Green Bay Packers' Stock Sale Not Totally Worthless
Cheeseheads from coast to coast are buying themselves more bragging rights: They're the newest part-owners of a storied NFL franchise, thanks to the Green Bay Packers' stock sale.
For the fifth time in franchise history, the Packers' stock sale kicked off last week. More than 20,000 shares were sold in the first two hours, the Green Bay Press Gazette reports.
That number soared to 185,000 after the first two days. At a cost of $250 per share, the team had raised $43 million by last Thursday morning, according to an Associated Press tally.
That's $100 million short of the Packers' $143 million goal. As with past public offerings, proceeds from the Green Bay Packers stock sale will fund an expansion of the team's home turf, historic Lambeau Field.
Though stock buyers can legitimately call themselves "owners," the stock will not go up in value and will not pay any dividends, the AP reports. As one financial commentator wrote on CBS MoneyWatch, the shares are worthless -- "kind of like Greek treasury bonds."
But Packers stock buyers do get some exclusive perks, such as tours of the Packers' team locker room at one shareholders' meeting per year. They're also entitled to Packers merchandise that brands them as "owners."
Shareholders are also entitled to vote for the team's Board of Directors, and have to abide by the NFL's rules of ownership, Bloomberg reports. That includes fines of up to $5,000 for betting on NFL games, and up to $500,000 for conduct detrimental to the league.
Cheeseheads will have to act fast if they're hoping to score. The Green Bay Packers' stock sale is limited to 250,000 shares, and can be accessed at http://packersowner.com.
[12/14/2011 Editor's note: This post has been corrected to state that Packers stock entitles purchasers to vote for the team's Board of Directors.]
Related Resources:
- Packers stock sale underway: $250 shares to support Lambeau Field expansion (Green Bay Packers)
- Packers shareholders can't place bets(ESPN)
- Glossary: Basic Terms for Shareholders and Investors (FindLaw)
- Legal to Fire for Wearing a Packers Tie? (FindLaw's Law and Daily Life)