Them dagnabbit non-profit socialists are trying to take over FOOTBALL

[underpants]

Green Bay Packers @ Chicago Bears, Jan 23 3:00pm ET Fox TV



The Packers are the only non-profit, community-owned franchise in American professional sports major leagues.<18> 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.<19>

Based on the original "Articles of Incorporation for the (then) Green Bay Football Corporation" put into place in 1923, if the Packers franchise were to have been sold, after the payment of all expenses, any remaining money would go to the Sullivan Post of the American Legion in order to build "a proper soldier's memorial." This stipulation was enacted to ensure the club remained in Green Bay and that there could never be any financial enhancement for the shareholders. At the November 1997 annual meeting, shareholders voted to change the beneficiary from the Sullivan-Wallen Post to the Green Bay Packers Foundation, which makes donations to many charities and institutions throughout Wisconsin.

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.

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

[Wickerman]

1. And, by cracky, it works

socialism wins, says this Minnesota Vikings fan. :grr:

[Taitertots]

2. I don't think you understand what socialism is

The Packers are a capitalist corporation. They are just one that had the foresight to set certain restrictions on the actions that can be taken by shareholders.

[underpants]

4. Yeah I know but it is a funny situation - the city that got in on the ground floor

and that runs it this way

[Taitertots]

5. The city of Green Bay doesn't run the Packers or get paid by them

The team is owned by 112,158 stockholders and run by a board of directors elected by said shareholders.
http://www.packers.com/community/shareholders.html

[hootinholler]

3. Um, they are a corporation

Just saying. Now if they were owned by the city and the proceeds were used for the good of the people, then I might agree with the socialist slant.

Shame they're gonna lose in the stuporbowl.

-Hoot