Pack’s ‘stock sale’ raises funds for Lambeau fixes
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 each.
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 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 a Kickstarter campaign on steroids.
The Packers are a unique entity in the world of professional sports. The team is not owned by billionaires. It has operated as a communityowned nonprofit since 1923. The team has approximately 361,300 owners. With an eye toward 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. 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 an additional $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 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.”
Chargers, Steelers ailing:
The Los Angeles Chargers may be missing a pair of important defensive players going into Sunday’s home game against Pittsburgh after linemen Joey Bosa and Jerry Tillery entered the league’s reserve/COVID-19 protocol.
Bosa is tied for the NFL lead with three strip-sacks and has 51⁄2 sacks this year. Tillery has started eight games and is third on the team with eight quarterback hits. He has 21⁄2 sacks.
On the other sideline, Steelers quarterback Ben Roethlisberger (COVID) and outside linebacker T.J. Watt (hip and knee injuries) could both to play, while safety Minkah Fitzpatrick (COVID) is expected to miss the game.
Briefly: The Ravens waived running back Le’Veon Bell, who was brought aboard along with Latavius Murray and Devonta Freeman after Baltimore lost running backs J.K. Dobbins and Gus Edwards to preseason injuries. Bell, 29, rushed for 83 yards and two touchdowns on 31 carries for the Ravens . ... Packers outside linebacker Whitney Mercilus went on injured reserve after hurting his biceps in a 17-0 victory over the Seahawks.