GREEN BAY, Wis. (AP) — The Green Bay Packers have sold more than $41 million worth of stock in just over a week into their sixth stock offering in franchise history.
The team said Wednesday it had sold more than 138,000 shares of stock, at $300 a share. The NFL’s only community-owned club last offered stock 10 years ago.
The Packers sold $10 million worth of stock in the first three hours.
There are over 5 million shares of stock held by 361,362 stockholders — none receive any dividends. Also, the Packers have a reserve fund that, at its latest financial disclosure in July, was worth nearly $400 million.
More than half of the 300,000 shares being offered remain available. The stock sale is set to run until Feb. 25, unless all available shares are sold before that, WLUK-TV reported.
Packers leaders say they will use the money to fund upgrades to Lambeau Field, including new video boards.
The team has no obligation to repay the amount a buyer pays to purchase stock. The Packers say anyone considering whether to buy stock in the team shouldn’t make the purchase in the interest of making a profit or receiving a dividend or tax deduction.