The Green Bay Packers are a unique sports franchise. They are the only professional sports team without a primary owner. They are owned by shareholders, not an individual or a family. And with the recent stock offering by the Packers, my cousin (a Bears fan) posted an article on Facebook titled, “Green Bay Packers Stock Offering: Packers 12, Shareholders 0.”
Now before I continue, I have to admit, I’m a die hard Packers fan. Always have been since my childhood. Yes, I grew up in the Chicago-land area. Don’t ask…I think I was dropped on my head…multiple times. But, hey, with the way things are going I can’t complain.
To summarize the theme of the article: Packers fans are being cheated.
Here’s why according to the writer:
Offering to sell 250,000 shares initially, and up to 880,000 shares total if that’s what the market will bear, the Packers stand to make anywhere from $62.5 million to $220 million off this share issuance. In exchange, they’re offering to give you [the shareholder]:
- Bragging rights
- The right to sit in a meeting
And … that’s it.
The writer concludes by saying:
Seems to me, somebody’s playing the Packers fans for chumps.
He insinuates a form of exploitation. Packers fans are dumb and team management is ripping them off.
But, it appears to me the writer completely ignores the intangible reasons fans would purchase team stock for the Green Bay Packers or any other historic franchise. He forgot to ask one simple question: Why? He seems puzzled, but never really tries to put himself in the shoes of an interested shareholder of the Green Bay Packers.
Yeah, okay, as a shareholder I only get a meeting and bragging rights. So what? The reasons someone would own anything – stock, cars, homes, shoes, etc. – can sometimes be more personal than monetary.
Did the writer ever consider the feeling it brings a grandfather when he shows their grandchild they “own” a share of the Green Bay Packers? What about the nostalgic affect it would have on someone who grew up only knowing green and gold? What about how proud someone would feel knowing that their purchase helped their team gather the resources it needed to win championships? What about the joy it would bring to a man who walked into his man-cave and saw a share of Green Bay Packers stock framed above his couch? I could go on and on. What you and I find valuable may not be valuable to someone else. Just because we cannot relate to the interests of the buyer, does not make them stupid. It makes them different than you. Period.
The point being, incentives do not always have to be based on monetary reasons.
And, to gloat a little bit: While owning a share of Packers stock is not “true ownership,” it is still considered an investment for buyers. The ROI is not dividends or perks – it’s the Lombardi Trophy. Championships. After all, the results speak loudly – throughout history fans have witnessed an all time record 13 NFL Championships, including 4 Super Bowl Championships.
Who’re the chumps now?
All in all, the lesson learned here is this: Bears suck. Packers rule.
Whilst I did click +1 on Google, it’s in relation to the value assessment you made, not the last line. Though after last week, it’s hard for me to say that the Bears do not suck.
Haha thank you, sir. It’s sad how far they’ve fallen in the last month. Wait till next year, right? … oh, wait, that’s for another Chicago team…;)