The Green Bay Packers are a unique American professional sports team in that the team is a publicly held corporation. The public can buy common stock in the Packers but there are no dividends.

(a) Describe how you would modify the one-period stock valuation formula we have discussed to incorporate this issue.

(b) The price of this stock has increased over time as the teams fanbase has grown. Based on the components of the formula you described above, explain how this is possible.