(MoneyWatch) COMMENTARY The undefeated Green Bay Packers have scored a further victory with their stock sale despite the fact that, as an expense, it is a lousy acquire.
Yesterday the crew put up 250,000 shares for sale at $250 every and acquired 1,six hundred orders within the 1st 11 minutes. Very extraordinary considering it pays no dividends, the worth does not enhance and it's no resale value. So it really is sort of like Greek treasury bonds.
The reigning Super Bowl champion Packers created the stock providing - its very first considering the fact that 1997 - to raise money for renovations at Lambeau Discipline, the team's house in Green Bay, Wis. The team will be the U.S.'s only non-profit, community-owned key league athletics staff. Started in 1919, the Packers went manifeste in 1923 and this sale marks only the fifth stock sale in crew background.
The group may make no hard work to cover the worthlessness of your stock. Here is the revenue pitch from president and CEO Mark H. Murphy:
I stimulate you to obtain shares of stock in the Packers. We need your assistance. As an operator, you can be invited to shareholder meetings and also have voting privileges. Ownership will likely supply you with important bragging rights. You'll turn into an operator in the defending planet champions, a team which has won a lot more globe championships than every other crew with the NFL.
The site Everyday Finance delivers this quote in the prospectus:
A purchaser of [GB] Stock in the Presenting won't be given any particular benefits, for example usage of tickets to Packers games, preferential seating for Packers online games or discounts on Packers merchandise. ... in mild in the [shares'] transfer limits and redemption rights ... it is actually virtually difficult for anyone to comprehend a earnings on a order of [GB] stock or simply to recoup the amount in the beginning paid to amass this sort of typical stock.
This is this kind of splendidly straightforward and straight-forward prospectus that it practically can make me want to buy a reveal. And, as the early profits figures clarify, honesty pays. Fanatics know they are acquiring hosed and are unable to wait to place their cash down. Here's what an individual true-believer informed the AP:
I could have equally as effectively thrown my funds out the window for what I get for it, other than a feel-good. I just experience such as the Packer organization has sort of a nostalgia and an excitement all over it other franchises do not have. Only to say you're portion of that on some level is neat to me.