Green Bay Packers Stock Sale Closes, Raises $67 Million for Lambeau Expansion

Matt LechnerContributor IMarch 1, 2012

GREEN BAY, WI - JANUARY 15:  Fans cheer as the the Green Bay Packers play against the New York Giants during their NFC Divisional playoff game at Lambeau Field on January 15, 2012 in Green Bay, Wisconsin.  (Photo by Michael Heiman/Getty Images)
Michael Heiman/Getty Images

The Green Bay Packers announced Thursday that its recent stock sale raised an estimated $67 million, and more than 268,000 shares were sold.

In a statement on the team's website, Packers president Mark Murphy said, “It’s a tribute to the organization, the support of our fans, and the uniqueness of the Packers. I think that really appeals to people. You can’t say enough about how appreciative we are for the support.”

Proceeds from the sale will go toward the $143 million expansion of Lambeau Field. The team plans to use a traditional loan, a user fee on new ticket holders and a possible NFL loan to finance the expansion project.

According to the Packers, Wisconsin fans purchased approximately 50 percent of the shares in this sale. Illinois and California were next with 8.5 percent apiece, followed by Minnesota and Texas with 5 percent each.

The 268,000 shares sold during the past three months now brings the franchise’s total to more than 360,000 shareholders.

The last time the Packers held a stock sale was in 1997. That year, they put up 400,000 shares for sale for $200 apiece. The team only sold about 120,000, raising $24 million.

The Packers have been a publicly owned team since 1923.