Predecessor | Green Bay Football Corporation (1923 – 1935) |
---|---|
Formation | August 18, 1923 |
Founder | Andrew B. Turnbull |
Legal status | Publicly held nonprofit corporation |
Headquarters | Lambeau Field |
Location |
|
President and CEO | Mark Murphy |
Affiliations | Green Bay Packers Foundation |
Revenue | $610 million (2022) |
Website | Packers.com |
Green Bay Packers, Inc. is the publicly held nonprofit corporation that owns the National Football League (NFL)'s Green Bay Packers football franchise, based in Green Bay, Wisconsin. The corporation was established in 1923 as the Green Bay Football Corporation, and received its current legal name in 1935.
The Packers are the only NFL club that is a publicly owned corporation, the only major professional sports franchise in the United States that is a nonprofit entity, and one of only a few such teams that are not privately held. [a] [1] Rather than being the property of an individual, partnership, or corporate entity, they are held as of 2022 by 537,460 stockholders. [2] No one is allowed to hold more than 200,000 shares, [3] which represents approximately four percent of the 5,011,558 shares currently outstanding. [4] It is this broad-based community support and non-profit structure [5] which has kept the team in Green Bay for over a century in spite of being the smallest market in all of North American major professional sports. [b]
Green Bay is the only team with this public form of ownership structure in the NFL, grandfathered when the NFL's current ownership policy stipulating a maximum of 32 owners per team, with one holding a minimum 30% stake, was established in the 1980s. [6] As a publicly held nonprofit, the Packers are also the only North American major league sports franchise to release its financial balance sheet every year. [b]
The Green Bay Packers Board of Directors is the organization that serves as the owner of record for the Green Bay Packers of the National Football League (NFL).
The Packers have been a publicly owned, non-profit corporation since August 18, 1923. The corporation currently has approximately 537,460 stockholders, who collectively own approximately 5,200,000 shares of stock following the sixth stock sale in 2021. [7] There have been six stock sales, in 1923, 1935, 1950, 1997, 2011, and 2021. [3] Shares in 1923 sold for $5 apiece (approximately $75 in 2020 dollars), while in 1997 they were sold at $200 each, $250 each in 2011, and $300 each in 2021. [4] [5]
The NFL does not allow corporate ownership of clubs, requiring every club to be wholly owned by either a single owner or a small group of owners, one of whom must hold a 30% stake in the team. The Packers are granted an exemption to this rule, as they have been a publicly owned corporation since before the rule was in place. [8]
The corporation is governed by a seven-member executive committee, elected from among the board of directors. The committee directs corporate management, approves major capital expenditures, establishes board policy, and monitors performance of management in conducting the business and affairs of the corporation. [1]
The elected president, currently Mark Murphy, represents the corporation at NFL owners meetings and other league functions. The president is the only officer who receives compensation. The balance of the committee sits gratis . [4]
At the time of his death in 2013, Green Bay Press-Gazette publisher Michael Gage was said to be the largest shareholder of the team. [9]
Even though it is referred to as "common stock" in corporate offering documents, a share of Packers stock does not share the same rights traditionally associated with common or preferred stock. It does not include an equity interest, does not pay dividends, cannot be traded, and has no protection under securities law. It also confers no season-ticket purchasing privileges. Shareholders receive nothing more than voting rights, an invitation to the corporation's annual meeting, and an opportunity to purchase exclusive shareholder-only merchandise. [5]
Shares cannot be resold, except back to the team for a fraction of the original price. While new shares can be given as gifts, transfers are technically allowed only between immediate family members once ownership has been established. [4]
There have been six stock issues over the history of the Packers organization:
Shares are administered by Broadridge Financial Solutions. [23]
Judge Robert J. Parins, who was the president of the Green Bay Packers from 1982 to 1989, founded the Green Bay Packers Foundation in 1986 [24] [25] to be the charitable arm of the Packers organization and to ensure the team maintained strong community outreach. [26] The Packers Foundation is organized as a 501(c)(3) organization [27] that is led by a 10-person Board of Trustees drawn from the Green Bay Packers Board of Directors. The Trustees review the yearly grant applications submitted to the Foundation and decide how much money is to be provided to each applicant. Grants are provided to applicants who request funding for projects that further the Foundation's mission, which is to assist local organizations which promote families, support athletic competitions, improve the welfare of Green Bay Packers players and fans, promote the education and safety of children, and reduce cruelty to animals. [24] In total, the Foundation has provided $9.8 million in grants since its formation, [28] including a record $1.25 million in 2018. [29] In 2019, the foundation reported an endowment fund totaling over $40 million. [30]
The Green Bay Packers are a professional American football team based in Green Bay, Wisconsin. The Packers compete in the National Football League (NFL) as a member of the National Football Conference (NFC) North division. They are the third-oldest franchise in the NFL, established in 1919, and are the only non-profit, community-owned major league professional sports team based in the United States. Since 1957, home games have been played at Lambeau Field. They hold the record for the most wins in NFL history.
