Oilers Owner Bud Adams, ten TN banks and a "mystery
investor" have all put up money to meet the $77M PSL milestone
negotiated last November in a deal to move the Oilers from
Houston to Nashville. TENNFL, the organization formed to sell
luxury suites and PSLs for the $292M stadium, announced they have
sold $65,592,000 worth of PSLs, just over 40,000. Adams "agreed
to put up" $7.5M of his own money to "cover any PSLs that remain
unsold by the time the stadium open in 1998." Local banks agreed
to underwrite $1.4M of unsold PSLs, and an unknown investor
agreed to invest $2.4M to bring the "total commitments" for PSLs
to $77.4M. Nashville Mayor Phil Bredesen said the name of the
investor would be made public in the next few days. PSLs will
remain on sale until all 57,000 available are sold or until the
facility opens. The Oilers also agreed to "lower the milestone"
regarding club seat sales from 9,600 sold to 7,400. These seats
carry an annual fee in addition to the "one-time PSL fee." The
consortium of banks agreed to underwrite $8.1M of unsold club
seats to reach that goal (Jeff Legwold, Nashville TENNESSEAN,
2/23).
