Photo: Harry How/Getty Images
So you want to own a sports team? Now's your chance.
Driving the news: The Packers — the only publicly-owned, not-for-profit major professional sports team in the U.S. — are selling shares of "stock" for just the sixth time in the franchise's 102-year history.
- The sale begins at 9am ET today and runs through Feb. 25. There are 300,000 shares available for purchase at $300 per share, which would net the team $90 million.
- Of note: The Packers currently have 361,362 shareholders, who own over 5 million shares that were amassed through the team's five previous sales (1923, 1935, 1950, 1997, 2011).
How it works: Packers stock isn't really a stock — it's more of a collectible. It can't be sold, pays no dividend and allows no say in team matters (outside of some votes at the annual shareholders meeting).
- "It is, put simply, a donation," writes PFT's Mike Florio. "And the certificate becomes the ultimate piece of memorabilia, an official license to say 'we' when referring to victories and defeats."
- With the holidays coming up, it's also the perfect gift for the Packers fan in your life (you're welcome).
State of play: The NFL allows the Packers to periodically conduct these sales to make up for the absence of a deep-pocketed owner, as long as the money isn't used for operating expenses or anything involving players.
- The team plans to use the funds raised from this stock sale to help finance upgrades at Lambeau Field.
- Without a single owner, the Packers are run by a president (currently Mark Murphy), who heads a seven-member executive committee. There's also a 42-person board of directors.
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