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Selling the Packers

Discussion in 'Packer Fan Forum' started by 4thand26, Oct 11, 2006.

  1. 4thand26

    4thand26 Cheesehead

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    Not sure if this belongs in here or the Atrium. Figured more people would see it in Packer Fan Forum, so...

    What if Bill Gates wanted to buy the GB Packers. Who gets the money? I heard today that a VFW somewhere gets the money. Not that they will be sold anytime soon, but what would a VFW do with 300 million dollars?
     
  2. Cdnfavrefan

    Cdnfavrefan Cheesehead

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    What if Bill Gates wanted to buy the Packers?
    For the first time in his life he wouldn't get what he wants!
     
  3. trippster

    trippster Cheesehead

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    Yes, the VFW would get the money. It is a local VFW in GB.

    However, it would have to be approved by the board of directors. Can you imagine all of them (not sure how many there are...I think 20+) fearing for their life and still voting vof it?
     
  4. 4thand26

    4thand26 Cheesehead

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    What about all the 'stockholders'?
     
  5. trippster

    trippster Cheesehead

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    They don't have voting rights nor do they get proceeds from any sale
     
  6. 4thand26

    4thand26 Cheesehead

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    Oh. I guess I need to get a clearer definition of 'Stock Holder'.

    I bet that there would be a lot more VFW members if a sale went through.
     
  7. TOPackerFan

    TOPackerFan Cheesehead

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    Moreover the share conditions contain a restriction prohibiting their sale. Packers' shareholders are only permitted to transfer their shares back to the packers for the price originally paid. This essentially prohibits anyone from acquiring control of the Packers.
     
  8. trippster

    trippster Cheesehead

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    they may also "will" the shares within their immediate family
     
  9. 4thand26

    4thand26 Cheesehead

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    I assume that this is only if the Packers announce a buy back of stock?
     
  10. TOPackerFan

    TOPackerFan Cheesehead

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    No, 4th, I don't believe that they're redeemable. Any shareholder wishing to dispose of his, her or its shares, other than by bequeathing them through their will, may return the shares to the Packers corporation in exchange for the price originally paid. Purchasing a share in the Green Bay Packers Football Corporation is essentially an interest free loan by the shareholder to the Packers.
     
  11. 4thand26

    4thand26 Cheesehead

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    Thanks for the info.
     
  12. Zombieslayer

    Zombieslayer Cheesehead

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    Lol! Nice one.

    A non-issue. Packers cannot be bought. The beautiful thing about this is we'll forever see our stadiums named Lambeau or Lombardi instead of Microsoft or Pepsi Stadium or whatever. We'll someday be the only team in all professional sports to not have a field named after some stupid corporation.

    (I'm not anti-corporation, just would prefer fields named after great players and great coaches).
     
  13. trippster

    trippster Cheesehead

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    Actually, a few years ago Gates wanted to join the Agusta National Golf Club (home of the Masters). They said no thanks.
     
  14. agopackgo4

    agopackgo4 Cheesehead

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    I gotta better idea. How about Gates buys the Milwaukee Brewers?? Id be feelin some big names coming in gettin paid some big $$ :lol: I WISH!
     
  15. net

    net Cheesehead

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    If the Packers organization folded(the only way the organization can lose it's license) the franchise is given back to the NFL. It is THEIR responsibility to sell it to the highest bidder.

    The Packers are a NON-PROFIT organization. I work for a non-profit organization. Non-profits cannot be bought or sold. They can, however, dissolve as a corporate entity...and be absorbed by another. No profit is seen in the sale and the assets liquidated.

    It is helpful to go to Packers.com and go through the "history" section so you get up to speed.

    So the NFL grants the franchise. The Packers non-profit operates it, but if the entity decides to fold for whatever reason, Bill Gates cannot buy it directly, he would have to purchase it from the NFL.
     
  16. longtimefan

    longtimefan Super Moderator Staff Member Super Moderator

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    This is from packers.com

    I bolded out some things I thought people were not aware of..Like shareholders do have voting rights, the VFW post no longer is listed but another foundation is..




    Shares of stock include voting rights, but the redemption price is minimal, no dividends are ever paid, the stock cannot appreciate in value, and there are no season ticket privileges associated with stock ownership. No shareholder is allowed to own more than 200,000 shares, a safeguard to ensure that no one individual is able to assume control of the club.


