GREEN BAY, Wis. (WFRV) – Any Green Bay Packer fan who wants to turn from fan to ‘owner’ could have the chance after the NFL approved a potential Packers stock sale.
The team announced that NFL Commissioner Roger Goodell determined that a stock sale would meet the conditions set in 1997 for a sale to raise funds for stadium renovations.
However, the team also mentioned there are still regulatory hurdles to clear.
Some of the renovations the Packers talk about are:
- Planned new video boards
- Additional concourse upgrades
The new renovations result in an estimated cost of $250 million.
Back in 2011, the shares were priced at $250 and $67.4 million dollars was raised to help contribute to a new entrance tower and viewing platform in the north end zone. There was also an expansion that added around 6,600 seats to the south end zone.
“We appreciate the consideration of Commissioner Goodell and the support from the NFL for our potential stock sale,” Packers President/CEO Mark Murphy said.
The team has had five stock sales in its history. The five sales took place in:
The Packers also added a statement about what the ‘stock’ actually is and what the team is required to do with it.
Stock in the Packers does not constitute an investment in “stock” in the common sense of the term. The Packers will have no obligation to repay the amount a buyer pays to purchase Packers stock. Anyone considering the purchase of Packers stock should not purchase the stock to make a profit or to receive a tax deduction or any other economic benefits. Any offering of Packers stock will only be made through an offering document. The Packers believe offerees and purchasers of Packers stock will not receive the protection of securities laws with respect to any offering or sale of Packers stock. The Packers bylaws and NFL rules severely restrict transfers of Packers stock.Green Bay Packers
There was no information on a timetable as to when the Packers expect to have the sale or what exact hurdles remain.
Local 5 will update this story as more information is released.