Earl Louis "Curly" Lambeau was an American professional football player and coach in the National Football League (NFL). Lambeau, along with his friend and fellow Green Bay, Wisconsin, native George Whitney Calhoun, founded the Green Bay Packers in 1919. He served as team captain in the team's first year before becoming player-coach in 1920. As a player, Lambeau lined up as a halfback, which in the early years of the NFL was the premier position. He was the team's primary runner and passer, accounting for 35 touchdowns in 77 games. He won his only NFL championship as a player in 1929.
Lambeau Field is an outdoor athletic stadium in the north central United States, located in Green Bay, Wisconsin. The home field of the Green Bay Packers of the National Football League (NFL), it opened in 1957 as City Stadium, replacing the original City Stadium at Green Bay East High School as the Packers' home field. Informally known as New City Stadium for its first eight seasons, it was renamed in August 1965 in memory of Packers founder, player, and long-time head coach, Earl “Curly” Lambeau, who had died two months earlier.
In financial markets, a share is a unit of equity ownership in the capital stock of a corporation. It can refer to units of mutual funds, limited partnerships, and real estate investment trusts. Share capital refers to all of the shares of an enterprise. The owner of shares in a company is a shareholder of the corporation. A share expresses the ownership relationship between the company and the shareholder. The denominated value of a share is its face value, and the total of the face value of issued shares represent the capital of a company, which may not reflect the market value of those shares.
Manchester United Football Club is an English football club based in Old Trafford, Greater Manchester. The club was formed as Newton Heath LYR Football Club, the works team of the Lancashire and Yorkshire Railway depot in Newton Heath, in 1878. The club split from the railway company in 1892 and remained under private ownership for almost 100 years, changing its name to Manchester United after being saved from bankruptcy in 1902. The club was the subject of takeover bids from media tycoon Robert Maxwell in 1984 and property trader Michael Knighton in 1989, before going public in 1991; they received another takeover bid from Rupert Murdoch's BSkyB corporation in 1998 before Malcolm Glazer's stake was announced in September 2003.
George Whitney Calhoun was an American newspaper editor and co-founder of the Green Bay Packers, a professional American football team based in Green Bay, Wisconsin. After establishing the Packers in 1919 with Curly Lambeau, Calhoun served the team in various capacities for 44 years until his death in 1963. Utilizing his editorial job at the Green Bay Press-Gazette, he became the team's first publicity director, helping to establish local support and interest. He also served as the first team manager and was a member of the board of directors of the non-profit corporation that owns the team. Although often overshadowed by the more famous Curly Lambeau, Calhoun was instrumental to the early success of the Packers. In recognition of his contributions, Calhoun was elected to the Green Bay Packers Hall of Fame in 1978.
Mark Hodge Murphy is an American football executive and former player who is the president and chief executive officer (CEO) for the Green Bay Packers of the National Football League (NFL). Murphy, a safety, went undrafted in the 1977 NFL draft after playing college football at Colgate University. He was signed by the Washington Redskins, where he played for eight seasons from 1977 to 1984. With the Redskins, Murphy won Super Bowl XVII, played in Super Bowl XVIII and led the NFL in interceptions in 1983, earning his sole Pro Bowl and All-Pro honor that season.
