Woodkirk Stone
GREEN BAY – The Packers have received NFL approval for a possible stock sale to help fund improvements at Lambeau Field. There remain regulatory obstacles to any offer.
NFL commissioner Roger Goodell has determined that a sale of shares would meet the appropriate conditions established in 1997 for such a sale in order to raise money for the stadium renovation.
The Packers have recently embarked on major stadium improvement projects. The multiple lobby upgrade phases already completed, combined with planned new video cards and additional lobby upgrades, translate into an estimated total cost of $ 250 million.
Funds raised through a potential stock sale would support these projects, with the Packers seeking no public money.
“We appreciate Commissioner Goodell’s consideration and the support of the NFL for our possible stock sale,” Packers CEO Mark Murphy said. “If we made an offer, we would also have to take regulatory and other action. We are exploring such measures and intend to keep our fans informed of future developments when we can.”
The Packers have had five stock sales in their history. They took place in 1923, 1935, 1950, 1997 and 2011.
The 2011 sale, with shares priced at $ 250, added more than 250,000 new shareholders and raised $ 67.4 million for a new entrance tower and observation deck in the North Zone. and an expansion that added approximately 6,600 seats to the southern zone. This project was completed in 2013.
The 1997 sale, with shares priced at $ 200, added 105,989 new shareholders and raised over $ 24 million, which was used for the Lambeau field redevelopment project completed in 2003.
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 shares. Anyone considering buying Packers shares should not buy the shares for profit or for any tax deduction or other economic benefit. Any offer of Packers shares will only be made by way of an offer document. The Packers believe that investors and buyers of Packers shares will not enjoy the protection of securities laws with respect to any offer or sale of Packers shares. The Packers’ statutes and NFL rules severely restrict stock transfers from the Packers.
For more information on shareholders, click here.