Are NFL Teams Publicly Traded? A Look at Team Ownership

The National Football League (NFL) generates significant public interest in its teams’ financial aspects. Many wonder if NFL teams are publicly traded like other corporations. The league’s ownership structures are largely private, with one unique exception. This article explores the general ownership models of NFL teams and highlights the distinct case that stands apart.

General Ownership Structure of NFL Teams

Most NFL teams are not publicly traded. They operate under private ownership, held by individuals, families, or small investor groups, rather than having shares available for purchase on a public stock exchange. This structure contrasts with publicly traded companies, where shares can be bought and sold by the general public, and financial performance is subject to quarterly reporting and shareholder demands. The NFL has long maintained a policy that largely restricts corporate ownership and prohibits publicly traded entities from owning teams, aiming to ensure stability and control within the league.

League rules generally require a controlling owner to hold at least a 30% equity stake in the team. Additionally, ownership groups typically cannot exceed a certain number of individuals, often limited to 24 or 25 people. While institutional investors were historically forbidden from purchasing stakes, recent rule changes in August 2024 now allow private equity firms to acquire limited, non-voting stakes, typically up to 10% of a team. These new rules aim to provide additional capital access for teams, though strict conditions apply, such as a minimum 3% investment and a six-year holding period for these minority interests.

The Unique Case of the Green Bay Packers

The Green Bay Packers stand as the sole exception to the NFL’s private ownership model. This storied franchise is a non-profit, community-owned corporation, a structure that has been in place since 1923. Unlike traditional corporate stock, Packers shares do not represent an equity interest, pay no dividends, and cannot be traded on public exchanges for financial gain.

These “stock” offerings, which have occurred only six times in the team’s history, are primarily fundraising tools used to finance stadium improvements and other operational needs. For instance, the 2021-2022 offering sold shares for $300 apiece, with proceeds designated for upgrades at Lambeau Field. While shareholders receive no financial return, they gain voting rights, an invitation to the corporation’s annual meeting, and access to exclusive shareholder-only merchandise. This unique model ensures broad-based community support and prevents any single individual from gaining controlling interest.

Typical Private Ownership Models in the NFL

Beyond the Green Bay Packers, NFL teams are predominantly owned by individuals, families, or small investor consortiums. One common model involves a single wealthy individual, often an entrepreneur, holding the majority or controlling interest in a franchise. This centralized ownership allows for swift decision-making and long-term strategic planning without the pressures of quarterly earnings reports or diverse shareholder demands. Such owners often invest significant personal capital into the team, and the league informally requires prospective owners to demonstrate high liquidity and positive cash flow.

Another prevalent ownership structure is familial, where teams have been passed down through generations. Many NFL franchises have remained under the control of the same family for decades, fostering a sense of continuity and tradition. In these cases, while a principal owner must still meet league requirements for a significant stake, the league has evolved rules to facilitate transfers within families, such as adjusting minimum ownership percentages for heirs. A third model involves a small group of investors forming a partnership, where one individual typically serves as the lead owner with the required controlling stake, and others hold minority interests. Ownership transfers, especially to external parties, usually involve private sales and require a supermajority approval from the other NFL owners and the league commissioner.