![]() ![]() is the only professional team in sports that releases its financial results each year and issues financial statements for public review. would liquidate for any reason, the proceeds of liquidation do not go to the shareholders but to the Green Bay Packers Foundation, for distribution to charity. Local leaders and the Packers have been discussing real estate development concepts to build upon the success of the stadium's redevelopment and to bring more visitors to the area. The Brown County half-cent sales tax that was approved by referendum in 2000 to help fund a renovated Lambeau Field is expected to be retired in 2015. Thus, while other teams depend upon a public contribution or the imposition of a tax to help pay for stadium projects, the Packers have a vehicle in which to help participate in the public-private equation through monies it can raise through stock sales, thus partially relieving the taxpayer of another burden. The 2011 public offering is for the express purpose of adding 6,700 new seats, a new sound system, two new video boards and two gates. While league owners have approved the sale of stock by Green Bay Packers Inc., the proceeds from the stock may only be used for capital improvements. Simply, a share of stock gives the holder of the stock a right to attend annual meetings and to vote for directors. Shares are also subject to conduct rules (no gamblers, no agents, no felons). The shares may be passed on to heirs, but no one person can own more than 200,000 shares, and shares are redeemable by the corporation for a fixed redemption price. The shares issued do not pay dividends, cannot be sold, do not increase in value, have no value upon liquidation and the ownership of shares does not create preferential seating, merchandise discounts or a move up on the waiting list of more than 96,000 wannabe season-ticket holders. issues shares of stock through a public offering, the "common stock does not constitute an investment in stock in the common sense of the term." has engaged in five stock offerings in the team's 92-year history. To retain and maintain the franchise, Green Bay Packers Inc. The Packers are not an IRC 501(3) tax-exempt organization and pay federal corporate income taxes. However, its articles of incorporation provide that the corporation shall be nonprofit and exclusively for charitable purposes and the stockholders shall not receive any dividend or pecuniary profit. is organized under Chapter 180 (business corporation) of the Wisconsin statutes. The legal structure of the Packers is also unparalleled. The Packers' structure is grandfathered and violates current National Football League rules, which limit the number of owners and require at least one owner to have a 30% stake and be fully accountable for the franchise. The Packers ownership structure is a vestige of an earlier time that would be impossible to retrofit today. The team is owned by "Packer Nation," aficionados who have acquired stock through public stock offerings.īefore the 2011 offering, 4,750,937 shares had been sold to 112,158 stockholders. If the team issued a certificate for every single share, that would bring in another $10.5 million.Although the Green Bay Packers will not be participating in Sunday's Super Bowl, they are a unique enterprise and a publicly owned corporation that owns a sports franchise. If a buyer wanted to buy 50 shares but wanted a certificate for each share, they would need to do 50 separate transactions and add $1,750 in additional fees. Stock holders will need to complete a separate transaction to buy a hard copy of their share certificate. The Packers are charging an extra $35 "handling fee" for every stock certificate issued. With an eye towards history, the team notes that this marks only the sixth time that it has offered stock over the last 98 years.īuyers can also receive a certificate of stock, suitable for framing to hang on the wall and brag about. The team has approximately 361,300 owners. It has operated as a community-owned nonprofit since 1923. The team is not owned by any billionaires. The Packers are a unique entity in the world of professional sports. It's kind of like a Kickstarter campaign on steroids. The Packers' offering document notes that it's "not an investment" and that shares offer "no possibility of profit."Īre buyers sacked for a loss? The money is effectively a donation that will help pay for upgrades to Lambeau Field, including high-definition video boards and concourse improvements. Buyers have zero protection under securities laws. The team is selling 300,000 shares at $300 per share.īut the team is quick to note: It's not really stock. ![]() The Green Bay Packers, a storied football team known for its devout fans and long legacy, kicked off a $90 million sale of common "stock" on Tuesday. ![]()
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