(Bloomberg News) Green Bay Packers fans purchased $400,000 worth of shares in the first 11 minutes as the National Football League team's fifth stock sale began today.
The only publicly owned franchise in U.S. sports, the Packers want to raise $62.5 million with the sale that started at 9 a.m. New York time. Shares cost $250 dollars and are available via mail or online at PackersOwner.com.
The website urges fans to "believe in legendary excellence" and to "become a shareholder in what you believe." The stock pays no dividends, doesn't appreciate and can't be sold.
The franchise won its fourth Super Bowl in February, a game that was the most-watched television event in U.S. history. The Packers are 12-0 this season, the only undefeated team in the league.
"This is a significant and historic time for the organization," club President Mark Murphy said today in a media conference call. "In the first 11 minutes, we had 1,600 sales."
The sale will run until Feb. 29, subject to extension, and the team will issue additional shares if the initial 250,000 sell out, Murphy said.
"That would be a good problem to have," he said.
The Packers are raising money to help pay for a $143 million renovation of Lambeau Field that will add two gates, new scoreboards, a new sound system and about 6,700 seats before the start of the 2013 season, according to the team.
Stock is available to individuals in the U.S., Guam, Puerto Rico and the U.S. Virgin Islands. Shares can be purchased as a gift for others, and can be delivered in time for Christmas if purchased before Dec. 12, Murphy said.
Shareholders are given a vote to the team's board of directors and can attend stockholders meetings every summer in Green Bay, Wisconsin, with exclusive access to the events such as rookie practices and stadium tours. They also have a special store with apparel such as "I Own A Piece of the Pack" T- shirts.