I came across an interesting article on the stock that has been issued by the Green Bay Packers over the years. Rather than simply extort money from the local government when they needed cash for things like the renovation of Lambeau Field, or other big ticket items, the Packers have periodically issued some very limited equity offerings. The Packers have a unique organizational form for the NFL. The team is a publicly owned nonprofit corporation that was incorporated in 1923. While this organizational form is relatively common in Europe, especially in Germany, and also exists in the Canadian Football League, I believe that the Packers are the only “Big 4” professional sports team with this organizational form in North America.
About 4.7 million shares are held by 112,158 stockholders. No individual can own more than 200,000 shares. Packers shares cannot be trades and the team pays no dividend. Shares can be resold to the team at a small price. The first stock issue, in 1923, raised $5,000. The last, in 1997, raised $24 million for the renovation of Lambeau Field. The team holds an annual meeting where stockholders can vote on the board of directors. As an incorporated nonprofit, the Packers issue annual audited financial statements. I have not been able to locate a link to those audited financials, but the article linked above discusses some information in recent reports.