Green Bay Packers offer stock shares for fan ownership
GREEN BAY, Wis. -- Green Bay may be cold this time of year, but their football team is red hot, and now fans can get a piece of the Super Bowl champs.
For a cool $250 a share, fans can own stock in the Packers. Shares in the team went up for sale at 9 a.m. Tuesday.
Green Bay is the NFL’s only publicly-owned team. It's a historic sale. The stock offering is only the 5th time the Packers have made shares available in the team's history.
"It's a historic moment, we believe, for the organization and I think all of you know this will help fund the $143 million dollar project that we broke ground on in August to expand Lambeau Field,” said Packers President Mark Murphy.
There are 250,000 shares available in the online sale. Buyers will have voting rights at the annual shareholders' meeting, and access to exclusive Packers gear.
However a Notre Dame professor is saying 'not too fast,’ about the Green Bay Packers stock.
Finance professor Richard Sheehan said Tuesday the stock sale is pretty much a scam from an investment standpoint.
He said it's: "possibly one of the worst of all times because it offers no meaningful input and no financial benefit."
New "shareholders" won't be able to make any meaningful franchise decisions, get game tickets or dividends.
Sheehan says fans are effectively financing the stadium's new renovation.