For die-hard Green Bay Packer fans, the chance to own a piece of the franchise will likely be a reality again soon, according to the Green Bay Press Gazette. Rather than owning a jersey with the name of Aaron Rodgers or another player, you can own part of the team.
Besides the Packers, no other NFL team is publicly owned, which is a source of pride for Packer fans. There have been five previous sales of Green Bay Packers stock at specific times and not publicly traded. On Oct. 27, the NFL owners approved a sixth Packers stock sale, subject to regulatory approval.
Green Bay Packers stock price
The price per share for a sixth Packers stock offering hasn't been set yet. The Green Bay Press Gazette said that the 2011 price was $250 per share. The offering was popular and approved in all 50 states. Initially, 250,000 shares were offered with an additional 30,000 shares offered due to the offering’s popularity.
The corporation says that the stock sales are necessary to fund projects that benefit the fans since the team doesn't have a wealthy owner like most other professional sports teams. Most buyers tend to buy one share per person.
History of the Packers shareholders
The team calls itself “one of the more remarkable business stories in American history” because it has been funded by its fan base through stock sales in 1923, 1935, 1950, 1997, and 2011. The last stock sale of the Packers ended on February 29, 2012.
A total of about 361,300 people currently hold ownership shares in the Packers green-and-gold franchise. 250,000 of those shareholders came on board in the most recent offering that concluded in 2012.
No individual shareholder is allowed to own more than 200,000 shares of the Packers, which prevents any single person from taking control of the franchise. Owners of the team don't receive a dividend on their investment, and they can't publicly trade their shares. However, transferring shares among family members is permitted.
How do the Packers use stock sale proceeds?
According to NFL regulations, the money raised through a stock sale can only be used to fund stadium projects that will benefit the team's fans. This means that operating expenses aren't approved for stock sale funds or expansions of player facilities, according to Mark Murphy, the Packers President and CEO.
The first three stock sales enabled the Packers to get started nearly 100 years ago and avoid financial ruin. The 1997 and 2011 offerings funded stadium renovations like luxury boxes and viewing decks.
If the new stock sale moves forward as expected, the Packers plan to use the money raised to improve Lambeau Field. The improvements include concourse upgrades and new video scoreboards at a cost of about $250 million.
Packers President and CEO Murphy said, “We appreciate the consideration of Commissioner Goodell and the support from the NFL for our potential stock sale.” He also noted that other regulatory steps need to take place before an official stock offering. The Packers will keep fans updated on new developments as they occur.