Green Bay Packers’ Stock Sale Under Way
Green Bay Packers President Mark Murphy said the team sold more than a thousand shares in the opening moments of its stock sale.
Murphy said in a teleconference with reporters the team sold 1,600 shares online in the first 11 minutes of the sale Tuesday morning.
The sale marks the fifth time in the Packers’ 92-year-history the publicly owned team has sold stock. The team has put 250,000 shares up at $250 each plus a $25 handling charge per order.
Murphy said the team hopes to generate at least $22 million to help defray the cost of a $143 million renovation project at Lambeau Field.
The stock has no financial value and can’t be resold. The stockholder can vote on team business and attend annual meetings, though.
The stock is being sold online and by mail. The sale comes at an optimum time for the defending Super Bowl champions during an undefeated season.
The Packers are the country’s only publicly-owned professional sports franchise. There are currently 112,205 shareholders who own a total of nearly 5 million shares.