Packers nearly sold out of 250,000 stock offerings
Stock in the Green Bay Packers must have been a big hit in the stockings of fans for the holidays.
The team has announced that nearly all of the 250,000 shares it put on sale earlier this month have been sold. Now, according to the Milwaukee Journal Sentinel, an additional 30,000 shares will be made available with the sale continuing through Feb. 29 unless the team sells all 280,000 before then.
The stock costs $250 and when you do the quick math that’s $70 million if the club sells all the stock that has no monetary value. Now, there are fees and a small cost for the club, so it’s net profit will not be quite that much. But the final amount will pay for nearly half of the renovation and expansion planned at Lambeau Field. The club is adding 6,700 seats in the South end zone a and new video boards. The work is scheduled to be finished before the 2013 season.
"The support from our fans has been outstanding and we appreciate their enthusiasm," Packers president Mark Murphy said. "We continue to receive interest in the offering, and this increase in the number of available shares will help ensure that we are able to accommodate all those who want to become shareholders."
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Brad Biggs covers the Bears for the Chicago Tribune