Have you always wanted to own a piece of a winning sports franchise?
Boy, do we have the deal for you.
According to the Utah Department of Commerce, the Green Bay Packers are in the process of getting ready for their fifth stock sale next week. This, of course, is made possible by the fact that the NFL’s defending champions are also the only publicly owned sports franchise in American sports.
Not that the distinction hinders their worth in any way, mind you. Despite the fact that Green Bay is the league’s smallest market, the Packers are still the 9th highest valued team in the league at $1.08 billion.
Foley & Lardner LLP -- a Madison-based law firm which represents the Packers -- reportedly asked the Department of Commerce’s Division of Securities to waive the existing regulation requirements as they apply to stock sales in an October 13 letter. This, obviously, would allow the team to sell stock in Utah “on or around Nov. 15,” as noted in a recent Bloomberg article.
The last time the franchise sold stock was in 1997, at which point they raised approximately $24 million to upgrade the legendary Lambeau Field. Then, on the heels of the Packers’ Super Bowl championship last season, President Mark Murphy made it known that the franchise was planning on selling additional stock as part of a $140 million plan to renovate their legendary stadium.
How will this version of the stock sale differ from the last? Well, for starters, the price of shares will go up. Last time, in ’97, each share was sold for $200. Undoubtedly, there will be an increase in that figure on this go-around. For what it’s worth, though, as per the letter, entities will purchase shares at a higher price than individuals.
The first time shares were sold back in 1923, each one went for $5.
Currently, the Packers have approximately 112,000 total shareholders who own around 4.75 million shares.
According to that sameBloomberg piece, the Packers were specifically looking to hold the stock sale before Christmas.
For those who are wondering: yes, shares will be available for purchase online. But, no they don't appreciate, can’t be sold and pay no dividends.
Doing your due diligence is advisable before buying any stock, so we at Opposing Views want to make sure everyone is fully informed.
Read up on five interesting facts you should, but probably don’t know heading into Week 10. And, of course, don’t forget about this gigantic elephant on the room.
This weekend, Green Bay will face off against the Minnesota Vikings as they aim to earn their ninth consecutive victory of the year.