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Packers raised $70 million from sale of stock

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The Green Bay Packers sold more than 268,000 shares of stock during its limited run, raising nearly $70 million for planned renovations to Lambeau Field.

Single shares of stock in the publicly owned team went on sale in December. At the time, team president Mark Murphy said he hoped the team would generate $22 million by offering the $250 shares to fans.

Though purchasers of the stock get little more than a certificate and nominal voting rights, the offering was a huge hit, particularly in Wisconsin. Over half of sales were to residents of Green Bay's home state.

The stock isn't worth anything -- it doesn't rise and fall like publicly traded shares. That's drawn criticism from analysts, particularly CNBC's Darren Rovell, who can't believe that people would spend $250 on something that has "no value."

Is it really that hard to believe? Football fans like to spend money on things that connect them to their teams. Tickets, jerseys, programs, memorabilia; it's all under the same umbrella. In a broad sense, you could make the argument that each of these things is frivolous, I suppose. Surely the $200 you spend for tickets, parking, food and drinks at a game can go to a greater cause. But once you accept the fact that all people make purchases that an economist would deem irrational, is an embossed piece of paper with an official Green Bay Packers logo all that different?

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