Green Bay Packers Foundation
From Wikipedia, the free encyclopedia
The Green Bay Packers Foundation is the name for the organization that controls the NFL franchise of the same name. While other sports teams are controlled by private owners, the Packers are run as a public company. Anyone may buy a share of stock, which gives that person a very limited stake in the team's operations.
In 1923, the Packers were incorporated in Wisconsin as a charitable foundation. Stipulations were that if the Packers were sold, then all assets would be transfered to the Sullivan-Wallen Post of the American Legion in order to build a World War I memorial. This has put the Packers in a unique situation, as it would be impossible to move the team from Wisconsin. In turn, the franchise has remained in tiny market of Green Bay.
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."
