What Sports Teams Are Publicly Traded?

Owning a stake in a professional sports team is a dream for many fans, yet direct public ownership of individual teams remains uncommon. While most sports franchises are owned by wealthy individuals or private investor groups, the public can participate in the financial landscape of the sports industry. This often involves unique, limited stock offerings from a few select teams or, more frequently, investments in larger publicly traded corporations that hold sports teams as part of their broader portfolio.

Major League Teams with Direct Public Stock

The Green Bay Packers stand as a singular example of a major professional sports team with a direct public ownership model in the United States. Since August 18, 1923, the Packers have operated as a publicly owned, non-profit corporation. Their unique structure exempts them from the National Football League’s (NFL) rule prohibiting corporate ownership, as they were grandfathered in before its establishment.

The Packers have conducted six stock sales throughout their history, with the most recent offerings occurring in 2011 and 2021. These shares do not function as traditional investment vehicles. They do not pay dividends, do not appreciate in value, cannot be traded on stock exchanges, and offer no season ticket purchasing privileges. Instead, owning Packers stock provides a symbolic connection to the team, granting shareholders voting rights on certain matters and an invitation to the corporation’s annual meeting. Funds generated from these stock sales are primarily allocated towards capital projects, such as improvements to Lambeau Field.

Publicly Traded Parent Companies and Their Sports Holdings

A more common approach to gaining exposure to sports team ownership through public markets involves investing in larger, diversified corporations that own sports franchises. These entities often hold teams as one component of their broader media, entertainment, or telecommunications businesses. Investing in these parent companies provides an indirect stake, as the sports team’s financial performance contributes to the parent company’s overall results.

Madison Square Garden Sports Corp. (NYSE: MSGS) is an example of such a company, owning prominent teams like the National Basketball Association’s (NBA) New York Knicks and the National Hockey League’s (NHL) New York Rangers. Another player is Liberty Media Corporation, which has diverse holdings including Formula One, MotoGP, and a stake in the Major League Baseball’s (MLB) Atlanta Braves.

Comcast owns Comcast Spectacor, which includes the NHL’s Philadelphia Flyers. Beyond U.S. leagues, Manchester United (NYSE: MANU), a well-known English football club, is also publicly traded on the New York Stock Exchange, offering another avenue for public investment in sports. These companies represent a pathway for investors to participate in the sports economy without the direct, non-traditional ownership model seen with the Green Bay Packers.

Characteristics of Sports Team Ownership Models

The prevalence of private ownership in professional sports, contrasted with the rarity of direct public stock, stems from several distinct characteristics of the sports business. Owners frequently prioritize full control over their franchise’s strategic and operational decisions, including player acquisitions, facility development, and brand management. This level of control is often diluted in a publicly traded structure due to the accountability to a broad shareholder base and regulatory requirements.

Valuation methodologies for sports franchises also differ from traditional businesses. They often incorporate factors beyond simple profitability, such as brand loyalty, market size, and media rights, which significantly influence a team’s worth. The illiquid nature of team assets means they are not easily bought or sold quickly without impacting their value, a factor that can deter public market investment where liquidity is generally expected.

The limited number of available franchises in major leagues creates scarcity. This allows private owners to treat teams as “trophy assets” with long-term appreciation potential, rather than focusing on short-term profits. Private ownership can also offer tax advantages not available to publicly traded entities, such as the ability to report losses that offset income from other ventures.

Investing in Publicly Traded Sports Entities

Individuals interested in investing in publicly traded sports entities can do so through a standard brokerage account. This process involves opening an account with a licensed brokerage firm and then placing orders to purchase shares of the desired company. Investors search for the specific stock symbol of the parent company that owns the sports team, such as MSGS for Madison Square Garden Sports Corp. or MANU for Manchester United.

When investing in a parent company, the sports team’s performance is only one factor influencing the stock’s value. The overall financial health and diversified operations of the larger corporation also play a role. For unique offerings like the Green Bay Packers’ stock, purchases are made directly from the team during limited offering periods, rather than through a stock exchange. These shares are not liquid and cannot be resold on a market. Potential investors should conduct thorough research into the company’s financials and strategic direction, as with any investment, to align their financial goals with the nature of the sports entity’s business model.