Robert Ernest Harlan is an American former football executive who served as the president of the Green Bay Packers for 19 years. Harlan also held the titles of chairman of the board and chief executive officer for the Packers. He was a graduate of Marquette University, where he later served as the Sports Information Director for six years. After his tenure at Marquette, Harlan worked for the St. Louis Cardinals baseball team for five years in community and public relations. In 1971, he was hired by the Packers as assistant general manager. For the next 18 years, Harlan worked in different positions in the front office for the Packers before being promoted to executive vice president in 1988. In 1989, after the retirement of Robert J. Parins, Harlan was elected as the Packers' ninth president, a position he held until 2008. Harlan became the first team president whose background was primarily in football; all previous presidents of the Packers were local civic leaders or businessmen in the Green Bay, Wisconsin-area.
A special-purpose acquisition company, also known as a "blank check company", is a shell corporation listed on a stock exchange with the purpose of acquiring a private company, thus making the private company public without going through the initial public offering process, which often carries significant procedural and regulatory burdens. According to the U.S. Securities and Exchange Commission (SEC), SPACs are created specifically to pool funds to finance a future merger or acquisition opportunity within a set timeframe; these opportunities usually have yet to be identified while raising funds.
The Green Bay Packers are a professional American football team that has played professionally in the National Football League (NFL) since 1921. The team was founded in 1919 by Curly Lambeau and George Whitney Calhoun, and for the next two years played against local teams in Wisconsin and the upper peninsula of Michigan. In 1921, the Packers joined the American Professional Football Association, the precursor to the NFL, with Curly Lambeau as their coach. After falling into financial trouble, the Green Bay Football Corporation, now known as Green Bay Packers, Inc., was formed in 1923. The Packers became a publicly owned football team run by a board of directors elected each year. The team went on to win six NFL championships from 1929 to 1944, including three straight (1929–1931). Along the way, Curly Lambeau, with the help of receiver Don Hutson, revolutionized football through the development and utilization of the forward pass.
Rockwood Lodge was the training facility of the Green Bay Packers from 1946 to 1950. Originally built in 1937 as a retreat for a local Norbertine Order, the Lodge was purchased by Packers coach and general manager Curly Lambeau in 1946 and then heavily renovated, making it the first self-contained training facility in professional football history. Although the facility was state-of-the-art at the time, many members of the Packers franchise and local fans complained of its high cost, distance from Green Bay, Wisconsin, and its poor practice field. The Lodge burned down in 1950, with the likely cause being faulty electrical wiring or lightning. The Packers received $75,000 in insurance from the fire, which would be used to help reestablish the Packers' long-term financial security. Lambeau resigned from the Packers just a week after the fire, citing a lack of unity in the team's direction between him and the Packers' board of directors. The Rockwood Lodge site would lay vacant for a number of years before being purchased by Brown County, Wisconsin, and developed into a public park.
The Hungry Five are the Green Bay, Wisconsin-area businessmen who were instrumental in keeping the Green Bay Packers franchise in operation during its early years. They raised funds, incorporated the team as a non-profit corporation, sold stock and otherwise promoted the franchise. The Five were Andrew B. Turnbull, Curly Lambeau, Gerald Francis Clifford, Lee Joannes and W. Webber Kelly. Turnbull, Joannes, and Kelly all served as president of the Packers, in addition to other leadership roles. Clifford served as team lawyer and ultimately vice president under Joannes. Lambeau founded the Packers and served as the team's head coach and general manager for almost 30 years. Although other people made significant contributions to the Packers, the Five were recognized as helping manage the team through difficult periods and were essential in maintaining the team's publicly-owned, non-profit status. All of the Five have been inducted into the Green Bay Packers Hall of Fame, while Lambeau was also inducted into the Pro Football Hall of Fame and had the Packers' stadium, Lambeau Field, named after him.
The Green Bay Packers Foundation is a charitable organization based in Green Bay, Wisconsin. Established in 1986, the Foundation's original purpose was to ensure continued charitable donations by the Green Bay Packers football team. Although it is legally a separate entity from the Packers, a board of trustees consisting of 10 members of the Green Bay Packers board of directors leads the foundation. It receives most of its funding from the team. The Foundation provides grant opportunities to Wisconsin-based 501(c)(3) organizations for community improvement projects. The Foundation has donated millions of dollars and maintains an endowment fund.
