Green Bay Packers  

 

Packers stock sells quickly as team looks to fund renovations

  • By Associated Press
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MADISON, Wis. -- The Green Bay Packers have an MVP candidate in quarterback Aaron Rodgers, a Super Bowl championship won just 10 months ago and an undefeated team making a run toward another title for Titletown. The Packers now have hundreds of new owners, too.

The team kicked off a rare stock sale Tuesday to help pay for another round of renovations at Lambeau Field, giving pretty much anyone a shot at becoming an NFL owner for $250 per share, plus a $25 handling charge.

The team received 1,600 orders in the first 11 minutes of the sale, said Packers President Mark Murphy, who had to reassure fans the Packers website was still working. Team spokesman Aaron Popkey said he did not have any sales data as of early Tuesday afternoon.

It is the fifth stock sale in the Packers' 92-year history and the first in 14 years.

The NFL's only publicly-owned team offered 250,000 shares through Feb. 29, subject to an extension. The stock isn't an investment in the traditional sense: Its value doesn't increase, there are no dividends, it has virtually no re-sale value and it won't give buyers a leg up on the 93,000 people on the waiting list for season tickets.

What buyers do get is a piece of paper declaring them a team owner, voting rights and the right to attend the annual stockholder meeting at Lambeau each summer before training camp. Oh, and they get access to a special line of shareholder apparel, too.

The team hopes to generate at least $22 million through the stock sale to help defray the cost of a $143 million renovation project at Lambeau. Plans call for adding 6,700 additional seats, new high-definition video screens and a new entrance by 2013.

Copyright 2011 by The Associated Press.

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