Green Bay Packers stock is a big hit
The Green Bay Packers are undefeated on the field and in stock sales.
The team put up 250,000 shares of the franchise Tuesday at $250 each. In the first 10 minutes, it got 1,600 orders. The Packers are the only community-owned major sports team in the U.S. Founded in 1919, the franchise went public in 1923, and this sale marks only the fifth stock sale in team history.
They made the stock offering to raise funds for renovations at Lambeau Field.
However, if you are looking to make a lot of money buying and reselling it like a normal stock, look again. The stock is worthless and has no resale value.
"I encourage you to buy shares of stock in the Packers," team president and Chief Executive Mark H. Murphy said when announcing the offering. "We need your help. As an owner, you will be invited to shareholder meetings and have voting privileges. Ownership will also provide you with significant bragging rights. You will become an owner of the defending world champions, a team that has won more world championships than any other team in the NFL.
"A purchaser of stock in the offering will not receive any special benefits, such as access to tickets to Packers games, preferential seating for Packers games or discounts on Packers merchandise. In light of the transfer restrictions and redemption rights, it is virtually impossible for anyone to realize a profit on a purchase of GB stock or even to recoup the amount initially paid to acquire such common stock."
That didn't stop fans such as Sarah Johnson from buying multiple shares.
"I could have just as well thrown my money out the window for what I get for it, other than a feel-good," she said. "I just feel like the Packer organization has sort of a nostalgia and an excitement around it other franchises don't have. Just to say you're part of that on some level is neat to me."
Hey, this gives me an idea. Time to look into selling shares of the Fabulous Forum.
— Houston Mitchell
Photo: You can buy this worthless piece of paper for $250. Credit: Associated Press.