William Hallissey Sullivan Jr. was an American businessman who owned the Boston Patriots franchise from their inception in the American Football League until their sale, as the New England Patriots of the National Football League (NFL), to Victor Kiam in 1988.
Stocks consist of all the shares by which ownership of a corporation or company is divided. A single share of the stock means fractional ownership of the corporation in proportion to the total number of shares. This typically entitles the shareholder (stockholder) to that fraction of the company's earnings, proceeds from liquidation of assets, or voting power, often dividing these up in proportion to the number of like shares each stockholder owns. Not all stock is necessarily equal, as certain classes of stock may be issued, for example, without voting rights, with enhanced voting rights, or with a certain priority to receive profits or liquidation proceeds before or after other classes of shareholders.
Andrew Blair Turnbull, was a businessman and American football executive. Turnbull founded and owned the Green Bay Press-Gazette and was the first president of the Green Bay Football Corporation, the non-profit organization that owns the Green Bay Packers. He served as publisher, general manager, and business manager of the Press-Gazette for 45 years. During the early years of the Green Bay Packers, Turnbull helped convert the team from a privately held franchise to a publicly owned, non-profit corporation. He also helped the team through multiple financially challenging periods, which saw him identified as part of The Hungry Five, a group of early Packers supporters. Between 1923 and 1928, he served as the first president of the Green Bay Football Corporation and remained on the corporation's board of directors and executive committee until 1949. Turnbull died in 1960 and was elected to the Green Bay Packers Hall of Fame in 1977.
Lee Joannes, born Joseph Leland Heath Joannes and also known as Leland Joannes, was a businessman and American football executive. Joannes owned Joannes Brothers Company, a wholesale grocery store, and was the fourth president of the Green Bay Football Corporation, which became Green Bay Packers, Inc. during his tenure. He was part of The Hungry Five, a group of businessmen who are credited with keeping the Green Bay Packers in operation during numerous financially difficult times. He served on the Packers board of directors for over 58 years in various roles, including chairman, president, vice president, secretary, treasurer, and director emeritus. During his 17 years as president from 1930 to 1947, the Packers won five NFL Championships while enduring the Great Depression and World War II. In recognition of his contributions, he was elected to the Green Bay Packers Hall of Fame in 1981. Joannes died in 1982 at the age of 89.
W. Webber Kelly, born William Webber Kelly, was a prominent medical doctor in the state of Wisconsin known for being the third president of the Green Bay Football Corporation, the non-profit organization that owns the Green Bay Packers. Kelly was a practicing physician in Green Bay, Wisconsin, for almost 50 years and a respected civic leader. During his one year as president of the Packers for the 1929 season, the team went 12–0–1 and won its first NFL Championship. Kelly was identified as part of The Hungry Five, a group of Green Bay businessmen who were instrumental in guiding the Packers through multiple financially challenging periods. In addition to his presidency, Kelly served as the team physician from 1921 to 1943 and as a member of the Packers' board of directors from 1923 to 1949. After a falling-out with Packers co-founder, head coach, and general manager Curly Lambeau, Kelly resigned from the Board in 1949. Two years later he died of a heart attack at the age of 75. In recognition of his contributions, Kelly was inducted into the Green Bay Packers Hall of Fame in 1994.
Emil Richard Fischer was an American businessman and a football executive for the Green Bay Packers. Fischer was well known in the Green Bay cheese industry, a nationally recognized businessman, and a local civic leader. From 1948 to 1952, he served as the fifth president of the Packers. He is credited with leading the Packers through one of the most difficult periods in the team's history. During his tenure, the team's co-founder and longtime coach Curly Lambeau resigned, the Packers issued their third stock sale, and the National Football League (NFL) merged with the All-America Football Conference (AAFC). He also sat on the organization's board of directors and executive committee from 1935 to 1958. After his presidency ended, he served as chairman of the board until his death in 1958. In recognition of his contributions to the team, Fischer was inducted into the Green Bay Packers Hall of Fame in 2013.