Green Bay Packers add $65.8 million, over 176,000 new owners from recent stock sale
That was the result of the stock sale that the franchise announced in November and recently concluded. The Packers revealed Thursday that they sold more than 198,000 new shares of stock.
It was the sixth time in team history that they sold shares of stock, and the first time in 10 years. Shares at this sale went for $300.
“We were very pleased with the enthusiastic response from our fans during the recent stock offering,” Packers president Mark Murphy said. “We are proud to welcome a new generation of shareholders from across the country and Canada. Their support is a critical component of our ability to continue enhancing the fan experience and investing in Lambeau Field. Maintaining our stadium as a top-tier facility that serves as a year-round destination contributes to the sustained success of both the franchise and our community.”
Fans in Wisconsin accounted for approximately 17% of the shares purchased in this sale, followed by those in California (8%), Texas (5%), Illinois (5%), Florida (4%) and New York (3%). In Canada, about 3,500 shares were sold.
Before the most recent sale, there were 5,009,479 shares of stock held by 361,362 stockholders, none of whom receive any dividends — meaning it’s essentially a worthless piece of paper. The team’s bylaws state that “to protect against someone taking control of the team, the articles of incorporation prohibit any person from owning more than 200,000 shares.”
The NFL allows the Packers to periodically conduct such sales to make up for the fact that they have no single, independently wealthy owner who can invest in the franchise.
But the league also stipulates that money raised from stock sales can be used only for things like stadium and facilities improvement projects and cannot be used for operating expenses or anything involving players, therefore none of this money can go toward quarterback Aaron Rodgers‘ new contract.
Murphy said money raised will be used for construction projects, including new video boards and concourse upgrades in the stadium.