A new stock issue went on the market yesterday, offering investors a chance to buy equity in a highly successful firm currently on top of all its competitors. The stock moved quickly, with 1600 shares sold in the first 11 minutes they were available, at a cost of $250 per share. The only catch: It's a terrible investment.
The shares are being sold in the Green Bay Packers, who are the best team in the NFL right now with a perfect 12-0 record. The franchise is currently owned by some 112,000 stockholders who claim a total of 4.75 million shares. The new offering put another 250,000 shares on the market, with the proceeds going toward a renovation of Lambeau Field, the Packers' 54-year-old stadium in Green Bay.
Stockholders can expect no dividends or appreciation, and the shares can't be sold. They don't even get you a special place on the Packers' season ticket waiting list, which is now 93,000 names long. The sole perks that come with being a team owner are the right to attend an annual shareholders meeting and some special deals on Green Bay Packer apparel. And some very special bragging rights come Super Bowl time.
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