By Libby Sander

The Boise State University Broncos don't shy away from the unconventional. After all, they're the only team in college football to play on a bright blue Astroturf field.

On Wednesday, the university's athletic director unveiled an unusual plan for raising money to build and renovate the institution's athletics facilities: The Broncos will sell 200,000 shares in a new nonprofit corporation, Boise State Broncos Inc., at $100 each. The anticipated $20-million in proceeds will pay for the construction of new and renovated athletics facilities.

So far, the Broncos have sold 1,200 shares, mostly to members of the new company's 12-person board.

"We are dependent on our supporters," the athletic director, Gene Bleymaier, said in a written statement. "If we are to continue the success we are enjoying now we must generate new revenues to pay for coaches' salaries, scholarships and facilities. Owning Bronco stock allows everyone to help us reach those goals."

Among the projects on the wish list is an end-zone expansion on the south end of Bronco Stadium, as well as new locker rooms for men's and women's basketball.

Bronco stock will not be publicly traded, will not pay any dividends, and the shares will not appreciate in value. Owning shares is not linked to seating privileges, either.

Instead, shareholders will receive a certificate stating their 'ownership,' and may participate in annual shareholders' meetings. They will also have the chance to vote for members of the new company's board of directors, and the cost of the shares is tax-deductible.

Though unusual, if not unheard of, in college sports, the Broncos' plan is not without precedent elsewhere. The NFL's Green Bay Packers took a similar approach in 1997, and now have more than 112,000 fans who own 4.7 million shares in the franchise.

And Boise State isn't alone in thinking creatively about new revenue streams. Big-time college sports programs, which incur significant expenses from their operations, athletics scholarships, and costly capital projects, are always looking for new ways to make money.

The University of California at Berkeley, for instance, recently embarked on a $1-billion campaign for its sports endowment. Berkeley's campaign is unusual not only in its ambitious goal but also in its approach. The campaign relies largely on the money derived from long-term seat licenses for football—not private donations—to boost the endowment. (Most major athletics programs typically use seat licenses to finance capital projects, not endowments.)

And Oklahoma State University raised eyebrows two years ago when it announced it had secured $280-million for capital projects and a sports endowment by taking out $10-million life insurance policies on 28 of its athletics boosters.

Boise State's approach has already generated buzz among some fans. As one put it, writing on One Bronco Nation Under God, a blog for the university's football fans, "I already feel like I have partial 'ownership' of this program. Now, I can donate another hundred bucks (which is far less than my usual annual gift to the university) and get a cool certificate for my wall. Count me in."