Congrats to the Packers and their fans. America's only community owned professional sports team.

[Better Believe It]

The Packers are the only non-profit, community-owned franchise in American professional sports major leagues. Typically, a team is owned by one person, partnership, or corporate entity, i.e., a "team owner." The lack of a dominant owner has been stated as one of the reasons the Green Bay Packers have never been moved from the city of Green Bay, a city of only 102,313 people as of the 2000 census.

In 1950, the Packers held a stock sale to again raise money to support the team. In 1956, area voters approved the construction of a new city owned stadium. As with its predecessor, the new field was named City Stadium, but after the death of founder Curly Lambeau, the stadium was renamed Lambeau Field on September 11, 1965.

Another stock sale occurred late in 1997 and early in 1998. It added 105,989 new shareholders and raised over $24 million, money used for the Lambeau Field redevelopment project. Priced at $200 per share, fans bought 120,010 shares during the 17-week sale, which ended March 16, 1998. As of June 8, 2005, 112,015 people (representing 4,750,934 shares) can lay claim to a franchise ownership interest. Shares of stock include voting rights, but the redemption price is minimal, no dividends are ever paid, the stock cannot appreciate in value (though private sales often exceed the face value of the stock), and stock ownership brings no season ticket privileges. No shareholder may own over 200,000 shares, a safeguard to ensure that no individual can assume control of the club. To run the corporation, a board of directors is elected by the stockholders.

The team's elected president represents the Packers in NFL owners meetings, unless someone else is designated. During his time as coach, Vince Lombardi generally represented the team at league meetings in his role as general manager, except at owners-only meetings, where the team was represented by president Dominic Olejniczak.

Green Bay is the only team with this form of ownership structure in the NFL; such ownership is in direct violation of current league rules, which stipulate a limit of 32 owners of one team and one of those owners having a minimum 30% stake. However, the Packers corporation was grandfathered when the NFL's current ownership policy was established in the 1980s, and are thus exempt. The Packers are also the only American major-league sports franchise to release its financial balance sheet every year.

http://en.wikipedia.org/wiki/Green_Bay_Packers