The NFL team owned by its fans is the Green Bay Packers. Here's how it operates.

• The Packers, ranked 12th on CNBC's 2024 NFL Team Valuations list, are the only publicly owned team in the league.
• Over 538,000 individuals own more than 5.2 million outstanding shares.
• Private equity investors are least likely to be interested in the Packers among the newly approved teams.

Only one NFL team has a corporate ownership structure.

The Green Bay Packers, valued at $6.3 billion and ranked 12th in the NFL, are the only publicly owned team among the four major North American professional sports leagues. The franchise is owned by stockholders, many of whom are Packers fans, in a unique ownership structure that has been in place for over a century.

Since 1923, the Packers have had six stock offerings, resulting in more than 5.2 million outstanding shares owned by more than 538,000 people, according to the team's 2024 media guide.

The shares are non-transferable, have no intrinsic market value, and do not pay any dividends. Shareholders can attend the annual meeting and vote for the board of directors, but ownership does not provide any financial gains. The only way a shareholder can receive any money is by selling their stake back to the team, and even that is for a percentage of the original share price.

In 2023, the Packers generated $638 million in revenue and had earnings before interest, taxes, depreciation, and amortization of $128 million. Unlike other members of the team's seven-person executive committee, the president is the only one who receives compensation as the Packers are a nonprofit organization.

The Packers' revenue is utilized for player salaries, field maintenance, and marketing, as well as for share offerings to fund large-scale renovations at Lambeau Field.

Private equity investors are least likely to be interested in the Packers due to their unique structure, even if they have deep pockets.

The Packers have a 200,000 share per person ownership cap, which is less than 4% of the team's outstanding shares. Private equity firms are allowed to own up to 10% of a franchise under current rules, but it is unlikely to attract private equity investors even if the Packers wanted a firm to own that much of the team.

The biggest challenge for Packers fans in owning a share of the team is not financial resources, but the rarity of stock offerings.

Although the cost of one share has risen from $5 in 1923 to as much as $300 in 2021, it remains a small fraction of the average $6.49 billion valuation of an NFL team today.

The Packers' unique ownership structure sets them apart from other NFL teams, as they are the only team in the league with a community-owned structure. Despite being located in the smallest television market, Green Bay does not have the same level of tourism as other NFL cities such as Las Vegas, Miami, New York, and Los Angeles.

The team's long-term stability at quarterback, which transitioned from Brett Favre to Aaron Rodgers to Jordan Love, often draws the ire of other fans and organizations.

The Packers kick off their season Friday against the Philadelphia Eagles, with Love leading the team after recently signing a four-year, $220 million extension.