Rodgers and now to Jordan Love.