As stock investments go, the Green Bay Packers’ latest $62.5 million offering isn’t very good. It pays no dividends, can only be transferred to family and can’t appreciate in value.
But that hasn’t stopped the rabid fans of the National Football League’s only undefeated team from paying $250 a share for the first Packers offering since 1997.
The Packers need $143 million to expand their stadium, Lambeau Field. And they are calling on the offering—the squad’s fourth in 92 years—to help finance the addition of 6,700 seats. The project will make Lambeau Field the fourth-largest stadium in the league.
The team, which is structured as a Wisconsin nonprofit, is selling 250,000 shares in the initial sale, with authority to offer as many as 888,000 shares.
When the offering opened at 8 a.m. Tuesday, the Packers sold 1,600 shares in the first 11 minutes. And by the time the offering closes on Feb. 29, the team hopes to have sold $22 million worth, according to Mark Murphy, the Packers president and chief executive.
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