You've probably seen the framed certificates on the walls of basement bars and man caves from Milwaukee to Minneapolis. They look official. They have the green-and-gold border, the embossed seal, and the name of a person who claims to be an "owner" of an NFL franchise.
But here’s the thing: stock in the Packers is basically the most expensive piece of paper you’ll ever buy that has a market value of exactly zero dollars.
Honestly, it’s a financial anomaly. In a world where people obsess over P/E ratios and dividends, over half a million people have spent hundreds of dollars on a "security" that cannot be traded, pays no dividends, and offers no protection under standard securities laws.
Why? Because the Green Bay Packers aren’t just a football team. They are a community-owned non-profit corporation, a literal dinosaur in the hyper-capitalist world of professional sports.
What You’re Actually Buying (And What You Aren't)
Let’s get the brutal truth out of the way first. If you bought a share during the most recent offering in 2021–2022 for $300, you didn't buy a piece of equity that will grow as the team’s value sky-rockets.
Forbes currently values the Packers at roughly $6.65 billion. If this were any other team—say, the Cowboys or the Patriots—the owners would be sitting on a gold mine. But for a Packers shareholder, that $6.6 billion valuation is purely academic.
💡 You might also like: WWE SmackDown September 5 2025: Why This Episode Changed Everything for the Season Premiere
Here is what you don't get with your share:
- Dividends: You will never see a penny of the team's $83.7 million operating profit.
- Resale Rights: You can’t hop on E*TRADE and sell your share to a guy in Chicago.
- Appreciation: The price you paid is the price it stays. It's not "going to the moon."
- Transferability: You can't sell it to your neighbor. You can basically only transfer it to immediate family members as a gift or through a will.
So, what do you actually get? Basically, you get a seat at the table—sort of. You get an invite to the annual meeting at Lambeau Field every July. You get the right to vote for the Board of Directors. And, perhaps most importantly for the hardcore fans, you get access to a "Shareholder Only" section of the Pro Shop where you can buy hats and jackets that let everyone else know you’re part of the 0.01%.
The Six Times the Vault Opened
You can't just buy stock in the Packers whenever you feel like it. The team only sells shares when they need to fund a massive capital project—usually involving Lambeau Field—without asking the taxpayers to foot the entire bill.
There have only been six stock sales in the history of the franchise:
- 1923: The original "Hungry Five" sold shares for $5 to keep the team from folding.
- 1935: A second round at $25 a share helped pull the team out of receivership.
- 1950: Another $25 offering to keep the team from moving or dying after Curly Lambeau left.
- 1997: The first "modern" sale. Shares were $200. This funded the 2003 Lambeau redevelopment.
- 2011: Priced at $250, this sale paid for the massive South End Zone expansion.
- 2021-2022: The most recent window. Shares were $300. More than 177,000 fans jumped in, raising about $64.7 million for new video boards and concourse upgrades.
If you missed the 2022 deadline, you’re likely out of luck for a while. History suggests there’s usually at least a decade between these sales. Given the current state of Lambeau and the team’s healthy $579 million corporate reserve, don't expect a seventh offering until at least the 2030s.
The NFL’s Grandfathered Anomaly
You might wonder why the Chicago Bears or the New York Giants don't do this. They can't.
The NFL has very strict rules about who can own a team. Usually, you need a single "lead owner" who holds at least a 30% stake. The league wants one person they can hold accountable (or fine) when things go wrong.
🔗 Read more: Finding the GAA Game on Radio: Why Your Local Station Still Beats a Stream
The Packers are "grandfathered" in. Because they were already a community-owned non-profit long before the modern NFL ownership rules were codified in the 1980s, the league lets them keep their weird, beautiful structure.
This structure is what keeps the team in Green Bay. In any other city, a team in a market this small would have been moved to Los Angeles or Las Vegas decades ago. But because "the fans" own the team, there is no billionaire owner to get lured away by a shiny new taxpayer-funded stadium in a bigger TV market.
The Board and the "Power" of the Fan
When you buy stock in the Packers, you technically vote for the Board of Directors. Does this mean you can vote to fire the defensive coordinator? Absolutely not.
The board is made up of about 45 members—mostly local business leaders and dignitaries. From that group, a seven-member Executive Committee is chosen to actually run the show. Currently, Ed Policy is the man at the top, having taken over the President and CEO role from Mark Murphy in 2025.
Policy and his team handle the business. Brian Gutekunst handles the players. You, the shareholder, handle the cheering.
It’s a system built on trust. Fans trust the board to keep the team competitive, and the board trusts the fans to keep buying $300 pieces of paper every fifteen years to make sure the stadium doesn't fall apart.
Is It a Scam or a Masterstroke?
Critics often call the Packers stock sale a "glorified GoFundMe." In some ways, they’re right. If you look at it through the lens of a traditional investor, it’s a terrible deal. You are giving a multi-billion dollar entity a $300 interest-free loan that they never have to pay back.
💡 You might also like: Detroit vs Seattle Score: What Really Happened in the Historic 42-29 Battle
But talk to a shareholder and they’ll tell you it’s about "identity." It’s a way to ensure that the team remains tethered to the frozen tundra of Wisconsin forever. In an era where sports teams are increasingly owned by private equity firms (the NFL recently voted to allow PE firms to own up to 10% of teams), the Packers remain a holdout.
They are the only team that publishes an annual financial report for the public. Because of them, we know that the NFL distributed $432.6 million in national revenue to each team in 2025. Without the Packers' public filings, the league’s finances would be a complete black box.
Actionable Insights for Fans and Potential Buyers
If you’re looking to get your hands on stock in the Packers, here is the reality of the situation in 2026:
- Don't buy from eBay: You will see "Packers stock certificates" for sale on auction sites. These are decorative at best and fraudulent at worst. The team does not recognize the transfer of shares via third-party sales. You cannot become an official owner by buying someone else's old certificate.
- Monitor the Capital Projects: The team only holds a sale when they have a specific, massive construction project at Lambeau Field. Keep an eye on the "Titletown District" developments. If a multi-hundred-million dollar stadium renovation is announced, that’s your signal that a stock offering might be 12-24 months away.
- Update Your Info: If you are already a shareholder and you've moved, contact Packers Shareholder Services (managed through Broadridge). If they can't find you, you won't get your proxy vote or your invite to the annual meeting.
- Check the Will: Since shares can only be transferred to "immediate family," make sure your ownership is documented in your estate planning. It’s one of the few ways to pass down the "owner" title to the next generation without a new sale.
- Manage Expectations: Remember that this is a "contribution to capital," not an investment. Treat the $300 as a donation to a piece of sports history that happens to come with a very nice piece of wall art.
The Green Bay Packers ownership model is a weird, clunky, and beautiful relic. It shouldn't work in the 21st century, yet it does—powered by the stubborn loyalty of fans who would rather own a "worthless" share of their hometown team than a profitable share of anything else.
Next Steps for Current Owners:
If you already hold shares, ensure your contact information is current with the Packers' transfer agent, Broadridge Corporate Issuer Solutions, to receive your 2026 Annual Meeting materials and proxy ballot. If you are looking to become an owner, the best course of action is to sign up for the official Packers newsletter, as any future stock offerings will be announced there first with a strictly limited subscription window.