Green Bay Packers Hold First Stock Sale Since 1997
Showing its continued faith in its Super Bowl-winning, undefeated team, the Green Bay Packers had a stock sale on Tuesday to help pay for Lambeau Field renovations.
The team hasn’t had a sale since 1997 and with today’s actions for the low price $250 per share and a $25 handling fee almost anyone could become an NFL owner. According to the AP, the stock offering is only open to “people with addresses in the U.S., Guam, Puerto Rico and the U.S. Virgin Islands. Soldiers and U.S. residents who are currently overseas have to use their U.S. addresses.”
However, Tuesday’s sale did have a new restriction: Stock can only be purchased by individuals, not businesses. There’s a 200-share limit, including stock purchased in the 1997 sale.
These restrictions didn’t deter potential investors.
According to team President Mark Murphy, the Packers saw 1,600 orders in the sale’s first 11 minutes. As of early afternoon, a team spokesperson did not have sales data.
Prior to Tuesday’s sales, Packers shareholders numbered 112,205 on 4.75 million shares. As the only publicly-traded NFL team, it has offered 250,000 shares through Feb. 29, with a possible extension.
The stock does come with less traditional attributes of equity ownership: it won’t increase in value and it comes without dividends; there is no re-sale value and, sorry Packer fans, it doesn’t help you get a jump on the 93,000 person-long waiting list for season tickets.
Besides some bragging rights and special gear, shareholders do receive a paper signifying them as a team owner, a voting right and the privilege to attend the annual summer Lambeau stockholder meeting prior to training camp.
Tueday’s sale is the fifth one in the team’s history and the first one in 14 years, which raised $24 million. The team will use an estimated $22 million in sale proceeds to help with the $143 million Lambeau renovation costs.
Proposed renovations include an additional 6,700 seats, new high-def video screens and a new entrance.
You Can Own, But You Can’t Gamble
While many fans may have found the $250 price tag a bit lofty, perhaps some gambling investors may have paused for the potential investment.
According to CNBC’s Darren Rovell, Packer fans can be fined by NFL Commissioner Roger Goodell as a shareholder. He notes,
“If the Commissioner of the NFL decides that a shareholder of an NFL member club has been guilty of conduct detrimental to the welfare of the NFL then, among other things, the Commissioner has the authority to fine such shareholder in an amount not in excess of $500,000.”
It’s important to keep reading as Rovell adds (see image here), “if it is found that a shareholder has bet on an NFL game, Roger Goodell could fine them as much as $5,000 and force them to sell his or her stock.”
Not so fast…you’d really give up your weekly confidence pools, fantasy leagues and Vegas sports betting for a piece of paper?