I was born and raised in Minnesota, where hating the Green Bay Packers is kind of a basic societal requirement. That being the case, I am biased when it comes to the Wisconsin NFL team.
But hating the Green Bay Packers is an easy box to tick, and it’s always nice when you can get pleasure from your duties.
It’s not even their quarterback Aaron Rodgers, who just lied about being vaccinated, then lied about being vaccinated, then went on the shows to spit out misinformation and being a dick like, sort of, the petulant millionaire super-spreader is the real victim in it all. No, this is something anyone other than the Green Bay Packers football team could call âsecurities fraudâ.
For $ 300, plus a $ 35 processing fee, you can now purchase what the Packers call a “share.” This “common stock offering” has a catch: what you buy is not a stock. It is, in ESPN’s words, “essentially a worthless piece of paper”.
This is a scam. On the one hand, the Packers don’t need your money (anymore): they are an extremely profitable team and currently have a reserve fund of $ 400 million. More importantly, these “stocks” have no equity, cannot be traded, do not pay dividends, do not appreciate, are not accompanied by notes and purport to confer “voting rights”, but in reality do not offer any significant say in the operations of the Packers. . The âshareholdersâ are invited to an annual meeting, where the Packers admit they will try to suck in even more money (âYou will not receive any special benefits with regard to tickets, preferred seats or discounts on tickets. merchandise, but you will receive an invitation to the annual meeting and the opportunity to purchase merchandise exclusive to shareholders. â).
In the first days of their sale, the Green Bay Packers unloaded 126,000 of these âsharesâ. The Packers plan to sell a total of 300,000 – let’s call them what they are – pieces of paper, to fund projects at Lambeau Field, including new video cards and lobby upgrades.
While the Packers have a rich history of public ownership, that’s just it at this point: history. Today, the Green Bay Packers don’t operate much differently from any other NFL team except for having an unusually gullible fan base.
If you want to donate to a successful football team that doesn’t need your money, great. But it certainly seems unethical to sell something and call it an action when it doesn’t meet the definition of an action. It’s not as if the Packers are actively covering up what’s going on here – the homepage of their “common stock offering” says (in fine print): “Common stocks are not an investment in” stocks âin the common sense. head on, I think it’s safe to say that the distinction is going to be lost on a lot of these new “shareholders” of the Packers.
It doesn’t sound cool to take advantage of your strongest supporters. There has been a lot of this in American society lately. On the bright side though, I’m guessing that the fact that Packers fans quickly found $ 40 million to spend on worthless paper certificates is just further support for my hypothesis that the economy is actually in great shape. It’s like a solid week of all Wisconsin cheese curds and the Miller Lite budget.
At the end of the day, given that the Packers only prey on the Packers fans, it’s hard to be too angry. Hope all Cheeseheads enjoy their $ 300 napkins and their sick liar quarterback.
Jonathan Wolf is a litigator and author of Your Debt Free JD (affiliate link). He has taught legal writing, writes for a wide variety of publications, and has done both his job and his pleasure in having financial and scientific knowledge. Any opinions he expresses are probably pure gold, but are nonetheless his only and should not be attributed to any organization with which he is affiliated. He wouldn’t want to share the credit anyway. He can be contacted at [email protected].