Interesting Details From Packers Stock Sale
I’ll be honest. I didn’t bother to read the prospectus yesterday before I bought my stock. I got online when the floodgates opened and the damn thing wouldn’t download. I did take some time to read it last night and there wasn’t a lot of stuff that wasn’t explained before. However, I did think these points were interesting.
The Packers can offer up 880,000 shares in this offering if they so choose.
The Packers intend initially to offer up to 250,000 shares of Common Stock in the Offering, but the Packers have the authority to offer up to 880,000 shares of Common Stock and reserve the right to increase the size of the Offering at any time without further notice.
Stock will be on sale until the end of February or until it’s sold out.
The Corporation intends to offer Common Stock to the public until February 29, 2012 (subject to extension), or until the Offering is fully subscribed, whichever is earlier.
The Packers have sold stock three times before — an initial offering and again in 1950…
The Corporation was originally authorized to issue 300 shares of Common Stock. In 1950, at a time when the Corporation was seeking to ensure its long-term ability to remain a member of the NFL (and following several community fund drives to raise operating funds in which a sale of stock was not involved), the Corporation’s shareholders authorized the Corporation to issue up to 10,000 shares of Common Stock to raise funds for the Corporation. The Corporation offered the shares of Common Stock at a price of $25 per share.
… and again in 1997.
In 1997, the Corporation elected to offer additional Common Stock for sale only after careful consideration of the great changes that had taken place in the economics of the NFL since Common Stock was last sold 47 years before that. To facilitate that offering, shareholders acted to increase the number of authorized shares of Common Stock to 10,000,000, split the shares then outstanding on a 1,000-for-1 basis and give the Corporation the ability to issue up to 1,000,000 shares of Common Stock in the aggregate in the 1997 offering of Common Stock and later offerings. In the 1997 offering, the Corporation sold 120,010 shares of Common Stock at a price per share of $200.
The Corporation is currently authorized to issue 10,000,000 shares of Common Stock. Approximately 4,750,000 shares of Common Stock (the “Outstanding Shares”) were outstanding prior to the commencement of the Offering.
As a stockholder, there’s a bunch of shit you can’t do, like disparaging the NFL or gambling on football.
The NFL Rules prohibit conduct by shareholders of NFL member clubs that is detrimental to the NFL, including, among other things, owning a financial interest in any other NFL member club or other professional football organization; loaning money to other NFL member clubs or any player, coach or employee thereof or any football official employed by the NFL; acting as an agent for any NFL player; publicly criticizing any NFL member club or its management, employees or coaches or any football official employed by the NFL; or paying an NFL player or coach. If the Commissioner of the NFL (the “Commissioner”) decides that a shareholder of an NFL member club has been guilty of conduct detrimental to the welfare of the NFL then, among other things, the Commissioner has the authority to fine such shareholder in an amount not in excess of $500,000 and/or require such shareholder to sell his or her stock. In addition, if the Commissioner determines that a shareholder has bet on the outcome or score of any game played in the NFL, among other things, then the Commissioner may fine such shareholder in an amount not in excess of $5,000 and/or require such shareholder to sell his or her stock. If the Commissioner requires a shareholder to sell his or her stock, then the Corporation may have a right to repurchase the stock at $0.025 per share.
Three former players are on the Packers 45-person board. They are former Packers safety Johnnie Gray, linebacker Bryce Paup, and former New York Jets and Wisconsin Badgers receiver Al Toon.