Jets Gross $16M From Auction Of Coaches Club Section PSLs
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Jets' Coaches Club PSLs Sold For An
Average Of $26,000 |
Jets Owner Woody Johnson said that the team in the eight-day StubHub auction ending yesterday sold 620 of the 2,028 PSLs offered for the Coaches Club section at its new Meadowlands stadium, bringing in a total gross revenue of $16M, according to Richard Sandomir of the N.Y. TIMES. The PSLs sold for an average of $26,000, and final prices ranged from $10,000-82,500 each. The $26,000 average is "$1,000 higher than the most expensive price the Jets have set" for a PSL outside the Coaches Club. Johnson: "This is a pretty good number and we're happy with it. Selling 620 seats on StubHub is pretty amazing by any standard, and selling them at an average of $26,000 each proves that there was a public market for them." Johnson added, "We didn't set the prices. The public determined them." Johnson "refused to say that selling less than a third of the licenses was a disappointment or that the results showed that fans were skittish about the economy." The remaining Coaches Club PSLs "will be sold conventionally at a variety of fixed prices." Seasonticketrights.com President Kyle Burks said that the Jets and StubHub "mistakenly flooded the market with too many license auctions during the first two days, causing a dilution in prices." Burks estimated that the "oversupply of auctions provided buyers up to 50[%] discounts off the prices the licenses may sell for when the Jets allow owners to sell their licenses on the secondary market in 2011." Sandomir notes the Jets "agreed that they had too many early auctions, as many as 140 in a day" (N.Y. TIMES, 10/29).
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Woody Johnson Recognizes
Economy's Impact On Auction |
SUPPLY & DEMAND: Johnson said the auction "went extremely, extremely well -- unbelievable, as a matter of fact." On Long Island, Neil Best notes the Jets and StubHub "cut back drastically on inventory" after deciding that the number of auctions was "overwhelming and confusing fans." The two parties were in "uncharted territory, and thus made no apologies for a major course adjustment during the bidding." Univ. of Pennsylvania Wharton School Of Business professor Eric Bradlow said of the auction, "I think they weren't upset at the bids that came in, but I think they were a little surprised that the number of interested parties was less than they had hoped for. ... It does not take a PhD to figure it out: Cut the supply" (NEWSDAY, 10/29). Johnson said of the auction, "It was a turbulent economic time, and people reorganized the value of these seats as being the best seats in sports. By any stretch of the imagination, that's positive." Johnson added, "The people that buy these kinds of products were looking beyond the current downturn in the market. Did it affect it? That's a question you'll have to ask the economists." The Migala Report Editor & Publisher Dan Migala said that "no matter how many PSLs sold, the team scored in the public relations game." Migala: "They got a ton of free publicity. What they've done is, now the people that bid and didn't win, they've got their data and in theory they've got their estimated price point" (Newark STAR-LEDGER, 10/29). Johnson said that a "mix of individuals and corporations" bought the PSLs. Johnson said of selling the remaining licenses, "In some cases we'll even try to organize tours through the stadium, wearing hardhats to take a look at where your seat would be" (N.Y. DAILY NEWS, 10/29).
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