Packers sold 268,000 shares, fleeced rubes for $67 million in latest stock sale
The numbers have been crunched, the proceeds have been tallied and the final amount is in: according to an AP report, the Green Bay Packers netted a windfall of $67 million courtesy of the team’s most recent stock sale that saw over 268,000 meaningless, worthless pieces of paper masquerading as shares in the team sold. P.T. Barnum was right, man.
The cash flow-generating bonanza will reportedly go towards a planned $143 million expansion of Lambeau Field.
The original stock sale opened on Dec. 6 with 250,000 shares up for grabs but demand was so high — 185,000 shares alone sold within the first 48 hours — the team made another 30,000 shares available for a grand total of 280,000, of which 268,000 (hopefully none of those counted were counterfeit) have been apparently sold at $250 apiece. What a steal, albeit it’s unclear who is stealing from whom. Actually, it isn’t.
”The response to the offering by our fans was overwhelming,” Mark Murphy, the team’s president and CEO, said in a statement. ”We enthusiastically welcome our new shareholders from across the country and Canada, as well.”
I have previously made my opinions known regarding what I perceive as extreme gullibility on the purchasers of this useless stock (here), so I won’t delve into it again in this space. But I will add that the Packers’ stock sale is the most savvy execution of brilliantly plotted sucker deal in the history of sports. And for that, the team should be commended and praised. I guarantee you every organization in the NFL would attempt to pull off this scam if they were confident their fans would pony up the cash.