BOISE, Idaho — The Boise State Athletic Department is selling stock in Bronco sports.

Athletic Director Gene Bleymaier unveiled the fundraising program Wednesday that hopes to raise $20 million for renovation and upgrades to Bronco sports facilities.

Shares are selling for $100 apiece.

As part of the program, the athletic department formed a nonprofit corporation, Boise State Broncos Inc., and created a 12-person board to oversee it.

Bronco stock shares do not pay investors dividends or offer any other financial reward. But shareholders can vote each year on board members at an annual shareholders meeting.

Bleymaier says the program mirrors a stock offering arranged 12 years ago by the Green Bay Packers, of the NFL. The Packers are a publicly owned team and raised $24 million by selling more than 105,000 new shares in 1997.