BSU to sell stock in athletics programs to public

 

BOISE - Boise State University announced today it will form a new corporation and sell shares to the public.

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.

John Miller has been named CEO of the new corporation. The stock is already for sale at the Bronco Athletic Association office. The new company will be a non-profit orginization.

BSU Director of Athletics Gene Bleymaier said the money raised will help finish up funds for new basketball locker rooms, moving the track to East Junior High School and expanding Bronco Stadium.

Bleymaier says the stock doesn't earn a dividend and it doesn't provide seating privileges, but it's for pride.

The board of directors will report to BSU President Bob Kustra and Bleymaier. They will provide direction and have influence of the direction for facilities.

There will be no salary for board members.  They will be volunteers and direct where the stock money goes.

Bleymaier says Boise State needs to have more revenue and support to compete at the level they are now.  He says the current facilities are getting older and will need updating.  The overall budget for this year's facility costs is around $27 million.

Those interested in buy stock can do so via a Web site that will be up by Thursday.

So far, the school has sold over 1,200 shares Boise State Broncos, Inc.

This is a breaking news story and will be updated.