Just one Nationwide Soccer League workforce has an possession construction that resembles a publicly traded firm.

The Inexperienced Bay Packers, who’re the twelfth most-valuable NFL franchise at $6.3 billion, in response to CNBC’s Official 2024 NFL Workforce Valuations, are the one publicly owned workforce throughout the 4 main North American skilled sports activities leagues. The franchise is totally owned by stockholders, lots of them Packers followers, in a construction established greater than 100 years in the past.

The Packers have had six inventory choices — which kicked off in 1923, 1935, 1950, 1997, 2011, 2021 — leading to greater than 5.2 million excellent shares owned by greater than 538,000 individuals, in response to the workforce’s 2024 media information.

The shares pay no dividend, are nontransferable outdoors of passing to a baby or relative and don’t have any intrinsic market worth. Shareholders get to attend the workforce’s annual assembly and vote for a board of administrators, however the workforce says house owners don’t make any monetary good points from possession. The one manner a shareholder receives any cash is by promoting their stake again to the workforce, and even that’s for a share of the unique share value.

For 2023, the workforce took in $638 million in income, and its earnings earlier than curiosity, taxes, depreciation and amortization had been $128 million. The Packers are a nonprofit, and the one member of the workforce’s seven-person govt committee who will get compensation is the president.

The Packers’ annual income goes towards paying gamers, sustaining Lambeau Area and advertising, amongst different bills. The share choices all through the years have been used to tug the workforce out of rocky monetary conditions and do bigger renovations of Lambeau Area.

The distinctive construction places the Packers among the many groups that newly authorised non-public fairness buyers might be least curious about. Even deep-pocketed buyers can’t use their funds to generate a return.

There’s a 200,000 share per particular person possession cap — lower than 4% of the workforce’s excellent shares. Present guidelines permit authorised non-public fairness companies to come clean with 10% of a franchise, however even when the Packers needed a agency to personal that a lot of the workforce, it’s unlikely to entice non-public fairness buyers.

Because the inventory choices are so rare, the largest barrier to Packers followers proudly owning a chunk of the workforce shouldn’t be cash — it is timing. 

Within the first providing in 1923, one share price $5. Despite the fact that the value has elevated all through the years to as excessive as $300 for an providing that began in 2021, it’s nonetheless a tiny fraction of the $6.49 billion common valuation of an NFL workforce in the present day.

The distinctive possession construction is one in all a number of methods the Packers stand as an outlier within the NFL. Inexperienced Bay is the smallest tv market of any of the 32 groups, and it doesn’t have the excessive stage of tourism that different cities with NFL groups comparable to Las Vegas, Miami, New York and Los Angeles obtain.

It additionally usually attracts the ire of different followers and organizations due to its long-term stability at quarterback because the workforce transitioned from Brett Favre to Aaron Rodgers to Jordan Love.

The Packers kick off their season Friday in opposition to the Philadelphia Eagles led by Love, who lately signed a four-year, $220 million extension with the group.