As Eagles Near $180M Loan For Stadium, PSL Sale Is Likely

The "nearly completed" $180M private loan from FleetBoston Financial for a new Eagles stadium "likely will hasten the team's decision to sell personal seat licenses," according to Edward Moran of the PHILADELPHIA DAILY NEWS, who cites sources as saying that the team "has considered a PSL sale of some kind for months." One source said the size and terms of the loan make "some kind of PSL campaign appear more likely." Since "traditional sources of revenue" — such as naming rights or the sale of luxury suites and club seats are not in place, there is "added pressure on the club to sell PSLs to help finance the stadium." Eagles Exec VP Joe Banner called the loan "remarkable, in the sense that it's not the norm." Banner: "It is very common for teams to be able to chase short-term loans without having sold any inventory, but not long-term financing. Because we are putting up so much money and because the interest rates were so favorable, we decided to see if we couldn't convince a bank to loan us the money based on the strength of the league, the strength of the franchise and the strength of the market" (PHILADELPHIA DAILY NEWS, 5/25).