PACKERS RAISE $24M FROM STOCK SALE, FALL SHORT OF $80M GOAL
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).