How many owners are there of the Green Bay Packers?
How many owners are there of the Green Bay Packers?
By Jocelyn Alano November 27, 2023 09:25
The Green Bay Packers are a unique NFL team in that they are the only major professional sports franchise in the United States that is publicly owned. Established in 1923, the team is owned by a nonprofit corporation called Green Bay Packers, Inc. that has over 537,000 stockholders, with no one allowed to hold more than 200,000 shares. This ownership structure is what sets the Packers apart from every other NFL team, as they are grandfathered into a rule that limits ownership to 32 owners per team.
The Packers' ownership structure dates back to the early days of the team, when they were struggling financially. Fans began a grassroots campaign to finance the squad, and the team officially incorporated as a nonprofit corporation with 1000 outstanding shares of stock in August 1923. This move allowed the team to raise funds through stock sales, which they have done six times in the history of the organization.
Despite the large number of stockholders, the Packers are run by a seven-member executive committee, and the president of the corporation represents the team at NFL owners meetings. The team's governance structure ensures that the team is not run by a single owner or a small group of partners, which can lead to conflicts of interest and power struggles.
The shares of Packers stock are largely symbolic, though they do carry voting privileges. The stock doesn't pay a dividend, can't be sold, and can only be transferred to a family member. Packers stockholders have the opportunity to purchase exclusive merchandise, but the shares do not have the same rights as traditional stocks and cannot be traded.
If the team had been sold, dissolved, or relocated, the shareholders wouldn’t have seen the profits, which would instead have gone to the local Sullivan American Legion Post to build a memorial to soldiers who died in World War I. However, the team's rules changed in 1997, with any funds from a sale going to the Green Bay Packers Foundation, a charitable group that’s been around since 1986. The team can sell more stock if they need cash, which they did to raise nearly $24 million in the late 1990s to help renovate Lambeau Field.
The Packers' unique ownership structure allows them to maintain their presence in Green Bay, a small city with a population of around 100,000 people. The team's broad-based community support and nonprofit structure make them a beloved institution in the city, and their fans are known for their passionate support of the team. The Packers are also one of the most successful franchises in NFL history, with 13 league championships, including four Super Bowl victories.
The Green Bay Packers are owned by a nonprofit corporation called Green Bay Packers, Inc. that has over 537,000 stockholders, with no one allowed to hold more than 200,000 shares. The team's unique ownership structure sets them apart from every other NFL team, as they are the only major professional sports franchise in the United States that is publicly owned. Despite the large number of stockholders, the team is run by a seven-member executive committee, and the president of the corporation represents the team at NFL owners meetings. Packers stockholders have the opportunity to purchase exclusive merchandise, but the shares do not have the same rights as traditional stocks and cannot be traded. The team's governance structure ensures that the team is not run by a single owner or a small group of partners, which can lead to conflicts of interest and power struggles. The Packers' unique ownership structure allows them to maintain their presence in Green Bay, and their fans are known for their passionate support of the team.
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