The Green Bay Packers began selling stock of the team Tuesday, with shares of the NFL’s only community-owned team going for $300. The team is offering 300,000 shares, for a total value of $90 million. Tuesday’s stock offering is just the sixth to happen in team history. The other five happened in 1923, 1935, 1950, 1997 and 2011.
“It’s been 10 years since our last offering and we’ve been asked regularly by fans when the next opportunity will take place to become an owner of the Packers,” Green Bay President/CEO Mark Murphy said in a news release. “For them and our next generation of fans who are ready, we’re very pleased to welcome our newest shareholders.”
According to the news release, money raised from selling stock “will go toward ongoing construction projects at Lambeau Field”, which hosts the Packers. Projects include “new video boards and concourse upgrades”.
“Since we received permission from the NFL last month for a stock offering, fans have been excited,” Murphy said. “Their support is a key component of our ability to invest in Lambeau Field and maintain it as a top-tier sporting experience, which in turn contributes to the continued success of the franchise.”
In the news release, the Packers said shares can be purchased online with credit cards, debit cards or electronic bank transfers. Shares are also available by mail with a personal check or cashier’s check.
Before selling stock, there are a couple of things the Packers want potential investors to know. First, no one can own more than 200 shares. This prevents anyone from becoming a majority owner. In addition, investors can’t make money off of their shares. There are no dividends, and investors can only sell their stock back to the team for a fraction of the price. Gifting it in very restricted circumstances.
The packers say they are selling stock through February. The offering document and purchasing information are available online at www.packersstock.com.
Green Bay currently has 361,300 owners splitting more than 5 million shares.
