Giants, Jets Ponder Selling Of PSLs In Light Of NFL "Credit Crisis"
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Giants, Jets Considering PSLs As
Possibility At New Meadowlands Stadium |
For the first time, the selling of personal seat licenses (PSLs) is a "real possibility" in N.Y. as Jets and Giants execs are "considering using them at the $1.6[B] stadium they are building in New Jersey," set to open in 2010, according to Richard Sandomir of the N.Y. TIMES. The initial cost of the PSLs "has yet to be determined," but "other teams have charged from $150 for an average seat license to $150,000 for a premium spot" in the Cowboys' new stadium. The prospect of selling PSLs is "made more likely by the NFL's requirement that teams repay their debt much faster than their bankers demanded." Sandomir noted this "credit crisis" also could affect the teams if any of their debt has floating rates, which "would make their financing more expensive -- and make revenue from [PSLs] more important." Jets President Jay Cross said pressure from the league "doesn't make [PSLs] inevitable." Cross: "What it does make inevitable is, we have to raise more equity." If they sell PSLs, the two teams will "probably use them on all 9,200 club seats," and would then "have to decide how many other seats would require" PSLs. Giants President & co-Owner John Mara: "We're looking at all possibilities for the financing of the stadium." Sandomir noted 12 NFL teams have combined to generate "nearly $900[M] in seat license fees" since the mid-90s. These PSLs have "become a marketable commodity," as they are sold privately and listed on Web sites such as eBay, Craigslist and seasonticketrights.com, where fans "attempt to flip their licenses at a profit" (N.Y. TIMES, 3/22).
GIANT PRICING: Meanwhile, the Giants raised the price of their tickets by an average of $7.01. The average seat at Giants Stadium last season cost $83.29, which ranked No. 12 out of the 32 NFL teams (Giants).
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