« Why Not Build A City? | Main | Construction in every location has been allowed by State and City agencies to extend beyond NYC's normal weekday construction hours »
October 10, 2011
Want to be NFL owner? Packers near 5th stock sale
AP via Yahoo! Sports
by Dinesh Ramde
Here's a novel idea — a stadium renovation being done without public money.
The Green Bay Packers, the NFL’s only publicly owned team, are moving toward a new stock sale by the end of the year to raise money that would help pay for $130 million in renovations at historic Lambeau Field.
Each share would likely cost about $200 and include voting rights, though the value wouldn’t appreciate and there would be no dividends. Stockholders would be able to attend annual meetings at Lambeau, and they’d enjoy such perks as tours of the playing field and locker rooms.
We're not sure that stock that doesn't appreciate or pay dividends and can't be resold is a good investment, but heck, that's true of most investments these days.
The Packers plan to add thousands of seats and other stadium amenities in time for the 2013 season. While other teams often ask taxpayers to help pay for building upgrades, the Packers will foot the entire bill themselves through the stock sale and private financing.
That’s one reason Michael Constantine, a 26-year-old Wisconsin native who now lives in Seattle, intends to buy a share or two.
“I feel like the American public has spent enough over the last 20, 30 years to build and renovate stadiums,” said Constantine, a staunch Packers fan. “I prefer the sale of stock to raising any sales tax.”
Posted by eric at October 10, 2011 10:47 PM