The Green Bay Packers have received NFL approval to conduct a stock sale to help pay for the team's $143 million expansion project at Lambeau Field.
In a statement, the NFL said Commissioner Roger Goodell determined that the stock sale "meets the appropriate conditions established in 1997 for such a sale in order to raise funds for stadium renovation."
On Tuesday in Houston, NFL owners will be briefed on the Packers plan, but there is no ownership vote required.
The NFL statement said the Packers have an atypical ownership structure that is "grandfathered."
"In connection with the club's last proposed stock sale in 1997, our office determined that the Packers are entitled to sell stock for certain purposes consistent with the 'grandfather,' namely for capital raising purposes such as stadium improvements.
"The proceeds of the stock sale are required to be segregated from other funds and only used for that purpose. In this case, the Packers are planning to sell shares that were authorized, but not sold, in 1997.
Jason Wied, the Packers' vice president of administration and general counsel, issued this statement: "The Packers appreciate the NFL's review of our information relating to a potential stock sale. Proceeding with a stock sale would also involve regulatory steps and other actions, which we are exploring. We intend to keep our fans informed of further developments to the greatest extent possible."
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