Green Bay Packers, Inc.

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Green Bay Packers, Inc. is the official name of a non-profit publicly owned company that owns the Green Bay Packers football franchise of the National Football League (NFL).

The Packers are the only publicly owned franchise in the NFL. Instead of belonging to individuals, partnerships, or corporate entities, they are held in 2016 by 360,760 shareholders. Nobody is allowed to hold more than 200,000 shares, representing about four percent of the 5,011,558 shares currently in circulation. This is the broad community support and nonprofit structure that has kept the team in Green Bay for nearly a century apart from being the smallest market in all North American professional sports.

Green Bay is the only team with a common form of ownership structure in the NFL, which is admired when the current NFL ownership policy sets a maximum of 32 owners per team, with one holders holding a 30% minimum stake, established in the 1980s. As a nonprofit owned by the public, Packer is also the only major league sports league of America that releases its balance sheet annually.

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Board of directors

Green Bay Packers, Inc., is governed by seven members of the Executive Committee selected from 45 members of the board of directors. It consists of a president, vice president, treasurer, secretary and three in-large members; only the president gets the compensation. Responsibilities include directing company management, approving large capital expenditures, establishing broad policies, and monitoring management performance.

Team-elected leaders usually represent Packers in NFL owner meetings. During his time as coach, Vince Lombardi generally represents the team at the league meeting in his role as GM, except at the just-owner meeting, where president Dominic Olejniczak emerges.

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Shareholder rights

Although referred to as "common stock" in corporate bidding documents, Packer shares have no equal rights traditionally associated with common or preferred shares. This excludes equity interests, does not pay dividends, is non-tradable, and has no legal-securities protection. It also does not bring the season ticket purchasing rights. All shareholders receive voting rights, invitations to annual company meetings, and the opportunity to purchase exclusive merchandise of shareholders. Stocks can not be resold, except back to the team for a fraction of the original price. While new shares may be awarded as gifts, transfers are technically only allowed between close family members after ownership has been established.

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Share sales

There are five stock issues during the Packers' organization history:

• 1923 The stock was first sold to establish the club as a company in 1923. A total of $ 5,000 was raised through 1,000 shares offered at $ 5 each. Each shareholder is required to purchase a six seasons ticket. Based on the original "Articles of Association for Green Bay Football Corporation" prevailing at that time, should the franchise be sold, any post-expenditure money would be sent to Sullivan-Wallen Post of the American Legion to establish "a warning of appropriate soldiers." inserted to ensure there would be no financial inducement for shareholders to move the club from Green Bay. At its November 1997 annual meeting, shareholders chose to change the beneficiaries of the Sullivan-Wallen Post to the Green Bay Packers Foundation, which contributes to charities and agencies throughout Wisconsin.
• 1935 The second stock offering was held in 1935, earning $ 15,000 after the company entered the curator. The non-profit Green Bay Football Corporation was later reorganized as Green Bay Packers, Inc., the company today, with 300 shares outstanding.
• 1950 The third was held in 1950, to raise money to prevent teams from becoming bankrupt and/or moving from Green Bay on the heels of competition from the All-American Football Conference and founder of Curly Lambeau Departure after 30 years reign as coach. Club officials changed company regulations to allow up to 10,000 total shares to be held. To ensure that no individual is in control, a limit of 200 shares per shareholder is enacted, and the number of directors increases from 15 to 25. About half of the 9,700 potential new shares are sold, generating over $ 118,000 at about 4,700 $ 25 shares./li>

In addition to being publicly held, the Packers organization also enjoys substantial direct support from its community. In 1956, Green Bay city voters approved funding to build a new stadium owned by the city. Like its predecessor, it's called City Stadium. On September 11, 1965, it was renamed Lambeau Field.

1997-98 In mid-November 1997, the club's then-1,940 shareholders voted to create 1,000,000 new shares, giving themselves 1000 for 1 split at a time (who gave each with 1,000 shares for every 1 they had, converting the original 1,940 to 1,940,000 before the first new stock was sold). The net effect is to ensure that existing shareholders retain most of the voting rights. A total of 400,000 shares were offered to raise funds for the reconstruction of Lambeau Field. Walking for 17 weeks from late 1997 to March 16, 1998, raised more than $ 24 million through the purchase of 120,010 shares by 105,989 new shareholders for $ 200 each.

2011 To raise money for the expansion of the $ 143 million Lambeau field, including about 6,700 new seats, new HD video boards, a new sound system and two new gates, the fifth share sale began on December 6 2011. Demand exceeded expectations, and the limit of 250,000 original shares must be increased by 30,000. At the end of the offer on February 29, 2012, more than $ 64 million has been raised through 250,000 buyers who bought 269,000 shares for $ 250. The buyer came from 50 US states, and for the first time, sales were briefly allowed in Canada, adding about 2,000 holders stock. About 99% of the shares are purchased online. In the summer of 2011, when the team traveled to the White House to celebrate their Super Bowl XLV victory, Charles Woodson presented President Barack Obama, a Chicago Bears fan, with a share of the team.

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The Green Bay Packers Foundation

The team created the Green Bay Packers Foundation in December 1986. It assists in a wide range of activities and programs that benefit education, civil affairs, healthcare, human services and youth-related programs.

At the annual meeting of the 1997 annual committee, the foundation was appointed, in lieu of the Sullivan-Wallen Post warning, as the recipient of residual assets on the sale or dissolution of the team.

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References

Source of the article : Wikipedia