Athletic director Gene Bleymaier announced Wednesday that his department is forming Boise State Broncos, Inc., a program that will allow fans to buy shares of athletic department stock.
A total of 200,000 shares will be available at a cost of $100 per share. The $20 million raised will be used to renovate facilities.
In return, shareholders will receive a stock certificate, voting privileges and will be invited to the annual shareholder meeting. It's all legal because the organization will be a nonprofit 501 (c)(3) corporation. Shareholders will not receive dividends and the stock does not appreciate.
The program is modeled after one used in 1997 by the Green Bay Packers, the NFL's only publicly owned team. The Packers raised nearly $24 million by selling more than 105,000 new shares in the team.
"This program worked tremendously for the Green Bay Packers, and we think it can work for us." Bleymaier said.