Dale Buss explains how the Packers have thrived, despite their small market.

For the past two years, the Packers have ranked 10th out of the league’s 32 clubs in overall revenue, up 10 spots from 2001. After a $295 million expansion and renovation completed last year, Lambeau has become a lucrative year-round attraction. And the Packers’ cash kitty now exceeds $84 million, seemingly on the way to a $107 million goal that would give it a year’s operating costs in reserve.
The NFL’s financial structure, which distributes TV and licensing revenue evenly to all teams, has created a level playing field for the Packers. Fans snap up every ticket to home games, and the waiting list for a Lambeau Field season pass is still more than 63,000 names long for a 72,500-seat stadium. More than 105,000 Packer backers responded when the team sold nonvoting shares for $200 apiece in the late ’90s. “When we play on Sundays, the people in the stands aren’t just fans, but shareholders,” says Robert Harlan, a 33-year team executive who has been president since 1989.