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GREEN BAY, Wis. The Green Bay Packers have 176,160 new owners and an additional $ 65.8 million in their coffers.
It was the result of the share sale that the franchise announced in November and recently concluded. The Packers revealed on Thursday that they were selling more than 198,000 new shares.
It was the sixth time in the team’s history that they sold shares, and the first time in 10 years. The shares at this sale went for $ 300.
“We were very pleased with the enthusiastic response from our fans during the recent share offering,” said Packers President Mark Murphy. “We are proud to welcome a new generation of shareholders from across the country and Canada. Their support is a critical component of our ability to continue to enhance the fan experience and invest in Lambeau Field. Maintaining our stadium as a top-tier facility , which serves as a year-round destination, contributes to the lasting success of both the franchise and our community. “
Fans in Wisconsin accounted for approximately 17% of the shares purchased in this sale, followed by those in California (8%), Texas (5%), Illinois (5%), Florida (4%) and New York (3%). ). . In Canada, about 3,500 shares were sold.
Prior to the most recent sale, there were 5,009,479 shares held by 361,362 shareholders, none of which received any dividends – which means that it is basically a worthless piece of paper. The team’s articles of association state that “in order to protect against anyone taking control of the team, the articles of association prohibit any person from owning more than 200,000 shares.”
The NFL allows the Packers to periodically conduct such sales to compensate for the fact that they do not have a single, independently wealthy owner who can invest in the franchise.
But the league also prescribes that money raised from stock sales can only be used for things like stadium and facilities improvement projects and cannot be used for operating expenses or anything involving players, therefore none of that money can go to quarterback Aaron Rodgers’ new contract.
Murphy said the money raised will be used for construction projects, including new video boards and stadium upgrades at the stadium.