Green Bay Packers Have Made Over $60 Million From Selling Stock In Franchise
Think of it as a bake sale, but on steroids -- the Green Bay Packers have made in excess of $60 million this month from selling shares of stock in the franchise.
Angling for a $143 million expansion of Lambeau Field in the near future, the Packers made an initial public offering of 250,000 new shares of stock on Dec. 6. Despite the hefty price tag of $250 and lack of resale value, that allotment is now nearly gone, according to the Associated Press. The team plans to make an additional 30,000 shares available to meet the considerable demand.
"The support from our fans has been outstanding, and we appreciate their enthusiasm," president and CEO Mark Murphy said in a statement. "We continue to receive interest in the offering, and this increase in the number of available shares will help ensure that we are able to accommodate all those who want to become shareholders."
This is the fifth public offering of stock in Packers history -- the franchise last sold shares in 1997, offering 400,000 for $200 each. Only 120,000 shares were sold.
If the Packers are able to move all 280,000 shares this time, they will have raised a cool $70 million to renovate Lambeau.