Green Bay Packers Sell $67 Million of Stock Worth $0
Sports Illustrated is reporting that the Green Bay Packers have raised $67 million over the past six weeks by selling shares for $250 each. That’s 268,000 shares sold.
What does a shareholder get? No dividends. No benefits from earnings. No bump up on the season ticket waiting list. The stock isn’t tradeable. Hmmmmm…
Perhaps there’s a sense of pride in owning a piece of a team in a small market. I wouldn’t know, living in New York.
Some take the position that the stock is tax deductible immediately after its purchase because it’s worthless. The counterpoint is that it isn’t worthless because people are actually buying it.
This Wall Street Journal story tells more.