The NFL's Only Publicly-Owned Team Provides Insight Into Each Francises Annual Earnings
The NFL's success has forced teams to think more about asset management, with the Green Bay Packers corporate reserve fund now worth more than half a billion dollars.
The Green Bay Packers have one of the most unique ownership structures in professional sports. Rather than a single billionaire or dozens of limited partners controlling the cap table, the franchise in the NFL’s smallest market is owned by its fans — 537,460 shareholders who have purchased 5.1 million shares, to be exact.
The reason is simple. In 1923, the Green Bay Packers found themselves in financial trouble, so they sold shares of the team to local residents to keep the lights on. The Packers have since conducted five additional stock offerings: 1935, 1950, 1997, 2011, and 2021, most recently raising $65 million to fund renovations at Lambeau Field.
Roughly 175,000 fans participated in the last stock offering, with each share selling for $300. These shares come with a certificate to hang on the wall, the chance to purchase shareholder-only merchandise, and an invite to the annual shareholders meeting at Lambeau Field. But it’s not like this is a real security, as the shares don’t appreciate in value, can’t be traded, pay no dividend, and offer no real say in team operations.
Most of you probably know this by now. Instead, the more intersting part is that since the Green Bay Packers are publicly owned, they must release annual financial updates, providing fans with the only real insight we have into the finances of an NFL team.
For example, the Green Bay Packers recently reported that the team brought in $654.1 million in revenue last year (+7.2% from 2022). Most of this money ($402.3 million) came from the NFL’s national revenue distribution pool, with local revenue (ticket sales, sponsorships, parking, etc.) accounting for the remaining $251.8 million.