The Packers have received the NFL's approval for a potential stock sale to help fund the planned improvements at Lambeau Field. There remain regulatory hurdles to any offering.
Packers President/CEO Mark Murphy and Vice President of Administration Jason Wied made a presentation to the league's owners on Tuesday at a meeting in Houston, outlining the stadium projects, which include a new entrance tower and viewing platform in the north end zone and an expansion that would add roughly 6,600 seats to the south end zone.
NFL Commissioner Roger Goodell has determined that a stock sale would meet the appropriate conditions established in 1997 for such a sale to raise funds for stadium renovation. The team's last stock sale was in 1997.
"We appreciate the opportunity to present our plans to the NFL and the owners today, and the Packers appreciate the NFL's support of our potential stock sale," Murphy said. "Proceeding with a stock sale would also involve regulatory steps and other actions, which we are exploring. We intend to keep our fans informed of further developments to the greatest extent possible."
The Packers have had four stock sales in their history. They took place in 1923, 1935, 1950 and 1997. The 1997 sale, with shares priced at $200, added 105,989 new shareholders and raised more than $24 million, which was used for the Lambeau Field redevelopment project completed in 2003.
The planned stadium improvements in the north and south end zones will cost approximately $130 million. The Packers are not seeking any public tax dollars for the projects.
Stock in the Packers does not constitute an investment in "stock" in the common sense of the term. The Packers will have no obligation to repay the amount a buyer pays to purchase Packers stock. Anyone considering the purchase of Packers stock should not purchase the stock to make a profit or to receive a tax deduction or any other economic benefits. Any offering of Packers stock will only be made through an offering document. Offerees and purchasers of Packers stock will not receive the protection of securities laws with respect to any offering or sale of Packers stock. The Packers bylaws and NFL rules severely restrict transfers of Packers stock.
For more shareholders information, click here.
For more on the planned improvements to Lambeau Field, click here.