Stock Sale Coming Next Week
The Green Bay Packers will reportedly open the floodgates for their first public stock sale since 1997, next week.
Each share is expected to cost more than $250 and the sale will begin on or around November 15. Shares cost $200 the last time they were offered, but despite the increased price point demand is expected to outpace supply.
“It’s all about pride of ownership. It’s a great vanity purchase, as a lot of sports teams are, but at a much lower price point,” said Sal Galatioto of Galatioto Sports Partners, one of the leading firms involved in the sale of sports franchises. “It’s a great thing to hang on the wall.”
Unfortunately, the Packers haven’t released a lot of details about the sale, which is expected to raise about $130 million to help finance a 6,600-seat Lambeau Field expansion.
We do know this, though. All you get by buying stock is a certificate, access to the team’s annual meeting, quarterly reports and a special section of the website where you can buy merchandise reserved for shareholders only.
The stock can only be transfered to immediate family members and cannot be sold.
Currently, 4.8 million shares in the Packers are owned by 112,158 people.