GREEN BAY, WI (WTAQ-WLUK) — Fans have their first chance in 10 years to buy a piece of the Green Bay Packers.
The organization launched a stock sale Tuesday morning. It’s the sixth offering in the team’s 102-year history, following previous sales in 1923, 1935, 1950, 1997 and 2011.
There are 300,000 shares available at $300 each. Packers leaders say they will use the money to fund upgrades to Lambeau Field, including new video boards. The current boards were installed in 2012.
“We’re about halfway through our concourse renovation project. So that’s a major part of the the work that the offering will support,” said Packers president/CEO Mark Murphy. “All of these projects together will be over $250 million, so it’s a significant investment in Lambeau Field…You’re never done, quite honestly. And I’m not going to pick on any other stadiums, but as you travel across the league you can see the stadiums where they don’t continue to invest in it…You’re having the same experience that fans did when they watched Lombardi’s teams play in in the sixties. But fans also have an expectation that there are certain amenities that will be in the stadium.”
The team said it sold $10 million worth of stock, or more than 33,000 shares, in the first three hours of the offering.
“I never cease to be surprised by our fans and the kind of support we have,” Murphy said. “Obviously, we tremendously appreciate the great support that we get from our fans, and have over the years. The last two offerings, respectively, we raised $24 million – and then in 2011, $67 million…With our shareholder support, we have continued to expand, renovate, and expand the stadium, and we’ve done it without any public tax money. One of our goals really is to not have to utilize any public tax money in the future…Obviously, our fans want this. They realize that it’s a way to support the organization and particularly improve or continue to invest in Lambeau Field and improve the fan experience.”
It’s been ten years since the last offering, and Murphy says they’ve been asked regularly be fans when the next opportunity would take place.
That includes international fans, like a group from the United Kingdom who was in town for the game this past Sunday. However, while Murphy is optimistic about possibly opening the gates to sell shares in Canada, he says it’s unlikely that they’ll be able to gain approval for sales in other countries, at least for now.
Even players like A.J. Dillon and Aaron Jones are getting in on the action.
Bruh I been in line for a hour
— Aaron Jones 3⃣3⃣ (@Showtyme_33) November 16, 2021
Setting in motion a series of events to climb onto the 53. You won’t be able to say I didn’t do everything I could
pic.twitter.com/SO2cqy7U3T
— Kurt Benkert (@KurtBenkert) November 16, 2021
Some have questioned why the sale is necessary, as the team has a significant corporate reserve fund stashed away.
“That’s really for unprecedented times where we really run into a big issue, and again, we don’t have a rich deep pocket owner so that that gives us that type of reserve or backdrop,” Murphy explained. “Our unique structure is a benefit for us. We don’t have a wealthy owner, but we have tremendously loyal fans and shareholders who have a vested interest in the organization…Other teams don’t have the kind of support we do in terms of the structure. They do have wealthy owners. But part of the understanding with the league is that all of this money will go directly into the stadium, not something that would give us a competitive advantage.”
A special website has been set up where fans can learn more about buying stock. Those who do not have access to the internet can call 1-833-696-7225.
Stock is available to people in the U.S., Guam, Puerto Rico and the U.S. Virgin Islands, subject to completing regulatory processes in certain states. Only individuals can buy shares, and no one is allowed to buy more than 200 shares. The 200-share limit includes any shares purchased in the 1997-98 and 2011-12 offerings. Shares can be purchased as gifts.
Packers stock does not pay dividends and does not change in value. Transfers of shares are strictly limited.
The offering is set to end on Feb. 25.
