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Blog Entry

Packers net about $67 million from stock sale

Posted on: March 2, 2012 12:19 pm
 
Green Bay stockBy Josh Katzowitz

You can always count on the Packers owners to make sure their team has enough money to help pay for whatever improvement projects need to be financed for Lambeau Field. And I’m not talking about the owners who actually have a vote in how the team is run.

No, I’m talking about the Packers fans, who bought more than 268,000 shares of stock the team put on sale to help pay for a proposed $143 million expansion of Lambeau. Paying $250 apiece for the stock certificate (plus $25 for handling) that gives them a non-voting ownership stake in the team, the Packers raised about $67 million from the sale.

And while we can debate how much value Green Bay fans are receiving from plunking down that much money for one share of “worthless” stock -- and really, I’m not sure there’s any convincing those fans that this is anything but a great deal -- there’s little doubt that Packers fans are some of the best fans in football. Because they so willingly donate their money to the team so they can, in fact, be a part of that team.

NFL News, Notes
Mark Murphy, the team president and CEO, called the results of the sale “humbling and overwhelming” and “just unbelievable” and told the Milwaukee Journal Sentinel, “The stock sale really allowed us to borrow less and gave us much more flexibility.”

About half of the new sales came from the state of Wisconsin, but states like Illinois (8.5 percent of the total sales), California (8.5 percent), Minnesota (5 percent) and Texas (5 percent) certainly made their contributions known. Even Canada got into the act, as that country’s citizens bought 2,000 shares.

In all, the paper reports that the team added 250,000 new stockholders, bringing the overall total to 360,000 -- more than the combined populations of Madison and Green Bay, Wis.

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Comments

Since: Aug 30, 2006
Posted on: March 2, 2012 1:06 pm
 

Packers net about $67 million from stock sale

OH NO!!! The corporate fascist totalitarian model is the only thing that should work in America!...especially the NFL!  This COMMIE TEAM shouldn't be allowed IN THE USA! They're susposed to lose money with that model!  What is this with the fans giving to support their team!?  I mean, they're supposed to get something in return for doing that, like merchanise and season tickets so we can fleece them all the more?  This is ludicrous!   Because of them we have a CBA that works?!?!  The owners of the other franchises are going to go cry "Foul!" and make sure the Steelers and/or Patriots win every superbowl from here on out!


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