Officials did not provide further details of the stock sale.
He was named president and chief executive in 1987 after the public stock sale.
The second is a sale of stock in one or both teams to the public.
In 1993 the company went public to help raise $156.9 million through the sale of common stock.
As a result, he has called off the stock sale, which was announced in early March.
Proceeds from the stock sale are expected to total $420 million.
The Packers have made $60 million so far from the stock sale.
All the money from the stock sale will go to the bank's balance sheet.
The company hopes to use the stock sale to pay down about $1.1 billion in debt.
Funding will come through the sale of stock to other investors.