Green Bay Packers to sell more shares to fans
A fan of the Green Bay Packers holds up a sign which reads 'Go Pack Go!' against the Atlanta Falcons during their 2011 NFC divisional playoff game at Georgia Dome on Jan. 15, 2011 in Atlanta, Ga.
Mitchell Hartman: The Green Bay Packers have announced details of their latest stock offering. They're the only publicly-owned pro football team. And the team's looking to raise more than $140 million. But there's a catch -- the stock isn't actually worth anything.
Sally Herships reports.
Sally Herships: Imagine owning a stock whose price doesn't go up, doesn't pay a dividend and can never be sold. These are some of the strings attached to shares in the Green Bay Packers.
But Packers fan Kent Knigge says the last time the stock was available, he didn't buy. This time, he's ready to spend $250 on a share.
Kent Knigge: I've already told my wife, I said, if it ever happens again, I said I'm taking a hold of one of them babies.
Speaking of babies, that's one of the things you are allowed to do with a share in the Packers: Pass it on to family members.
Over 112,000 fans have bought shares in the Packers. The team doesn't sell stadium naming rights, or allow big-ticket advertising deals. So, when the Packers need money, they sell stock. This the fifth sale ever. Which is a lot for what investors get.
Andrew Zimbalist is a sports economist at Smith.
Andrew Zimbalist: Basically it's a trophy or it's a vanity purchase. You don't really get anything of value.
Except for special access to sales on the Packers' website and a piece of the defending Super Bowl champions.
In New York, I'm Sally Herships for Marketplace.