The Green Bay Packers: A Unique NFL Team with Public Ownership

The Green Bay Packers are an anomaly in the NFL landscape. Unlike other teams, they are not owned by a single individual or a private equity firm. Instead, they are owned by their fans, making them the only publicly owned team in the NFL. This unique structure stems from the Packers' history, with their stock offerings beginning in 1923 and continuing to this day.

The Packers' Public Ownership: How It Works

The Packers' ownership structure is based on the sale of shares to the public. Since their first offering in 1923, the team has held six stock offerings, resulting in over 5.2 million outstanding shares owned by more than 538,000 individuals. These shares are non-transferable, do not pay dividends, and have no intrinsic market value. Instead, fans can purchase shares at pre-determined prices, becoming part-owners of the team.

The Packers' Financial Structure

The Packers' financial structure is also unique. They are a nonprofit organization, and the only member of the executive committee who receives compensation is the president. The team's annual revenue is generated through ticket sales, merchandise, sponsorships, and broadcasting rights.

The Packers' Valuations and Revenue

Despite their unique ownership structure, the Green Bay Packers are a successful franchise, consistently ranking among the top teams in the NFL in terms of revenue and valuation. In 2024, the team's valuation was estimated at $6.3 billion, making them the 12th most valuable NFL franchise.

• The team's revenue in 2023 was $638 million.
• Their earnings before interest, taxes, depreciation, and amortization (EBITDA) were $128 million.

The Packers' Future: Challenges and Opportunities

The Packers' unique ownership structure presents both challenges and opportunities. While it allows the team to be directly connected to its fans, it also makes it difficult to attract private equity investors.

Private Equity Investments in the NFL

The NFL has recently approved private equity investments, with firms allowed to own up to 10% of a franchise. However, the Packers' public ownership structure makes it unlikely for private equity firms to invest in the team. The existing shareholder cap of 200,000 shares per person, combined with the lack of financial returns, makes it unattractive to private equity firms.

The Packers' Legacy

The Green Bay Packers' story is a testament to the power of fan ownership. Despite their unique structure, they have consistently been a competitive team, achieving success on the field and financial stability.

The Packers' Position in the NFL

• The Packers are the smallest television market among the 32 NFL teams.
• They have a relatively small amount of tourism compared to other NFL cities like Las Vegas, Miami, New York, and Los Angeles.
• They are often praised for their consistency at the quarterback position, having transitioned from Brett Favre to Aaron Rodgers to Jordan Love.

The Packers' Future: A Legacy of Community and Success

Despite challenges, the Green Bay Packers continue to thrive under their unique public ownership structure. They remain a symbol of community and fan ownership in the NFL, highlighting the power of shared passion and loyalty.