The Green Bay Packers are planning to sell stock to the public in the coming weeks to allow fans to purchase a share of the team, CNN reports. The sale will mark the first such offering to fans since 1997.
"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."
Shares of the Packers purchased by fans are non-transferable, meaning that even though the shares will cost fans $200 each, there will be no way buyers can profit from them. There are currently 112,158 shareholders who own 4.8 million shares of the stock. The Packers reportedly will use the funds raised by the sale to pump over $130 million in improvements to Lambeau Field.