"First and foremost, it's a way for them to support the team and it does give them significant bragging rights to say that they are owners of a Super Bowl-championship team," Murphy said.
The Packers had about 112,000 owners of 4.75 million shares prior to today's sale. The team has owners in all 50 states, with Miller Brewing Co. the largest shareholder, Murphy said. He didn't say how many shares are held by Miller, a unit of Molson Coors Brewing Co.
The team last sold stock in 1997, when it raised roughly $24 million at $200 a share to update the stadium.
"I think our timing is good and the fact that we have the ability to sell online through the internet should help us reach more people," Murphy said.
The renovation will be funded mostly through the stock sale and debt, Murphy said. He said Green Bay-based Associated Banc- Corp, Wisconsin's largest independent bank by assets, will handle the debt financing, which is expected to be under $100 million, he said.
"This is really the first time in the organization's history that we're taking on significant debt," Murphy said. "Money that we are able to raise through the stock sale benefits the team because it allows us to borrow less money and reduce our debt cost."
Green Bay has a population of 104,057, according to the U.S. Census Bureau, making it the smallest market in the NFL. The Packers are valued at $1.08 billion, ninth highest in the league, according to Forbes magazine.
Quarterback Aaron Rodgers, who leads the league with a 127.7 passer rating and 71.8 completion percentage, leads all players in Pro Bowl balloting, the NFL announced last week on its website. The Packers have the lead vote-getter in 10 of the 19 National Football Conference positions.