The NFL’s Green Bay Packers, the league’s only publicly owned, not-for-profit team, have issued another $90 million in stock for fans to buy up.
The Packers are offering 300,000 “shares” at $300 per share to fans on Tuesday morning. The catch is that the shares aren’t really worth anything more than a memento, as they’ll never increase in value and can’t be sold.
While the sale has been approved by the FCC, they do not come with voting rights or rights to profits.
The Packers last sale of shares 2012 netted the team $143 million.
According to Yahoo Sports, this sale of shares comes as the Packers posted in 2020 a record $70 million in operating profits, as well as a record $507 million in total revenue.
The Packers offer a long list of disclaimers with sales of the shares, including:
• 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 dividend or tax deduction or any other economic benefits.
• Any offering of Packers stock will only be made through an offering document.
• The Packers believe 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.