"A Worthless Piece of Paper"
Packers fans are lucky they can avoid the type of move the Bears may be facing.
By markoldacres
The news out of Chicago over the weekend that the Bears could be moving out of state and building a new stadium in neighbouring Indiana was a valuable reminder of the importance of Green Bay’s fan-owned structure.
The Bears’ board of directors voted to move forward with a plan to develop a new stadium in Hammond, Indiana, due to apparent issues in finding a viable site in Illinois, or perhaps more so a favorable deal with the local government.
While it is not certain the Bears will leave the state at this point, it is looking increasingly likely their 100-plus year stay in Chicago, where the team has been since its inception, will come to an end.
They will still likely be named the ‘Chicago Bears’ after the move, similarly to the New York Jets and Giants, who play their games in New Jersey. Still, it seems ridiculous and unnecessary that the Bears have arrived at this point to begin with.
Packers fans will rightly make their jokes, but as one half of the most historic rivalry in the NFL, it would be a shame to see the Bears move away from their roots.
It also shines a light on just how unique the Packers are, being owned by the fans, and how vital that structure is.
When Ed Policy took over as the team’s new CEO and president of the Packers last year, one of the primary objectives he stated was keeping the team in Green Bay.
That raised eyebrows at the time, as after their long history in the city, and the success the team has had, it seemed a given the Packers would always remain in their current location, and Policy’s statement caused many to wonder if there was an imminent threat to that goal.
Instead of that being the case, Policy’s words were more a good reminder that keeping the team in Green Bay is something which constantly needs to be at the forefront of the organization’s mind in everything they do.
That is especially true as they must continue to keep up with the Jones’s while operating in the league’s smallest market. As we have seen in Chicago, which is one of the biggest markets in the NFL, anything can happen.
Packers fans have been the butt of many a joke over the years for spending hundreds of dollars to purchase stock in the team, knowing full well they will get no financial return or real benefit for doing so.
The line thrown at them has been that the certificate they receive as a stock owner is a “worthless piece of paper”.
But without those pieces of paper, the team may have been forced to move decades ago, or gone under altogether, as the Packers fought financial hardship from essentially the time of their founding in 1919.
More than just the Bears example, how many times are taxpayers in various states across the country forced into footing some of the bill for a new stadium a billionaire wants to build? The financial support given to the Packers is by their actual fans and is voluntary.
The recent events in Chicago should serve as a reminder that Packers fans have it pretty good, and that should never be taken for granted.
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Mark Oldacres is a sports writer from Birmingham, England and a Green Bay Packers fan. You can follow him on twitter at @MarkOldacres
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Comments (32)
SwedeBayPacker
June 08, 2026 at 11:10 am
"The Indiana Bears", I'm hootin' and hollerin'
Welcome to Clown Town, USA, population: da Bears.
Coldworld
June 08, 2026 at 11:17 am
There are a bunch of reasons why the Packers almost certainly can’t leave Green Bay. Avoiding the complexities, for one thing their tax status is unique and grandfathered in. Even in WI it’s not repeatable and likely wouldn’t be in other states.
Then there is the strict wording of the Corporate Charter and the way the Packers are set up as a community trust with direct reference to the area. The Packers are not the owners of the trust, they are part of it. Trying to change that is obstructed by a requirement to dissolve and disburse assets to the trust (not shareholders).
Then there’s the league grandfathering of the structure that comes with a prohibition on mass ownership that moving would unravel. The Packers of course could move to a new stadium. We should thank those who restructured the Packers and foresaw the temptation.
Funny as it may seem to see the Hammond Pros resurrected, it’s really not far from Soldier field, about 30 miles. That’s about 1/3 of the distance Milwaukee is from Green Bay. As we know, the Packers played a lot of games there over the years. They can suck in a second state, but the move isn’t that radical.
GregC
June 08, 2026 at 11:36 am
That's where I'm at with this. Lots of teams have had stadiums in the suburbs because there is more room to build them there. I don't think it's that big of a deal if the suburb is across a state line.
dblbogey
June 08, 2026 at 02:02 pm
"Lost Tax Revenue: Illinois will lose out on ongoing sales, income, and hospitality taxes generated by game-day attendees and stadium operations at Soldier Field." It's kind of like taxing the crap out of wealthy people, who then flee Illinois so you get none of their money.
GregC
June 08, 2026 at 02:43 pm
Bummer for Illinois to lose out on all that money, but life goes on. Illinois will not go bankrupt, and the sun will still rise in the morning.
