Maybe Otago Could do This?

Perhaps Otago could have form a company and issue stock to solve their ills:

The fifth stock sale in team history closed at midnight Wednesday with the Packers raising almost half of the money needed for the Lambeau Field expansion that’s already underway.

Final sale numbers are not yet available, but more than 268,000 shares were sold at $250 apiece during the 12-week sale, contributing roughly $67 million in revenue toward the $143 million Lambeau project.

“For budgeting purposes, we looked at what we did last time and estimated conservatively at $25 million,” Packers President/CEO Mark Murphy said, referring to the 1997 stock sale’s proceeds. “When you step back from it, it far exceeded our expectations.”

In the first two days of the sale in early December, 185,000 shares were sold, as the convergence of the Christmas season and the team’s undefeated record at the time produced immediate demand. In the final weeks of the sale, regulatory clearance was gained to sell stock in Canada, leading to roughly 2,000 shares purchased across the border.

“It’s a tribute to the organization, the support of our fans, and the uniqueness of the Packers,” Murphy said. “I think that really appeals to people. You can’t say enough about how appreciative we are for the support.”

Wisconsin fans purchased approximately 50 percent of the shares in this sale, by far the most by one state but a lower percentage than in 1997. Illinois and California were next with 8.5 percent apiece, followed by Minnesota and Texas with 5 percent each.

Enhanced by Zemanta
 


THANK YOU for being a subscriber. Because of you Whaleoil is going from strength to strength. It is a little known fact that Whaleoil subscribers are better in bed, good looking and highly intelligent. Sometimes all at once! Please Click Here Now to subscribe to an ad-free Whaleoil.

  • Blair Mulholland

    How do you mess up running one of the top three rugby franchises in New Zealand?  I don’t get it.  It’s rugby in Dunedin – those fans are very big fish in a pretty tiny barrel, and how you could take shots at them and miss is just beyond me.

    • Bunswalla

      Professional rugby is a business. Like most other businesses, the number one fundamental is:

      Spend less than you earn.

      If ORU had followed that they wouldn’t be in the strife they are now.

  • politically unstable

    BOP rugby went broke a couple of years ago
    Southland are also broke
    How many others are broke???
     

  • Pukakidon

    Manawatu went into debt and the supporters raised $360,000.00 in donations to get them back on track, I was one of them and I did not want anything in return except to see my team plan in the Air New Zealand cup.   Investors in sports teams hardly ever make money, tt is a hobby. However in this case Otago’s poor management decisions have let them down.  I would be interested to see how much was being consumed by the admnistrtors in fees.

  • Warehi

    Rugby administrators in New Zealand have always been a bad joke.You would not want any of them in charge of your own bank account. You would be far better off with Mark Hotchin or Rod Petricevic. Let’s hope that the demise of the ORU will be repeated  by other unions  around the country and the end of rugby is not far away .As a game it  is a boring joke. New Zealand beer swilling oafs have, as long as I can remember, claimed that we are the world’s best. That of course is not difficult when bugger all countries in the world play the “game” as their No. 1 sport. South Africa is the only signficant country which does. You’d need to be optimistic to claim Wales as a country.

32%