Packer Fans Gobble Up Worthless Stock

CBS Market Watch - COMMENTARY  - The undefeated Green Bay Packers have scored another victory with their stock sale even though, as an investment, it's a lousy buy. Yesterday the team put up 250,000 shares for sale at $250 each and got 1,600 orders in the first 11 minutes. Pretty impressive considering it pays no dividends, the value doesn't increase and it has no resale value. So it's kind of like Greek treasury bonds. The reigning Super Bowl champion Packers made the stock offering - its first since 1997 - to raise funds for renovations at Lambeau Field, the team's home in Green Bay, Wis. The team is the U.S.'s only non-profit, community-owned major league sports team. Founded in 1919, the Packers went public in 1923 and this sale marks only the fifth stock sale in team history. The team makes no effort to hide the worthlessness of the stock. Here's the sales pitch from president and CEO Mark H. Murphy: Read full column here: News New Mexico

Packer Fans Gobble Up Worthless Stock