The New Yorker: Those Non-Profit Packers →
I generally don’t care about football but, today, I heard that the Packers had an interesting ownership system, so I was rather happy when I found a bit in The New Yorker (via daringfireball.net) about their ownership structure:
In 1923, the Packers were just another hardscrabble team on the brink of bankruptcy. Rather than fold they decided to sell shares to the community, with fans each throwing down a couple of dollars to keep the team afloat. That humble frozen seed has since blossomed into a situation wherein more than a hundred thousand stockholders own more than four million shares of a perennial playoff contender. Those holding Packers stock are limited to no more than two hundred thousand shares, keeping any individual from gaining control over the club. Shareholders receive no dividend check and no free tickets to Lambeau Field. They don’t even get a foam cheesehead. All they get is a piece of paper that says they are part-owners of the Green Bay Packers. They don’t even get a green and gold frame for display purposes.
The shareholders elect a board of directors and a seven-member executive committee to stand in at N.F.L. owners meetings. But football decisions are made by General Manager Ted Thompson, perhaps the luckiest and happiest G.M. in sports. This structure allows Thompson to execute decisions, even unpopular ones, without an impatient, jittery billionaire breathing down his neck. Since his hire in January 2005, Thompson has made his share of controversial moves. But unlike his G.M. brethren around the league, who carry little or no job security, Thompson has been given the space to see his moves succeed or fail on their own accord. It was Thompson who decided to jettison legendary quarterback Brett Favre in 2008 for the unproven but younger and considerably lower maintenance Aaron Rodgers. Today, Favre is officially (we hope) retired and Rodgers stands at the pinnacle of his sport.
Interesting.
