Is The Green Bay Packers Ownership... a scam?

Back in 2011, the Green Bay Packers sold stock worth 250 dollars to fund renovation of Lambeau Field. The stock is not resalable and has no value. They claim you become a owner but you don't make money off the Packers, and you still have to buy tickets to watch the game. All I see it as a glorified Kickstarter with perks you still have to pay for.

Maybe I'm seeing this a wrong way...

It's just a way to raise money from fans to renovate their stadium. They are the only team that functions as a publicly owned, non-profit corporation.

Allowing fans to purchase souvenir "stock" is a far more equitable way to raise money than say forcing all tax payers to cover all cost overruns, as Santa Clara has done.

As long as people were fully aware of what they were buying I see no problem with it.

Last I checked, Russell Wilson owned the Packers.

The Packers have sold stock in the team two or three times in their history I think.

The way most teams get stadiums built is a scam. Trying to make Spokane residents buy stadiums in Seattle is a scam. Green Bay's little fundraising concept is way more honest than the crap most owners try to pull.

At least the Packer fans knew up front that the funds were strictly a donation........and it was voluntary.

Unlike most municipalities where it's forced down our throats through taxes or bonds by a small group of slimy politicians out for their own interests.

minormillikin":1o0ezf7y said:

The way most teams get stadiums built is a scam. Trying to make Spokane residents buy stadiums in Seattle is a scam. Green Bay's little fundraising concept is way more honest than the crap most owners try to pull.

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Absolutely agreed.

(although I'd also say that getting Seattle residents to buy the Seahawks a stadium in Seattle -- or Santa Clara residents to buy the 49ers a stadium in Santa Clara for that matter -- is just as much of a scam as it is on residents of Spokane).

Popeyejones":ooqw888m said:

minormillikin":ooqw888m said:

The way most teams get stadiums built is a scam. Trying to make Spokane residents buy stadiums in Seattle is a scam. Green Bay's little fundraising concept is way more honest than the crap most owners try to pull.

Click to expand...

Absolutely agreed.

(although I'd also say that getting Seattle residents to buy the Seahawks a stadium in Seattle -- or Santa Clara residents to buy the 49ers a stadium in Santa Clara for that matter -- is just as much of a scam as it is on residents of Spokane).

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The difference is Paul Allen paid for the referendum so that it wouldn't cost the state any money. And the contributions from the public were specifically capped at $300 million with Allen agreeing to cover any cost overruns. $300 million was much less than the economic benefit the new stadium would bring.

The Santa Clara situation was a stark contrast with Jed York agreeing to contribute $0 of his own money to cost overruns, while the city is on the hook for a $850 million building loan, in addition to all future interest and fees.