Packers begin ‘stock’ sale
Green Bay is first in power rankings; Dallas is third
The Green Bay Packers, a storied football team known for its devout fans and long legacy, kicked off a $90 million sale of common “stock” on Tuesday. The team is selling 300,000 shares at $300 per share.
But the team is quick to note: It’s not really stock. It is not traded on any stock exchange. Buyers have zero protection under securities laws. The Packers’ offering document notes that it’s “not an investment” and that shares offer “no possibility of profit.”
Are buyers sacked for a loss? The money is effectively a donation that will help pay for upgrades to Lambeau Field, including high-definition video boards and concourse improvements. It’s kind of like a Kickstarter campaign on steroids.
The Packers are a unique entity in the world of professional sports. The team is not owned by any billionaires. It has operated as a community-owned nonprofit since 1923. The team has approximately 361,300 owners. With an eye towards history, the team notes that this marks only the sixth time that it has offered stock over the last 98 years.
Buyers can also receive a certificate of stock, suitable for framing to hang on the wall and brag about. But it will cost you a few extra points. The Packers are charging an extra $35 “handling fee” for every stock certificate issued.
Stock holders will need to complete a separate transaction to buy a hard copy of their share certificate. If a buyer wanted to buy 50 shares but wanted a certificate for each share, they would need to do 50 separate transactions and add $1,750 in additional fees. If the team issued a certificate for every single share, that would bring in another $10.5 million.
The shares are not tax deductible and bring no special benefits like access to tickets or discounts on merchandise.
Buyers are limited to a maximum of 200 shares, including any acquired during previous offerings in 1997 and 2011. The offering is open until Feb. 22 or until the shares sell out. The Green Bay Packers organization did not respond to a request for comment.
In his overview of the offering, Packers president and CEO Mark Murphy adds a postscript: “Shares of stock in the Packers will make a cherished holiday gift.”
POWER RANKINGS: Aaron Rodgers’ return helped lift the Green Bay Packers four places to the top spot of the latest AP Pro32 poll after Sunday’s 17-0 victory over the Seattle Seahawks.
The Packers received six of the 12 firstplace votes for 378 points in balloting Tuesday by media members who cover the NFL.
The surging Tennessee Titans, who have won six in a row, remain in second place. The Dallas Cowboys climbed four places to No. 3 after a blowout win over Atlanta.
STEELERS: Quarterback Ben Roethlisberger and outside linebacker T.J. Watt will both have an opportunity to play, while safety Minkah Fitzpatrick is expected to miss Sunday’s road game against the Los Angeles Chargers. Roethlisberger entered the NFL’s reserve/COVID-19 protocol on Saturday night after testing positive and he missed Sunday’s tie with the Detroit Lions. Fitzpatrick played on Sunday, but he joined Roethlisberger on the COVID-19 list on Monday.
CHARGERS: Linemen Joey Bosa and Jerry Tillery entered the league’s reserve/ COVID-19 protocol on Tuesday. Bosa is tied for the league lead with three strip-sacks and has 5½ sacks this season. He has a sack in two straight games.
RAVENS: Running back Le’Veon Bell was waived Tuesday.