Blue Skies: Giants Will Sell PSLs To Help Fund New Stadium
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Giants To Sell PSLs To Help Fund
Construction Of New Meadowlands Stadium |
The NFL Giants Thursday announced, as expected, that the team would sell personal seat licenses (PSLs) at every seat in its new stadium. The PSLs will carry a one-time fee ranging from $1,000-20,000. Fewer than 5,000 seats in the 82,500 stadium will be at the highest price, and 90% of the seats in the upper bowl will have $1,000 PSLs. The team will work with a lender to provide financing options. "We have spent months exploring our various options regarding the financing of the construction of the new stadium," said Giants co-Owner John Mara. "Given construction costs and NFL and lender requirements for paying down our debt, and after much thought and analysis, we decided this PSL program is necessary. All the net proceeds from the sale of PSLs will be used to fund construction of the new stadium." Mara said the PSL program is expected to bring in between $300-400M, but because that will be taxed at a nearly 50% clip, the team will still carry about $500M of debt on the stadium. The Jets, who will share the stadium, could not immediately be reached for comment about their intentions regarding PSLs (Daniel Kaplan, SportsBusiness Journal)
NO OTHER WAY: Mara said that it "'would have been impossible' to finance the Giants' half of the stadium without selling" PSLs. In N.Y., Richard Sandomir reports not only are the Giants and Jets "splitting the cost of the most expensive stadium in the NFL" at $1.6B, but the NFL is "requiring that they repay their debt faster than even their banks required." The Jets are "at least a few weeks from announcing their plan" regarding PSLs (N.Y. TIMES, 6/27). Mara admitted that he is "worried about infuriating longtime fans." Mara: "I'm very concerned about that. We tried hard to come up with a plan that guarantees everybody the opportunity to stay in the new building" (N.Y. POST, 6/27).
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