Green Bay Packers sell millions in stock for sixth time in franchise history
Green Bay, Wisconsin – It's not every day you get the chance to own part of your favorite sports team, but the Green Bay Packers are acclimated to doing things a bit differently.
On Tuesday, the Green Bay Packers opened up $90 million in shares for people to purchase in hopes of owning a small piece of the franchise in some shape or form.
This is the first time in a decade that the Packers have held a stock sale, and only the sixth time of doing so in franchise history.
300,000 shares are being offered up by the Packers at $300 each, and these investments, according to NFL.com, will help fund ongoing and future projects at Lambeau Field, the home of the Packers.
However, according to the Packers' stock offering document, the stocks that are being sold aren't your typical stocks.
They cannot be traded, the value does not appreciate, dividends won't be paid, and those who purchase the stock won't get any say in how the franchise is operated – making it feel more like a collectible than an actual stock.
Regardless, the money collected through the stock sale will be used to fund stadium upgrades, such as new video scoreboards and continuing concourse enhancements and redesigns.
Given how differently the Packers do things compared to other teams in the league, it was only a matter of time that the team would free up some stock options for fans to invest in.
Stock sales fund improvements for the Green Bay Packers
Unlike every other team in the NFL, the Packers don't have a singular, mega-rich owner.
There is no Jerry Jones-type behind the franchise – which is actually a publicly owned nonprofit called the Green Bay Packers Inc. – but rather a collective of fans-turned-shareholders, according to the Packers' website.
Because the franchise isn't owned by someone with deep pockets to fund fan-friendly stadium upgrades, the Packers have argued that stock sales such as this are one of the main ways they can pay for these types of improvements.
Selling stock shares to fans isn't the norm in the NFL, and it's not often stock sales even happen for the Packers. But being the only publicly-owned team amongst four major league sports in the US has its advantages, and freeing up stock for the public is one of them.
The NFL requires that money raised through a stock sale, such as the Packers', must be used for stadium projects that are beneficial to fans.
This means that money garnered through such a sale cannot fund operating expenses or expand player facilities. Being that the Packers are the only publicly-owned team in the NFL, this rule solely applies to them.
Per the Packers' website, the stock sale was given the green light by NFL commissioner Roger Goodell on October 27, and thus kicked off at 8 AM CST on Tuesday.
Cover photo: IMAGO /ZUMA Wire