The only publicly-owned professional sports franchise is giving more members of the public an opportunity to own a piece of the team.
The Packers have announced that a rare stock offering has launched today, with shares available at a price of $250 each.
“We’re excited to offer shares for just the fifth time in our storied history,” Packers President/CEO Mark Murphy said in a press release. “Since we announced the Lambeau Field expansion project in August and said we were exploring a stock offering, the response has been very enthusiastic. “Fans across the country, and those who have family and friends who are fans, have an opportunity to support the team, and join a very special group: Owners of the Green Bay Packers.”
Money raised via the team’s first stock sale since 1997 will be used to finance a $143 million expansion of Lambeau Field. And plenty of money surely will be raised.
Though most stock purchases arise from a desire to invest money so that the money will grow in value, Packers’ stock represents a rare type of memorabilia. No other team can sell it, and no other fans can own it.
Coincidentally, the shares have become available less than three weeks before Christmas, during what has been so far the most magical year in franchise history.
What’s that, you say? I’m being cynical again? Consider this line from the team’s press release: “Stock in the Packers does not constitute an investment in ‘stock’ in the common sense of the term. . . . Anyone considering the purchase of Packers stock should not purchase the stock to make a profit or to receive a dividend or tax deduction or any other economic benefits.”
In other words, the Packers have made available today the perfect holiday gift for the Packers fan who has everything but a piece of the franchise.