Green Bay Packers offer 'ownership' shares for first time in 10 years
To be sure, the stock will have no value, pay no dividend and allow no say in team matters, but the Packers are offering shares of "ownership" for just the sixth time in franchise history and the first time in 10 years.
The latest sale, which launches Tuesday, will offer 300,000 new shares for $300 apiece. No one may buy more than 200 shares
If you thought PSLs were a ripoff, what do you call this?
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It's kinda genius.
It was quite a scene and a lot of fun in the restaurants and bars but really cold that week. I didn't go to any of the meetings. I was there for my own business.
I took a trip to Green Bay with my son and brother (a Packer "shareholder") a few years ago for a Packers-Bears game, and we had an awesome time. The locals we met were very hospitable even when my son and I told them we were Giants fans,(they thanked us for coming "all that way" to Green Bay). The Packer Hall of Fame is mind-boggling. it was a great experience.
BTW, Green Bay is more than the road past Lambeau. If you go across the river, (follow the Packer Heritage Trail), it takes you to the Green Bay of Curly Lambeau and Vince Lombardi (including the bar where they used to adjourn to after work). Fantastic experience.
The NFL requires any owner that wants to sell interest in their team to first obtain approval from 3/4 of the owners to sell ownership of the team to third party and they do not allow owners to sell shares of their teams to the public. One of the former owners of the Pats sued the NFL in the early 90s after selling the team to Kiam, claiming the NFL stopped him from selling 49% of the team to an investment bank that planned to float shares on public market. The Packers public ownership structure has been grandfathered under NFL rules and they operate as an exception to the general NFL rules requiring approval on stock sales.
The thing is the stock is worthless. It has no rights attached. It has no value. It can't be sold. It's the same as if they just send a thank you card.
It's probably more of a rip off since with the NFT you actually own and if there is a market can re-sell.
I took a trip to Green Bay with my son and brother (a Packer "shareholder") a few years ago for a Packers-Bears game, and we had an awesome time. The locals we met were very hospitable even when my son and I told them we were Giants fans,(they thanked us for coming "all that way" to Green Bay). The Packer Hall of Fame is mind-boggling. it was a great experience.
BTW, Green Bay is more than the road past Lambeau. If you go across the river, (follow the Packer Heritage Trail), it takes you to the Green Bay of Curly Lambeau and Vince Lombardi (including the bar where they used to adjourn to after work). Fantastic experience.
Why don't they take the profits from the team for the capital improvements instead of ripping off fans. They have $500 million just sitting there.
Value is in the eye of the beholder.
Funny, I can probably name every owner except GB.
How does that work?
But the seats are still aluminum hard benches with no elbow or butt room. If you go get an invite to a corporate skybox. Whole different experience. Includes access to the roof for a great view.
We drive up from the Milwaukee western suburbs. About 2 hours. But make it four hours trying to leave. Two expressways go south. If you look at a map of Wisconsin the thumb you see sticking out is Door County. Lake Michigan on one side and Green Bay on the other. It’s the Cape Cod of the Midwest. Full of flatlanders from Chicago and Illinois. Lotta Bear fans.
Lambeau Field is a Cathedral.
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There was some business dispute with the Red Wings years ago and two factions ended up in a shareholder proxy battle. They were chasing down shareholders who'd been given a share or two as a gift when they were in Little League and had forgotten all about it. I think the Packers are smart to give new shareholders no such voting powers.
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in the US that is publically owned and not owned by a billionaire. Nothing wrong with issuing more stock. It isn't like a PSL in that no one is forced to buy it.
The thing is the stock is worthless. It has no rights attached. It has no value. It can't be sold. It's the same as if they just send a thank you card.
I seriously do not understand being publicly owned if none of the owners have any rights:
Shares cannot be resold, except back to the team for a fraction of the original price. While new shares can be given as gifts, transfers are technically allowed only between immediate family members once ownership has been established.[3]
I have so many questions:
1. Where does the massive yearly profit they make go and why do they need to sell stock? There is no way they are hard for money.
2. How do you get to be on the board of directors?
3. Nobody gets paid to be on the executive committee except the president, I assume he picks the GM?
4. The executive committee hires and fires GM and other front office staff?
5. Again, where the hell does all the money go that they make per year?
They lost money in 2020 with no local revenue, and in 2019 had net income of $9M after costs.
The Packers play in the middle of nowhere. Many other stadiums draw big events outside of football. Green Bay has a national act maybe once every two years.
The Packers maintain a corporate fund, which is essentially an endowment of about $500M. It’s never been acknowledged, but it’s pretty common knowledge in NFL circles the league requires the Packers to keep a certain amount there as collateral.
The ultra rich owners often lobby municipalities to pay for stadiums/upgrades through bonds and taxes that hit everyone.
The Pack are asking their fans to do it, so the general public isn’t impacted. I think that’s pretty fair.
LMAO
Why don't they take the profits from the team for the capital improvements instead of ripping off fans. They have $500 million just sitting there.
How are they "ripping off" fans when the fans know the parameters of owning this stock? If the Giants did it, I'd probably buy a share to put up on the wall. Why anyone would buy more than one, no less 200, is beyond me.
They can put it in the agreement, but there is little chance it could be enforced.