Boise State University announced today that the athletic department is for sale, specifically as a non-profit corporation that is selling shares to the public starting right now. Want to make decisions as they relate to Boise State athletics? Then mortgage your future and get to an ATM, my friend.
Details and reaction after the jump.
KTVB has extra details on the announcement. Thanks to Don Day for being on top of things.
For $100 per share, anyone can buy stock in the new corporation, and will have the ability to vote on a board of directors that will oversee and make decisions related to the school's athletics programs - including football and other programs. The initial share offering will be $20-million.
Money raised will go to facilities, not staff or coaches.
Boise State Broncos, Inc. will be modeled on a similar idea put forth by the Green Bay Packers of the NFL.
Shares of stock are already for sale on the Bronco Athletic Association office.
As a Bronco fan, how does this make you feel? Are you going to buy shares? Is it just another money-grab for the athletic department? Let's talk about it in the comments.
Update: My immediate reaction: Are the Broncos that hard up for money? Don't get me wrong; I love the idea of being able to own stock in my favorite college team. But this seems like a very strange way to raise money.
As far as I know, this is unprecedented in college sports. Most college teams lean heavily on rich boosters rather than create an IPO. Boise State has a lot going for it, but an announcement like this shows that surviving in college football is a very expensive undertaking, even for teams who seem to be at the top.
Of course, it is just as important to note my second reaction: How can I free up $100? I am totally going to buy into this thing because of one very important aspect of the announcement:
the ability to vote on a board of directors that will oversee and make decisions related to the school's athletics programs
That's right. Stock owners will be able to decide on the people who decide what to tell the people who ultimately decide. Democracy WIN! And who's to stop me from nominating OBNUG commenters for the board of directors. Nobody, that's who.
Even if there is little chance that my opinion will change the course of Boise State football history, I like the idea of being able to say, "I am a shareholder in the Broncos. Now give Doug Martin more carries." The going public idea is genius inasmuch as it gives diehard fans the sense that they are making an impact. Oh, how I envy rich people at this time.
Update: KTVB says that the funds will initially be used to improve the basketball lockerrooms and Bronco Stadium track removal and seat expansion. Yay.