INSIDE THE NFL
Green Bay stock
Packers' Bid to Sell More Shares Meeting Resistance
by Peter King
Posted: Wed September 17, 1997
The league office should rule by the end of this month on the
Packers' request to sell nonvoting shares to the public, as the
team did in 1950 to stay afloat. Approval may be difficult to
get, though, because other teams fear the Pack would devote a
chunk of the money to signing bonuses, and that would be viewed
as an unfair advantage.
The Packers say they would use a majority of the proceeds—as
much as $50 million—as seed money for a new stadium, which
would be built around 2015. The Pack doesn't expect the state to
foot the entire bill for the project. "The Brewers had to
contribute about $90 million for their new stadium," says
Packers president Bob Harlan, "and we need to start socking
money away for the day when we have to replace Lambeau Field."
Green Bay does have about $20 million in reserve to try to
re-sign key players who are eligible to become free agents after
this season, including strong safety LeRoy Butler, cornerback
Doug Evans, guard Aaron Taylor and defensive end Gabe Wilkins.
Issue date: September 22, 1997
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