Coldworld
June 08, 2026 at 03:50 pm
Illinois doesn’t have to tax that high. It’s a choice. Likewise, taxpayers have a choice to vote with their feet. It’s pretty hard to argue that Indiana is obviously an inherently lower tax environment. I doubt the Bears will be the only ones who may be thinking this way. There’s nothing so wonderful about Illinois that ties businesses to it, especially in the modern age.
TarynsEyes
June 08, 2026 at 12:29 pm
In this day of rogue legalisms, especially more so in this time where legality takes a backseat, anything and everything can be dissolved.
TruePackerBacker
June 08, 2026 at 11:39 am
"A worthless piece of paper"...
On a serious note, what do the "Packers Owners" with their piece of stock paper, get?
Thats more worthless imo.
snowdog
June 08, 2026 at 12:48 pm
There are just some things you can not put a value on
TruePackerBacker
June 08, 2026 at 01:20 pm
Looks like you dont have much in life to really value.
dblbogey
June 08, 2026 at 01:58 pm
Troll says "derp".
TruePackerBacker
June 08, 2026 at 02:33 pm
I seriously wasnt trolling.
jont
June 09, 2026 at 10:10 am
FWIW, the term is "psychic income".
In economics it is understood that when you buy something you receive something in return. Economics is all about transactions, exchanges.
You can make a burger at home for less than it costs at McD's, but in addition to food Ronald gives you convenience, speed, no need to clean up, predictable quality, etc.
When you buy a share of Packer stock, there's no financial return but you get a feeling of being part of it, the organization sends you stuff and invites you to things, you go on forums and call yourself shareholder or stockholder, you approve of private funding over the use of tax money, you can look down on people who cheer for plutocrats' toys, etc.
That might not be worth a few hundred bucks to you or me, but others are happy to make that exchange.
The "rational actor" means that you know what you are doing and make your own choice. It doesn't mean the decision stands up to financial analysis.
GreenandBold
June 08, 2026 at 02:40 pm
I value my family , friends, god and this great country and I’ll always have time to support the GBP in person and monetarily . ‘Merica !
WestCoastPackerBacker
June 08, 2026 at 01:49 pm
They get a sense of connection to their favorite team, a sense of fun and joy in participating in a way that’s unique to the GBP and a certificate to display their fandom! But you could figure that out on your own.
dblbogey
June 08, 2026 at 01:55 pm
Supporting the team you love that has given me so much pleasure over 60 years puzzles the TruePackerBacker.
HarryHodag
June 09, 2026 at 09:41 am
They get a competitive NFL team in a city that likely could not support a flag football franchise. That, my friend, means it is not a worthless piece of paper. If your only in it for the money then go support the Bears.
lou
June 08, 2026 at 12:22 pm
My favorite Bear jokes are;
How do you keep a Bear out of your backyard in Wisconsin ? - put up a goal post.
And this one that applies to this article. What is the difference between the Chicago Bears and the Boy Scouts Of America ? The Boy Scouts Of America "have adult leadershp".
GreenandBold
June 08, 2026 at 12:37 pm
“ Worthless piece of paper “ . I’ve been an owner since 1996 and I have 2 shares from 2 different offerings . As a die hard Packers fan I knew going in I would make nothing from these shares. It’s not about making money it’s about supporting the greatest franchise in professional sports . One that I have followed for almost 60 years and given me so much fun doing so . I thank the Packers for giving me the opportunity to buy stock and I wonder how many fans of other teams would jump at the chance to do so from their favorite teams. I feel proud and lucky for the opportunity to support the Packers and all they stand for . And if I’m still around for the next stock sale I will humbly purchase more . Good Bless the Packers and GPG . See you game day against the Cowgirls as I bring my son and his not yet 2 year old son to Lambeau to carry on a 60 year tradition !
dblbogey
June 08, 2026 at 01:56 pm
My thought exactly, and you expressed it better than I did.
Lare
June 08, 2026 at 02:36 pm
My thoughts exactly GaB. I can look up from my computer screen and see my framed stock certificate on the wall. As my Grandpa used to say, everything you get in life is going to cost you something. My stock certificate has brought me more joy than most of the other things I have bought in my life. It may be worthless to someone else, but it's priceless to me.
jont
June 09, 2026 at 10:13 am
Long after those few hundreds bucks are forgotten, you are a shareholder in the Green Bay Packers.
marpag1
June 08, 2026 at 12:54 pm
Yeah, the jokes will be fun, but even for Bears fans it's not really a big deal. It's 25 miles away from the soldier field site. Whoop de do. People drive places. And some fans will be closer.
