Green Bay Packers open stock sale … is everyone happy about it?
The Green Bay Packers made it official today … they have opened their fifth stock sale drive for fans and other interested parties.
However, if you don’t know already, should you plunk down the $250 required for the stock certificate, don’t expect more than that. There will be no dividends, no profit … nada … for buying into the plan.
You will get only bragging rights and the piece of paper that you might want to hang on your den or office wall next to your high school and college diplomas.
For fans, it’s a great thing. They can claim ownership in the National Football League’s only publicly-owned team. But that’s it.
While Packers fans will relish in the opportunity to buy their stock and watch their dollars used to help toward the cost of renovating the south end zone of Lambeau Field – a project that will enclose that end of the stadium with about 7,000 more seats and allow for improvement to the video and sound, as well as many other amenities – there are some out there who have gone on record saying the sale is ridiculous.
One such posting came from Fansided’s San Francisco 49ers blogger, Matt Hamm, whose blog about the issue can be accessed here.
His column has raised many eyebrows, including my own. Judge for yourself.
And in the meantime, see the official press release by the Packers after the jump. The release includes all information you will need to participate … check it out after the jump and don’t forget to Like Lombardiave.com on Facebook and follow us on Twitter.
Offering Document and Purchase Information Online Now at PackersOwner.com
The Green Bay Packers, unique in professional sports for its public ownership, today launched the organization’s fifth stock offering, with shares priced at $250. Money raised from the offering will go toward the expansion of Lambeau Field, a $143 million project that will be complete for the 2013 season.
“We’re excited to offer shares for just the fifth time in our storied history,” said Packers President/CEO Mark Murphy. “Since we announced the Lambeau Field expansion project in August and said we were exploring a stock offering, the response has been very enthusiastic.
“Fans across the country, and those who have family and friends who are fans, have an opportunity to support the team, and join a very special group: Owners of the Green Bay Packers.”
The offering document and purchasing information are available online at www.packersowner.com. Interested fans are encouraged to go online to view the document and make a purchase, as it is the most efficient method. Credit and debit cards (Visa, MasterCard and American Express) can be used online. For those without internet access, a toll-free number – 855 8-GO PACK (855-846-7225) – is available to request documents by mail for transactions to then be completed by mail.
The organization previously had offerings in 1923, ’35, ’50 and ’97. The first three literally saved the franchise from bankruptcy, and proceeds from the fourth went toward the redevelopment of Lambeau Field, which was complete in 2003. The organization currently has approximately 112,000 shareholders who hold about 4,750,000 shares of stock.
Following is a list of offering details:
· The price per share is $250, with a $25 handling charge per transaction (no matter how many shares are purchased).
· The offering is limited to persons in the United States, as well as Guam, Puerto Rico and the U.S. Virgin Islands.
· Shares can be purchased online with credit or debit cards, and also via mail.
· There will be means for purchasers to receive delivery of certificates by Dec. 24.
· Only individuals (including spouses as joint tenants) will be able to purchase shares; individuals can purchase shares as a gift for other individuals.
· The Packers are initially offering 250,000 shares.
· No one may buy more than 200 shares (counting any shares that the person purchased in the 1997-1998 offering).
· The offering will continue until Feb. 29, 2012, subject to extension.
In contemplation of the offering, interested fans should note:
· Stock in the Packers does not constitute an investment in “stock” in the common sense of the term.
· The Packers will have no obligation to repay the amount a buyer pays to purchase Packers stock.
· Anyone considering the purchase of Packers stock should not purchase the stock to make a profit or to receive a dividend or tax deduction or any other economic benefits.
· Any offering of Packers stock will only be made through an offering document.
· The Packers believe offerees and purchasers of Packers stock will not receive the protection of securities laws with respect to any offering or sale of Packers stock.
· The Packers bylaws and NFL rules severely restrict transfers of Packers stock.