The Green Bay Packers are going international, making the 17,000 shares remaininig from their current stock sale available for purchase in Canada.
The Packers said Canadian regulatory requirements were clarified before the franchise opted to offer shares for $250 (US) in Canada. The offering will continue until Feb. 29 unless the maximum number of shares offered has been met before that date.
"Since launching our sale in the United States, we've received a lot of interest from our fans in Canada," Packers President/CEO Mark Murphy said. "After receiving approval from the NFL, we have now clarified the regulatory requirements in Canada and are excited to offer ownership to our fans there."
The cost of $250 also has a charge of US$35 for handling per transaction.
The shares remain available for fans in the United States.
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The NFL-approved stock sale was created to help fund ongoing improvements to Lambeau Field, a $143 million project that includes approximately 6,700 seats, new video boards and two new gates.
The expected completion date is prior to the 2013 season.
The initial offering of 250,000 was sold out in about three weeks, with the team adding an additional 30,000 shares. If all 280,000 are sold, it would raise $70 million — about 49 percent of the renovation’s price tag. A traditional loan will be required to help fund the construction, and the team may also obtain funding from the NFL and the stadium district's user fee program.
Vikings reach tentative stadium deal
The Vikings have reached a tentative agreement with the city of Minneapolis and the state of Minnesota on a $975 million stadium proposal on a site at or near the Metrodome, according to the St. Paul Pioneer-Press.
The agreement includes how to divide costs, with the city contributing $150 million on construction costs, the state chipping in $398 million and the Vikings on the hook for $427 million. The city would be responsible for $180 million in operating costs over the next 30 years, according to the report. Issues such as who would pay any cost overruns still need to be ironed out.
The drawn-out process of reaching a stadium deal is facing a time crunch with the state Legislature adjourning in late April, but the agreement is expected to have time to go through the voting process. However, obstacles remain, as the package would need to pass the Legislature vote and likely the Minneapolis City Council before gaining approval from the NFL, according to the Pioneer-Press.
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Bill Huber is publisher of Packer Report magazine and PackerReport.com and has written for Packer Report since 1997. E-mail him at email@example.com, or leave him a question in Packer Report’s subscribers-only Packers Pro Club forum. Find Bill on Twitter at twitter.com/PackerReport.