If it weren't for the history, Soldier Field would be considered an absolute dumpster fire. Tiny by NFL standards, horrible parking and travel, no tailgating, run-down with no amenities etc. Basically, it's a historically significant pile of crap.
dobber
June 08, 2026 at 02:02 pm
"It's 25 miles away from the soldier field site."
For anyone on the north and west suburbs, it will add at least an hour to their drives on game days. For those on the south side, it's debatable just how much shorter it will be: everyone will be forced to funnel through the Skyway bottleneck, and there's not a lot of options through there for adding routes...that will be miserable on game days.
barutanseijin
June 08, 2026 at 02:37 pm
Depends on where you are on the South Side. Some might go via I80, which has i57, i55, i65, i90 and i94 feeding into it in that fun-filled stretch south of Chicago.
Bitternotsour
June 08, 2026 at 04:40 pm
I'm a little surprised that the Colts aren't making a bigger stink from this. Indiana is the Colts territory, not the Bears. The Bears are going to have to give something significant up to the Colts - whether it's annual revenue or something even more tangible in assets.
The Bears could not have built that stadium in Kenosha - it's the Packers territory.
BuckyBadger
June 08, 2026 at 04:34 pm
Well the team had rumblings of being moved in the late 80s and early 90s. I remember a SI article talking about in around '91 or so, Christl has referenced as well. I used to go to games during this time with my Grandfather and he would take down buses because he could get a his hands on so many free tickets. Family night was almost canceled and the revenue on the team had other owners grumbling. It was place where careers went to die. If they don't draft Tony Mandrich which causes everyone to get fired and bring in Ron Wolf are the Packers still in Green Bay? I am not convinced. The stock is one thing but if the franchise had continued to be a drain during the revenue sharing era of the league those rich guys would not have stood for it. Money always talks. The 90s revival saved the team IMO.
I think the last time they redid Soldier field they talked about moving the team to Gary, I love the name Gary Bears.
Since'61
June 08, 2026 at 05:31 pm
Our shares are not worthless pieces of paper, but let's be realistic, they are glorified thank you cards for our donations to the team. I have participated in the last 3 stock offerings because I am a fan and the Packers have given us more good days than bad so I have no problem donating to my favorite team when they need some extra revenue to improve the stadium or facilities and to maintain the Packers tradition. I would have donated the money even without getting shares. But shares are a very clever marketing approach to get donations from Packer fans. In the end we don't actually own anything or have any decision making input. I have even a few shares as gifts from family members and friends.
But its all part of being a Packers fan and it makes me feel like I'm part of something larger with my fellow fans and shareholders. So for me they are not worthless. Besides I believe that all teams should be owned by their fans and should be non-profit organizations like the Packers. But that is beyond even a pipe dream. Thanks, Since '61
Snap the ball
June 08, 2026 at 10:00 pm
I heard Bears
Looking at land in south of Kenosha a few miles.
Snap the ball
June 08, 2026 at 10:05 pm
I enjoy buying my Bears fans and Vikings fan stock as a gift.
The frame it and hang it up ..They love it .
One of the Mrs told me my husband really likes that. Even tho he’s a Bears fan.
HarryHodag
June 09, 2026 at 09:44 am
I have to go to the washing machine to clean my handkerchief after crying for the Bears.(snicker)
If George Halas was around he would make the current Board of Directors run to Hammond, Indiana and never come back.
golfpacker61
June 09, 2026 at 10:17 am
A Packers fan here in Iowa for over 50 years and even though I have never bought any Green Bay Packers shares, I would say that would be on my "bucket list" of birthday or Xmas presents that I could receive. And I am not ashamed to say I would probably shed a tear after opening it and realizing what it was. The shares might be meaningless to some people, but for actual lifetime Packers fans they are priceless.
On a somewhat similar sidenote, I did purchase a couple replica "championship" rings for the Packers and my baseball favorites, the Oakland Athletics. And even though they aren't real, they are pretty cool and always get noticed by people. I gave some to my son and his son as presents and it was pretty cool how much they loved their $20 rings that some would consider "gag gifts." It was nice to see younger people buy into what the rings represented.