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PACK AND THE GREEN STOCK: TAGLIABUE APPROVES STOCK OFFERING
Published October 14, 1997
NFL Commissioner Paul Tagliabue has given the Packers "permission" for a proposed stock split and subsequent sale of new shares, according to Bob McGinn of the MILWAUKEE JOURNAL SENTINEL. The Packers first new stock sale since 1950, which could raise "up to" $80M, "will require" 67% approval from the current shareholders. Shareholders will vote on the stock offering, "tentatively 400,000 shares at $200 per share," at a special meeting on November 13. The Packers said new shareholders "would receive voting privileges", but that current shareholders would still hold a "substantial majority of voting rights." If approved, the team said that the sale would begin "almost immediately." In exchange for Tagliabue's OK, the Packers agreed to "restrictions on how the revenue could be used," specifically agreeing not to use any of the funds for player costs. The stock revenue would be "segregated from other revenues and invested" for use when the Packers decide to replace Lambeau Field or perhaps enlarge or restructure its 60,790-seat capacity (MILWAUKEE JOURNAL SENTINEL, 10/10). The AP reported that details of the Packers proposal show that the team "would split the current 10,000 shares into 10 million shares," of which 4.628 million would be held by current stockholders. Of the remaining 5.372 million shares, the team could then sell "up to" 1 million to new buyers. The proposal would limit purchases to "a maximum of" 200 new shares, and would "bar" current shareholders with 200 or more shares from buying new shares (AP, 10/12). On "Fox NFL Sunday," James Brown reported that "several NFL teams are against" the proposed stock sale, as "opponents believe the team would use the bulk of that new money" to re-sign their young free agents (Fox, 10/12).