The red-hot Green Bay Packers proved Tuesday that their fanbase is among the most loyal in sports. Most of us knew that already, but it became abundantly clear Tuesday morning around 8 a.m.
At that time, the Packers started selling stock in the franchise for just the fifth time in the team's 92-year history.
According to Green Bay Press-Gazette, the first stock order came in from Texas and was followed by more than 1,600 orders in the next 11 minutes.
The paper also reports that 28,000 shares were sold in the first two hours and 20 minutes. The team hasn't updated the numbers since then.
The Packers, who are 12-0 this season and the defending Super Bowl champions, are selling 250,000 shares of the stock at $250 per share.
The team is hoping the stock sale helps raise a portion of the $130 million needed to cover the costs of renovating Lambeau Field.
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.
According to the FOX TV affiliate in Green Bay, there are several guidelines Packers shareholders must follow, including:
- NFL rules prohibit any shareholder of an NFL club to do anything detrimental to the league. Detrimental acts in the rules include owning a financial interest in any other NFL club or other professional football organization, acting as an agent for an NFL player or publicly criticizing any NFL team, employee or football official.
- NFL Commissioner Roger Goodell also has the ability to fine any shareholder for an NFL team. Goodell can fine a shareholder up to $500,000 for detrimental conduct.
- Shareholders can also be fined up to $5,000 for betting on an NFL game.
The Packers stock is not like a regular stock. The value never goes up and dividends aren't paid out.
The Packers have been a publicly owned team since 1923.
The stock sale runs through Feb. 29 on Packers.com, but Packers president Mark Murphy said in news conference Tuesday that it could be extended if there is sufficient interest.