From time to time, the Packers sell shares of stock to the general public. And while they technically represent a sliver of ownership of the franchise, even though “[s]tock in the Packers does not constitute ‘stock’ in the common sense of the term.”
Still, plenty of fans will buy what essentially is a glorified piece of memorabilia. Apparently, they’ll even buy even more meaningless pieces of glorified memorabilia commemorating their original piece of glorified memorabilia.
The Packers have made available to current shareholders a “collectible document” that is, essentially, a photograph with an inscription that confirms their separate ownership of a share of non-stock stock.
“In previous years, the Packers have received numerous requests from Shareholders for a duplicate copy of a single stock certificate to be printed in order to showcase their ownership in multiple locations,” the team explains. “Because single shares are prohibited from being duplicated, this document allows Shareholders a way to display their ownership status in more than one place, whether in their home, office or elsewhere.”
The team emphasizes that the $39.95 item (plus shipping and handling) is a “collector’s item” that is “not part of a new stock offering,” and that “[i]t has no value and does not double as a stock certificate.” It’s also available only to current owners of non-stock stock.
Look, people can spend money however they want. Those who have chosen to buy a share of stock that isn’t really a share of stock can buy a piece of paper that also isn’t a share of stock commemorating the fact that they own a share of stock that isn’t really a share of stock.
Meanwhile, it’s amazing that other teams still haven’t come up with a way to sell fans a similar piece of paper that seems to have meaning but actually doesn’t. For plenty of franchises, such money-for-nothing tactics might be the only way to pay for new or renovated stadiums, now that public funds have in most locations dried up.