Of course you can have equity in a non profit. That doesn't mean your entitled to profits that don't exist, it means you have a stake in the organization. And the # of outstanding stocks versus the # of stocks held by the general public is a tiny fraction of what the Packers are worth, but again those silly pieces of paper are not proof of equity or ownership, it's literally memorabilia fans traded cash for a piece of paper that says they own something even though they have no power of ownership, the annual shareholder meeting is for show, so to call it an investment like a traditional stock would be isn't fair, it's really not the same thing.
What you are describing is development office, going out to ask for donations for a cause. That's not the same as running a venture that's going to make profit for shareholders.