History of The Green Bay Packers - Public Company

Public Company

The Packers are now the only publicly owned company with a board of directors in American professional sports (although other teams, such as the Atlanta Braves, New York Rangers, the Carolina Hurricanes, the Seattle Mariners, and the Toronto Blue Jays are directly owned by publicly traded companies). Typically, a team is owned by one person, partnership, or corporate entity; thus, a "team owner." It has been speculated that this is one of the reasons the Green Bay Packers have never been moved from the city of Green Bay, a city of only 104,057 people in the 2010 census.

By comparison, the typical NFL football city's population is in the millions. The Packers, however, have long had a large following throughout Wisconsin and the Midwest; in fact, for decades, the Packers played three (one pre-season, two regular-season) home games each year in Milwaukee, first at the State Fair Park fairgrounds, then at Milwaukee County Stadium. The Packers did not move their entire home schedule to Green Bay until 1995.

The reason for ending the series of Milwaukee games, according to team president Robert Harlan, was the larger capacity of Lambeau Field and the availability of luxury boxes, which were not available at Milwaukee County Stadium. County Stadium's replacement, Miller Park, then being planned, was always intended to be a baseball-only stadium instead of a multipurpose stadium.

Based on the original "Articles of Incorporation for the (then) Green Bay Football Corporation" put into place in 1923, if the Packers franchise was sold, after the payment of all expenses, any remaining monies would go to the Sullivan-Wallen Post of the American Legion in order to build "a proper soldier's memorial." This stipulation was enacted to ensure the club remained in Green Bay and that there could never be any financial enhancement for the shareholders. At the November 1997 annual meeting, shareholders voted to change the beneficiary from the Sullivan-Wallen Post to the Green Bay Packers Foundation.

In 1950, the Packers held a stock sale to again raise money to support the team. In 1956, area voters approved the construction of a new stadium, owned by the city. As with its predecessor, the new field was named City Stadium, but after the death of founder Lambeau in 1965, on September 11, 1965, the stadium was renamed Lambeau Field.

Another stock sale occurred late in 1997 and early in 1998. It added 105,989 new shareholders and raised over $24 million, money used for the Lambeau Field redevelopment project. Priced at $200 per share, fans bought 120,010 shares during the 17-week sale, which ended March 16, 1998. As of June 8, 2005, 111,921 people (representing 4,749,925 shares) can lay claim to a franchise ownership interest. Shares of stock include voting rights, but the redemption price is minimal, no dividends are ever paid, the stock cannot appreciate in value, and stock ownership brings no season ticket privileges.

No shareholder may own over 200,000 shares, a safeguard to ensure that no individual can assume control of the club. To run the corporation, a board of directors is elected by the stockholders. The board of directors in turn elect a seven-member Executive Committee (officers) of the corporation, consisting of a president, vice president, treasurer, secretary and three members-at-large. The president is the only officer to draw compensation; The balance of the committee is sitting "gratis."

The team's elected president represents the Packers in NFL owners meetings unless someone else is designated. During his time as coach, Vince Lombardi generally represented the team at league meetings in his role as general manager, except at owners-only meetings.