Fans go wild for Green Bay Packers stock offering, 3/4 sold in two days – NFL News
Green Bay Packers fans showed in the past few days how much pride they take in being a part of the football franchise and Super Bowl XLV Champions.
The Packers received an overwhelming response from fans when they announced the sale of their stock. The franchise has so far raised $ 43million in just two days after selling 185,000 shares out of a total of 250,000 shares available,
the franchise announced on Thursday.
At the current rate the Packers would have met their goal in just a few days far earlier than the deadline of February 29th.
This is the Packers fifth public offering of stock to fans in order to raise money for expansion of their stadium Lambeau Field with the franchise hoping to raise a total of $ 143million required to increase seating arrangements,
install high-definition screens and a new entrance to the stadium by 2013.
Unlike other National Football League franchises that are owned by a single owner or a corporation the Packers are publicly owned with fans of the franchise voting in the board of directors while taking part in Annual General
Meetings to decide the franchise’s direction.
"The expansion will enhance the stadium experience for fans, increase our team's home-field advantage and ensures that Lambeau Field continues be a source of pride for fans everywhere," Mark Murphy, Packers president and CEO said.
"We're humbled by the response from our fans and their desire to help the Packers achieve long-term success."
A single stock of Packers stock is available for $250 from packers.com with only individuals being able to purchase shares. The stock is in essence is just a certificate declaring the purchaser an owner of Green Bay Packers and
includes the right to attend the annual AGM meetings.
Other than the above two benefits the stock offers virtually nothing to fans with no dividends and will not grow in value in the way traditional corporate stock does. It also will not provide any advantage to the owner in their
quest for a Packers season ticket which currently has 93,000 fans on the waiting list.
Fans enthusiasm for the shares is high with Christmas around the corner and the certificate will be a cherished gift for young Packers fans although the team’s current unbeaten run and last year’s Super Bowl victory also plays
a huge role in fans response.
Tags: