11/05/24
December 03, 2011
Packers Offering First Stock Sale in 14 Years: To help fund $130 million in renovations at Lambeau Field, the Green Bay Packers next week will offer their first public stock sale in 14 years. There are currently 112,205 shareholders who own 4.75 million shares in the team. Another 250,000 shares go on sale Tuesday for $250 each. Shares offer no dividends and can't be resold or given to anyone outside of your immediate family, but they do come with voting privileges and invitations to annual meetings.
You know, I am fully in support of this mode of team ownership and am sorely tempted to buy a share just to be part of it.
posted by Joey Michaels at 04:27 PM on December 03, 2011
Wasn't that long ago that they did the previous round of rehab to Lambeau, so they must need more lux box dough to keep some of their playmakers on the roster.
What I love about the Pack: when it was podium time after the SB last winter, I had no idea who was going to get up there to represent team ownership.
After the ceremony and the trophies were done, I still didn't have much of an idea who was in the ownership management group.
I was thankful to be spared from having to gaze at the sketchy and all too familiar countenance of a Jones, Blank, Snyder, or Adams.
posted by beaverboard at 04:39 PM on December 03, 2011
What better time of year for a stock sale?
Santa will have a pack of stock certificates on his sleigh this year.
posted by roberts at 07:59 PM on December 03, 2011
Wait, what? Can't sell it and no dividends? Sounds like a very expensive souvenir. Better than gouging the taxpayers or holding the local government hostage, though.
posted by WeedyMcSmokey at 10:24 AM on December 04, 2011
Fan ownership is a much better model for sports than putting the screws to local politicians until all taxpayers end up footing the bill. But the Packers did include a local sales tax to partially fund the last $295 million renovation (the stock sale only was for $20 million). When Lambeau was built in the 1950s (for $960,000!), it was funded by a bond approved by voters.
posted by rcade at 10:42 AM on December 04, 2011
I'm guessing that by the time I have the money to buy a share, they won't be available anymore. To me, besides being able to attend the shareholder meeting, the coolest benefit is that it means you're entitled to a super bowl ring if/when they win one (you just have to pay for it).
posted by drezdn at 11:52 AM on December 04, 2011
So, for $250 I get a share of stock I can never lose money on?
Beats the shit out of RIM.
posted by wfrazerjr at 12:25 PM on December 04, 2011
"So, for $250 I get a share of stock I can never lose money on?"
It appears you can never make money on it either. It is basically a souvenir and if I am understanding it right you actually do loose your money or at least spend your money for a stock certificate that is worthless.
Why would anybody buy more than one share? Other than framing the certificate and claiming you are a part owner, which in reality you are not since your share of the company has no value. It's nothing more than a scam that raises money for the REAL equity owners while they sell people absolutely nothing.
posted by Atheist at 03:30 PM on December 05, 2011
I just read that the Packers are a publicly held non-profit corporation since 1923. Just how is it possible that a storied NFL franchise can be a non profit corporation? I must assume there is someone that owns the majority of shares and those shares in the corporation have increased in value or the company as a whole has increased in value since 1923 when it became a publicly owned non profit.
Pretty absurd in my opinion. Maybe our government should be looking into closing this type of corporation loophole rather than raising taxes.
posted by Atheist at 03:51 PM on December 05, 2011
It's nothing more than a scam that raises money for the REAL equity owners while they sell people absolutely nothing.
Who do you think those people are exactly?
posted by yerfatma at 04:45 PM on December 05, 2011
Actually I did a little research into the Packer ownership. The packers are a publicly held non profit corporation. That means they are forbidden by law to pay dividends and no stock holder can profit from the ownership of stock. The company gives all the profits to charity. No stock holder may own more that 200,000 shares which basically means no one stock holder has enough ownership to move the team etc. Of course if you have 200,000 shares as do some, those owners may vote themselves a salary for services performed for the corporation. Salaries are not considered profits so you can be employed by a non profit and still receive a salary that is not restricted in amount.
Share holders of the shares that are on sale are limited to a couple a hundred shares which means they never will have voting power to accomplish anything and it appears they actually are only souvenirs as they can never be traded, sold, transferred and basically have no money value, nor can they appreciate.
The NFL in the time of Pete Rozelle changed its policy on ownership to prohibit this type of owner ship and with the exception of the Packers, no other NFL franchise can follow the model. It appears non profit and NFL do not go hand in hand with the vision of the league. This actually opens up the NFL to a variety of anti-trust laws. It is very interesting.
I really don't have an opinion as to whether or not this should be allowable but just found it all very interesting.
To answer your question yerfatma, I think there must be some share holders who own enough shares with voting rights to vote themselves some fairly nice paying jobs withing the organization. I am of course just speculating out loud but it does seem to me that a stock certificate is nothing more than a fancy souvenir.
posted by Atheist at 05:28 PM on December 05, 2011
So it's essentially a $250 souvenir?
Not bad, in the scope of things. That's cheaper than a signed jersey, and it let's you use the phrases "my team" and "we" when discussing the Packers.
I would have probably laid down that kind of money for my favourite sports team back when I was younger.