The Green Bay Packers are one of the unique business operations around. Certainly the most unique in sports. The team is essentially owned by the fans. Yet, the stock that the fans buy and own is worthless. It has no resale value. It all started out of desperation. They first sold shares in 1923. Last week they did so again for the fifth time. In the first two hours and twenty minutes alone, 28,000 shares were sold. At $250 apiece, that's $7 million of revenue in less than three hours. The Packers will likely generate $62.5 million with the sale of 250,000 shares overall. Its remarkable. The stock certificate may be worthless but they are priceless to Packers fans.
Prior to last week's sale of stock, a total of 4,250,937 shares were owned by 112,158 shareholders. The first sale took place in 1923 after two years in the new NFL. Curly Lambeau was desperate. The team was in serious danger of closing their doors. A town meeting was held to ask for support from Green Bay area businessmen. It worked as $5,000 was raised on the sale of 1,000 shares. The shareholders were also required to purchase six season tickets. A five member board of directors was formed to oversee the team. Lambeau still made all football decisions. The Packers survived the tough early days of the NFL. The fans were soon rewarded with incredible success.
In 1935, the Packers were again feeling some financial stress. At this point the nonprofit Green Bay Packers Football Corporation was reorganized as the Green Bay Packers, Inc. Through another sale of stocks the team raised $15,000. They were again on their way.
In 1950, people all over Wisconsin jumped at the chance to buy $25 shares. $50,000 was raised over an 11-day period. $118,000 was raised overall. One woman showed up with $25 in quarters stashed in a matchbox to buy her share.
In late 1997 through early 1998, the Packers added 105,989 new shareholders. This raised $24 million. It enabled the team to move forward with Lambeau renovations.
The NFL has grown into a business giant. The Green Bay Packers have grown too but still remain small. The fans count in a way so very different from any other team. On the surface the Packers seem to have an always ready ATM. It runs so much deeper than that. In a small town this NFL team has a unique relationship with its fans. If I was lobotomized and as a result a Packers fan I would love to hold some worthless team stock. In Green Bay fan support takes on a whole other meaning. Its a wonderful relationship.
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