The Green Bay Packers will be seeking $62.5 million when they make stock available to the public at $250 a share starting next week.
It will be the fifth stock sale and the first in 14 years for the Packers, the only publicly owned franchise in U.S. sports, according to a statement e-mailed yesterday by the team.
The Packers, at 11-0 the only undefeated team in the National Football League this season, will start the sale on Dec. 6 at 9 a.m. New York time, according to the statement. Shares will be available on the Packers’ website or via mail and sold to individuals in the 50 U.S. states, as well as Guam, Puerto Rico and the U.S. Virgin Islands.
“We appreciate the interest that fans have expressed in our fifth stock offering,” club President Mark Murphy said in the statement. “We look forward to formally launching the offering next week.”
The team declined to comment further on the sale due to legal considerations, spokesman Aaron Popkey said in an e-mail.
The team last sold stock in 1997, when it raised $24 million at $200 a share to update Lambeau Field. On Aug. 25, six months after the team won its fourth Super Bowl title, Murphy announced that the Packers were considering another stock sale as part of a $140 million renovation to the 54-year-old stadium.
The team will initially offer 250,000 shares, which would raise $62.5 million. No one will be allowed to purchase more than 200 shares -- including ownership from previous sales -- and the sale will run until Feb. 29, according to the statement. The team said it may extend that deadline.
The Packers have about 112,000 shareholders owning 4.75 million shares. The team has sold shares four times in its 93- year history, first in 1923, when 1,000 people bought $5 shares.
The Packers’ goal was to hold the stock sale before the December holidays, Vice President of Administration Jason Wied said in an interview three months ago. NFL Commissioner Roger Goodell approved the team’s plan on Oct. 8.
The $140 million renovation, which will add two gates and about 6,600 seats, will be funded mostly through the stock sale and debt, Wied said in September.
Green Bay has a population of 104,057, according to the U.S. Census Bureau, making it the smallest market in the NFL. The Packers are valued at $1.08 billion, ninth highest in the league, according to Forbes magazine.
The Packers are the third most-popular team in the NFL behind the Dallas Cowboys and Pittsburgh Steelers, according to a 2011 Harris Poll.
Quarterback Aaron Rodgers, who is No. 1 in the league with a 127.7 passer rating and 71.8 completion percentage, leads all players in 2012 Pro Bowl balloting, the NFL announced today on its website. The Packers have the lead vote-getter in 10 of the 19 National Football Conference positions.
To contact the reporters on this story: Eben Novy-Williams in New York at email@example.com
To contact the editor responsible for this story: Michael Sillup at firstname.lastname@example.org