You too can own a piece of the Green Bay Packers.
The National Football League’s Green Bay Packers Board of Directors is looking for some new owners of the football team. Actually, the Board doesn’t really want new owners but what the Board is seeking are people who will buy some worthless stock so the Board can raise about $90 million to invest in stadium improvements. The Board is offering 300,000 shares in the team at $300 a share plus a $35 handling fee until February 25th, 2022 or until they run out of shares. In 2011, the Board offered 250,000 shares at $250 each and added another 30,000 after about three weeks. It also extended the sales period. In 2011, the Board sold 269,000 shares and raised $67.4 million.
The new shareholders know coming in that the stock is worthless but the new shareholders get a piece of paper that says welcome to the team, thanks for your money, enjoy your new status and presumably people investing in the team are happy owning an expensive piece of paper making them a cheesehead. Residents of all 50 states, Washington, D.C., and the American territories of Guam, Puerto Rico and the U.S. Virgin Islands can purchase stock. Canadians who want in have to wait even though the Board would like to sell shares in Canada. There are some regulations that have to be met. In 1922, Green Bay was forced to withdraw from the American Professional Football Association after admitting the use of players who had college eligibility remaining during the 1921 season. Promising to obey league rules, Packers coach Curly Lambeau used $50 of his own money to buy back the franchise and ended up going broke. Local merchants arranged a $2,500 loan for the club and a public nonprofit corporation was set up to operate the team. A century later, Lambeau’s team is still around.
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