49ers President Carmen Policy has named his seat-purchase
program to help fund a new stadium for the team, Permanent Equity
Positions (PEPs), according to Edward Epstein in the SAN
FRANCISCO CHRONICLE. During a news conference, Policy explained,
"These positions would enable fans to make investments tied to
the popularity and strength of the franchise." He also suggested
that PEPs could be bought and sold privately or through an
organized market. Policy maintains that the 49ers equity
positions differ from the Raiders' seat licenses because a PEP
purchase would grant the seatholder access forever, where as the
Raiders' PSLs last 10 years. Policy would not reveal how much
the PEPs would cost but said he and S.F. Mayor Willie Brown are
discussing ways to repay taxpayers -- including dedicating
stadium revenue to pay off construction costs; building a year-
round retail development on city-owned land at Candlestick and
using some of the tax revenue to pay for the stadium. Policy
also vowed that all money coming from PEPs would go into
financing the stadium, not to team Owner Eddie DeBartolo. Policy
said that PSLs "have suffered severe contamination," while citing
the Raiders difficulty in selling the plans (SAN FRANCISCO
CHRONICLE, 9/17).
