March 1 (Bloomberg) -- The Green Bay Packers’ fifth stock sale added more than 250,000 shareholders and raised approximately $67 million for the expansion of Lambeau Field.
The only publicly owned franchise in the major U.S. sports sold more than 268,000 shares during the offering, which started Dec. 6 and ended yesterday. The team now has more than 360,000 shareholders. The stock doesn’t pay dividends or appreciate in value and can’t be sold.
Proceeds from the National Football League team’s sale will be put toward a $143 million expansion of Lambeau Field in Green Bay, Wisconsin. The project, which will be completed by the start of the 2013 season, includes the addition of 6,700 seats, new video boards and two new gates.
“The response to the offering by our fans was overwhelming,” Packers President Mark Murphy said in a statement.
The Packers, who have won four Super Bowl titles, said a traditional loan will also help finance the project, and the team may obtain funding from the NFL and the stadium district’s user-fee program.
Wisconsin residents purchased about 50 percent of the shares in the latest sale. Fans from California and Illinois purchased 8.5 percent each, followed by Minnesota and Texas, both at 5 percent, the Packers said.
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