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PACKERS RAISE $24M FROM STOCK SALE, FALL SHORT OF $80M GOAL
Published March 18, 1998
The Packers announced yesterday that they raised more than $24M from the sale of roughly 120,000 shares of stock during a 17-week window, "a considerably smaller haul than was originally forecast," according to Tom Silverstein of the MILWAUKEE JOURNAL SENTINEL. The $24M in new revenue "doubles the team's coffers" and means the Packers "have probably enough money in their savings to keep them afloat for at least a quarter century." However, early estimates were that the team could generate $80M from the stock split, which the club said was the "high end" of the estimate. Packers President Bob Harlan said that the team "would still be able to" renovate Lambeau Field, expand its football offices and workout facilities and contribute to a new stadium fund, "but the contribution to the stadium fund won't be as great" (MILWAUKEE JOURNAL SENTINEL, 3/18).