Packers stock sale underway
Jay Sorgi, the WTMJ News Team and the Associated Press
The team is selling 250,000 shares of stock.Photo: Video by tmj4.com
GREEN BAY - Packers fans have the opportunity on Tuesday to become owners of the currently undefeated world champions.
"It's not your typical stock purchase," said Packers President and CEO Mark Murphy on Newsradio 620 WTMJ's "Wisconsin's Morning News" about the non-profit stock sale now underway, with shares selling at $250 each.
"It's a big help to the Packers. The main benefits are that you get to attend the shareholder meeting. You get voting rights. We also have a special line of products that only shareholders can buy."
Murphy said in a later teleconference with reporters the team sold 1,600 shares online in the first 11 minutes of the sale Tuesday morning.
Murphy says the biggest benefit to a stockholder isn't tangible.
"The very best thing that they get from it is significant bragging rights. They get to say they own a Super Bowl championship team."
He explained as well that allowing a broad base of Packers fans to own the team brings in a much greater "vested interest in the team."
"We have without question the best fans in the entire league, and one of the reasons is that our ownership structure is different," said Murphy.
"They have a much stronger connection to the team than fans of other teams, and this is only going to strengthen that."
This is the first stock sale in 14 years for the Green Bay Packers, and the first in the internet era.
"This is our fifth stock sale, and this will be the first one with internet ability to purchase online. it opens up the market and it allows a lot more people to have access to it."
Fans will be able to dial an 855 number, to be released by the Packers after 8:00 a.m. Tuesday, to buy stock in the team as well.
One issue that has come up is the fact that many people outside the United States cannot purchase stock of the team. Murphy explained that it mainly has to do with non-profit stock sale legailities that differ in each country.
"We decided to focus on the United States now, because each country has its own regulations. We have gotten that question a lot, from people with sons or daughters in the military. What people can do is order it from a United States address and delivered to a United States address."
The money raised from the sale of 250,000 shares will help pay for the $143 million renovation of Lambeau Field.