GREEN BAY, Wis. – So you want to own an NFL team? This is your chance to buy a piece of Green Bay Packers for 300 dollars.
To be sure, the stock would have no value, pay no dividends, and be not allowed a say in group affairs, but the Packers are offering “ownership” stock for the sixth time in franchise history. commercial and for the first time in 10 years.
Initial stock sales (1923, 1935 and 1950) were made as unnecessary to keep the group financially active in the Green Bay small market. Additional stock sales followed in 1997 and 2011 to raise money for stadium expansion and projects.
The NFL allows Packers to periodically make such sales to compensate for the fact that the team has no deep pocket owners able to invest in the franchise. However, the federation stipulates that the proceeds from the stock sale can only be used for things like stadiums and facilities improvement projects and not for operating expenses or anything to do with players.
There are 5,009,479 shares held by 361,362 stock holders, none of whom receive any dividends – meaning it’s essentially a worthless piece of paper. The team’s charter states that “to protect against someone taking control of the team, the articles of incorporation prohibit any person from owning more than 200,000 shares.”
The team has a contingency fund that, as of the latest financial disclosure in July, is worth just under $400 million.
“We appreciate the interest that fans have shown in our Friday stock offering,” Packers President Mark Murphy said Monday in a statement. “While we’re still unable to fully discuss the offering, we do have some early information that we can share for fans to consider. We look forward to an official launch soon. offering tomorrow.”
The latest sale, which begins Tuesday, will offer 300,000 new shares at $300 per share. No one may purchase more than 200 shares, including shares purchased in the 1997 and 2011 sales. Information on how to buy stock can be found on the group’s website, Packers.com.
Without a single owner, the group is run by a chairman – now Murphy – who heads a seven-member executive committee. There is also a 42-person board of directors.