The Packers may play in one of the most historic stadiums in the United States, Lambeau Field, but that doesn’t mean that they can neglect to upgrade their facilities.
That is the purpose for the Packers putting up 250,000 shares of the famed team at just $250 a pop plus a $25 handling fee. According to Darren Rovell of CNBC, the stock sale is off to a very fast start:
The Packers are hoping to raise a total of $62.5 million after all the shares are bought up. Considering that this is only the 5th time the Packers have ever sold stock, it comes as no surprise to anyone that investors have been buying the stock at an unbelievable pace. The $62.5 million raised by the sale will go towards the $143 million expansion of Lambeau Field.
The fact that the stock is virtually without value doesn’t seem to be deterring anyone from buying it. The stock has a set value (in this case it’s $250), and that value can never increase or decrease. In addition, the stock cannot be traded or sold. It can only be transferred to a family member, and stock holders do not receive any preference in terms of ticket sales.
It’s not all bad news for those that buy the stock in the Green Bay Packers, however. Stockholders do have voting rights. Stockholders can also attend annual meetings where they can meet team executives and take tours of the Green Bay Packers Hall of Fame. They’re also allowed to attend training camp.