    There now have been four stock drives in the 86-year history of the team. The first stock sale, which took place at that 1923 meeting, saw local merchants raise $5,000 by selling 1,000 shares for $5 apiece, with a stipulation that the purchaser also had to buy at least six season tickets.

    The second, in 1935, raised $15,000 after the corporation had gone into receivership. At that point, the non-profit Green Bay Football Corporation was reorganized as the Green Bay Packers, Inc., the present company, with 300 shares of stock outstanding.

    The third, in 1950, came on the heels of founder Curly Lambeau's 30-year dominion, when the club's officers arranged to amend the corporation's bylaws to permit the sale of up to 10,000 total shares of stock (opening up more than 9,500 shares for purchase), to limit the number of shares that any individual could own. The team also increased the number of directors from 15 to 25.

    The response to the 1950 drive was inspiring, with people from all across Wisconsin, as well as former Green Bay residents living in other states, coming forward to buy the $25 shares of stock. Roughly $50,000 was raised in one 11-day period alone. Reportedly, one woman from a farm near Wrightstown, Wis., showed up at the team's offices with $25 worth of quarters in a match box. A total of about $118,000 was generated through this major stock sale, helping to put the Packers on a sound financial basis once again.

    The fourth came late in 1997 and early in 1998. It added 105,989 new shareholders and raised more than $24 million, monies which were utilized for the Lambeau Field redevelopment project. Priced at $200 per share, fans bought 120,010 shares during the 17-week sale, which ended March 16, 1998.

    With the NFL supporting the plan, the existing 1,940 shareholders overwhelmingly voted to amend the articles of the corporation on November 13, 1997. The vote authorized the Packers to sell up to 1 million shares to raise funds for capital improvements, and received a 1,000 to 1 split on their original shares. Fans immediately were able to call a special toll-free number, or tap into the team's Web site for information on how to buy the 400,000 shares made available to the public.

    The initial response to the recent stock offering was staggering. In the first 11 days, roughly one-third -- or $7.8 million -- of the total amount transacted was sold. Paid orders poured in at a rate of 3,500 per day during this early period, generating about $700,000 each day. The sale hit its high point during the first week of December as fans purchased shares as holiday gifts.

    Shares of stock were purchased by citizens from all 50 states, in addition to fans in Guam and the U.S. Virgin Islands. Over half (or roughly 64,300) of the new shares during the 1997-98 offering were bought by Wisconsin residents, followed by inhabitants of Illinois (9,600), Minnesota (4,300), California (3,700), Florida (2,900), Michigan (2,800), Texas (2,500) and Ohio (2,000).

    Today, an annual meeting of shareholders is held in July, this year returning to Lambeau Field after several thousand people were turned away from the 2005 meeting at the nearby Resch Center. As a means of running the corporation, a board of directors is elected by the stockholders. The board of directors in turn elect a seven-member Executive Committee (officers) of the corporation, consisting of a president, vice president, treasurer, secretary and three members-at-large. The president is the only officer who receives compensation. The balance of the committee is sitting gratis.

    Shares of stock cannot be resold, except back to the team for a fraction of the original price. Limited transfer of shares (ie., to heirs and relatives) is permissible.

    Based on the original 'Articles of Incorporation for the (then) Green Bay Football Corporation' put into place in 1923, if the Packers franchise was sold, after the payment of all expenses, any remaining funds would go to the Sullivan-Wallen Post of the American Legion in order to build "a proper soldier's memorial." This stipulation was enacted to ensure that the club remained in Green Bay and that there could never be any financial enhancement for the shareholder. The beneficiary was changed from the Sullivan-Wallen Post to the Green Bay Packers Foundation on the basis of a shareholder vote at the November 1997 meeting.
     
  17. vegOmatic

    vegOmatic Cheesehead

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    One thing that has been changed is the VFW does not get the money. I forget where the money goes.
     
  18. longtimefan

    longtimefan Super Moderator Staff Member Super Moderator

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    The beneficiary was changed from the Sullivan-Wallen Post to the Green Bay Packers Foundation on the basis of a shareholder vote at the November 1997 meeting.

    the Green Bay Packers Foundation in December 1986. The Foundation assists in a wide variety of activities and programs that benefit education, civic affairs, health services, human services and youth-related programs.
     

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