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Green Bay Packers (Shares) Are Worthless

Real Money's Jonathan Heller calls latest offering 'nothing but a gimmick.'

TheStreet’s Jonathan Heller isn’t shy about owning the stock of professional sports franchises, and with one of the premiere sporting brands making news, it’s time to take a closer look at the team’s share sale deal.

“I've owned and sold a handful of publicly traded sports stocks this year, among them Atlanta Braves owner Liberty Braves Group  (BATRA) - Get Liberty Media Corp. Series A Liberty Braves Report and Manchester United  (MANU) - Get Manchester United Plc Class A Report as well as Redball Acquisition Corp.  (RBAC) ,” Heller wrote recently in Real Money. “RBAC [is] a special purpose acquisition company (SPAC) that flirted with team ownership but failed to get the job done. “

Heller drew the line, however, at buying shares that went on sale recently from a legendary sports franchise.

That franchise is The Green Bay Packers, which sold 300,000 shares Tuesday at $300 each. It’s the sixth time the company has sold shares since 1923, and the first since 2011.

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Other than not being a Packers fan, Heller passed because this is “nothing but a gimmick.”

“You can't sell your shares, they pay no dividends and they only can be transferred to immediate family,” he said. “I laughed when I saw that you are limited to buying 200 shares -- that's $60,000 -- to own shares that really don't represent ownership or an economic interest. But plenty of folks will shell out $300 for a share; I am assuming they will receive a stock certificate to hang on the wall.”

“You've got to hand it to the Packers, though, they'll raise up to $90 million on the sale,” he added.

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