I just made my silliest investment ever. No, it’s not more cryptocurrency. I’m now a bona fide shareholder of the Green Bay Packers Professional Football Club.
The Packers opened the sixth public stock offering in their franchise history earlier this week with 300,000 shares available at $300 per share. The $90 million raised will fund improvements at Lambeau Field in the heart of Titletown.
The Packers are unique in professional sports in that they don’t have an owner. They have shareholders who starting in 1923 funded the team’s success as a non-profit organization competing in the for-profit NFL. A team President and Board of Directors govern the team instead of an owner.
With 13 NFL Championships, I guess you can say the unique model works.
The single share of stock I bought carries no equity share of the team and is non-transferable. It is basically an expensive lifetime membership card to a broad ‘booster club’ of other Packer fans. Still, the fancy stock certificate will look great framed on my game room wall.
Shareholders are invited to Lambeau each year to attend an Annual Shareholder’s Meeting where the Board, Management, Coaches, and Players present to the team owners. Shareholders have very limited voting rights. That is, limited to what the Board allows them to vote on.
Many would say that fans are being duped by the Packers into buying a practically worthless certificate, but I’d much rather have my favorite team get occasional, voluntary donations from their fan base than have local government force uninterested taxpayers to pay the bills. Even in Titletown, I’m sure not everyone is a football fan.
To offset the cost of my share (and a frame), I cut my crypto holdings by 0.00605 Bitcoin. It’s the first piece of my crypto stake I’ve ever sold after 1500% appreciation. I figure if I’m going to buy myself ‘fake stock’, I might as well pay for it with my ‘fake money’. 😆
Have you ever made a novelty / affinity investment for the fun of it – with no expectations of ever getting money back?
Image Credit: Green Bay Packers