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PROTRACK » GENERAL » How to raise $43 million without really trying - ask the Green Bay Packers

How to raise $43 million without really trying - ask the Green Bay Packers

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youngy

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http://sports.yahoo.com/nfl/news?slug=nfp-20111208_stock_that_has_no_monetary_value_selling_hot_for_packers

I know this has nothing to do with pro-running, but this is an incredible story of the passion the Green Bay Packer fans have for their club. They want to raise money to expand their stadium so they offered 'stock' units at $250 each. Basically you get a piece of paper to say you have a share in the Packers. The stock is worthless as it cannot be resold. But it hasn't stopped 185,000 fans buying a share, and they only went on sale on TUESDAY!. In three days it's netted the club a staggering $43 mil. They're aiming for 250,000 shares and have until February to sell them.

Currently the Packers are undefeated at 12 & 0 and already assured of winning their division. With another Superbowl a distinct possibility, they look certain to raise the necessary funds.



Stock that has no monetary value selling hot for Packers

By Brad Biggs,
The National Football
Yahoo Sports News
Dec 9th 2011


That sure didn’t take long.

The Green Bay Packers put their stock that has zero monetary value on sale Tuesday morning and by this afternoon the club announced it had sold 185,000 shares at $250 apiece. The net profit has raised more than $43 million already for the Packers, who are planning to use the funds to help pay for expansion at Lambeau Field.

“The Packers are tremendously appreciative of the support we’ve received from our fans,” team president Mark Murphy said in a statement, according to the Milwaukee Journal Sentinel. “The expansion will enhance the stadium experience for fans, increase our team’s home-field advantage and ensures that Lambeau Field continues be a source of pride for fans everywhere. We’re humbled by the response from our fans and their desire to help the Packers achieve long-term success.”

The plan by the club was to tell as many as 250,000 shares in a sale that will conclude Feb. 29. The Packers will sell more than that if the demand remains. That seems like a pretty good bet. In fact, we’re willing to predict that if the Packers can repeat as Super Bowl champions, there will be another rush on the stock in February by fans who want to be able to say they own a piece of the Packers, even if they’re just buying a piece of paper.

Shares can be purchased at the team’s Web site. There is a $25 handling charge per order.


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ToM

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It's a nice story, but it's unlikely to get traction where it matters - in the NFL Commissioner's office.

The Packers have a unique setup that is diametrically opposite to the preference of the NFL Commissioner and all team owners. Excluding these faux shares, which is an idea really not very different from a raffle ticket, etc. the Packers fans do actually own and control the Packers team and despite Green Bay not being a city of significant population, the team has a long history of stability.

The NFL's various owners, however, despite making massive profits, don't pay for their stadiums; they blackmail their various host cities in to subsidising them over the threat of moving the franchise elsewhere. The end result is hundreds of millions of dollars for a new stadium being taken away from the budgets for local schools, police forces, etc. to end up in the pockets of billionaires.

So, while it's wonderful that Packers fans are so passionate, in the greater scheme of the NFL it means next to nothing and won't be repeated.

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