Generic Green Bay Packers game, Lambeau Field. PC: Fox 11 Online
GREEN BAY, WI (WTAQ-WLUK) — The Green Bay Packers may be facing a problem when it comes to equity.
President/CEO Ed Policy is floating different ideas to increase the team’s revenue in an effort to help the Packers keep up with the rest of the NFL’s teams. Green Bay is the only team owned by fans, and the franchise is also a nonprofit organization.
While unique, this means the Packers don’t have a deep-pocketed owner investing their fortune into their team, like the rest of the league does.
“Recently, the NFL allowed for private equity to be involved because there’s so much money in private equity. And if there’s one thing the NFL can sense, it’s when there’s money,” St. Norbert College Professor of Economics Kevin Quinn said.
Quinn said because of the Packers’ ownership structure, private equity is not an option. In a March 12 article by the Sports Business Journal, Policy said the Packers need to take a more aggressive approach to increasing revenue.
“Having diversification and more revenues is going to be essential in order to compete for the kinds of players that the Packers and other teams are going to need to be competitively successful in the future,” Quinn said.
This could mean more offseason events at Lambeau Field, higher ticket prices and more sponsorships. Perhaps even selling stadium’s name?
Other than Soldier Field in Chicago, Lambeau Field is the only stadium in the NFL without naming rights. Quinn said selling the rights would bring in millions of dollars each year for the team.
When asked about a possible stadium name change, Policy told Sports Business Journal, “That’s not a threshold we’re looking to cross any time soon, but we might be a little more aggressive with some of the other entitlement inventory we just hadn’t taken advantage of in the past, including things like training facility entitlements and the Titletown campus.”
The idea of potentially selling Lambeau Field’s name received mixed reaction among fans.
“It’s the city’s team, it’s the fans’ team and it’s their stadium. And if it’s no longer Lambeau Field, I don’t think it’s the same Green Bay Packers that we know and love,” Mary Clare Matthews said.
“Times change, circumstances change, cities develop and grow, and Green Bay is no different,” Danielle Dewaal said.
“I’m not a big fan of that idea, just because Lambeau is such a big staple and everyone around the country knows Lambeau. So, I feel like if you go away from that, it won’t be the best idea,” Michael Velasco said.
Fans against a name change said they are in favor of the Packers finding other sources of revenue — just not sacrificing Lambeau’s name.
Quinn said as private dollars increase for other teams, it may eventually become difficult for the Packers to resist naming rights cash.
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