It took just 2 days for the Packers to sell 185,000 shares of stock, over 75% of the initial offering that was supposed to last until February. That’s 48 hours, $43 million dollars total or over $1,500 dollars donated every minute.
The media (maybe most notably Bill Johnson of Green and Gold Today) and fans (even some Packers fans it appears), have been taken to ridiculing the idiots who have decided to buy a stock that offers little in terms of power within the Packers organization, does not constitute a stock in the traditional sense of the word (as stated on the website), and can only be resold to the Packers for 2.5 cents, which is a 100 fold loss. Some have called the sale disingenuous (or greedy as Jason Wilde put it) since the Packers aren’t in dire economic troubles.
I think the biggest misconception that people outside of the Packers faithful (and even some Packers faithful) is that this is indeed a stock (which let’s be honest it really isn’t) So I’ve put this list together for all of you to why buying Packers stock isn’t a stupid idea.
- Think of it as a souvenir: Buying stock is really no different than buying a cheesehead at the proshop or any other NFL merchandise for that matter. If you think about it, what are you really doing when you buy a NFL baseball cap? You are paying (at a gross markup) for a product (that will look completely different next year) that in turn the team will use for to maintain its finances. Presumably, the team will use the profit from that baseball cap to pay its coaches, players and administrators, promote the team and fund development/redevelopment of stadiums. Packers stock is no different aside from the fact that all the profit taken from the stock sale will be directed specifically to redevelopment of Lambeau Field. I know tons of Packers fans just want the stock so they can frame it and stick up on a wall somewhere.