Breaking news: Giants to sell personal seat licenses
The Giants announced Thursday afternoon what had seemed increasingly inevitable in recent months - that they will resort to selling personal seat licenses to help finance their new, joint stadium with the Jets, set to open in 2010.
The Jets have not made such an announcement, but expect them to make the leap soon. They recently sent a survey on the topic to their season ticket holders.
More later . . . or at least in the Friday newspaper.
(UPDATE: Click below for the news release.)Giants Stadium LLC today unveiled some details of the Personal Seat License program for New York Giants season ticket holders in the new stadium that opens in 2010. The so-called PSLs, one-time payments that guarantee the purchaser associated rights to purchase Giants season tickets, will be part of the purchase price for every stadium seat in the new building. PSL prices range from $1,000 to $20,000. Ninety percent of the seats in the upper bowl will have $1,000 PSLs. Fewer than 5,000 seats, in a building which will have a capacity of 82,500, will be at the highest price.
John Mara said the decision to employ PSLs came after an exhaustive examination of all the financing options for the $1.6 billion stadium, now under construction in New Jersey.
We have spent months exploring our various options regarding the financing of the construction of the new stadium, said 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.
Steve Tisch also acknowledged the difficulty of the PSL decision.
Its both an emotional and complicated process to establish the price structure in a new building that has an evolving manifest, said Tisch.
Giants Stadium LLC plans to begin sending detailed materials about the PSL program, which has not yet been finalized, to current Giants season ticket holders in the coming weeks. Information will be delivered continuously through the end of this year.
As part of the notification about the PSL decision, Giants Stadium LLC today sent a letter to all current Giants season ticket holders. In addition, up to date information has been posted on the stadium' website at www.NYG2010.com, and season ticket holders were urged to visit the website for available facts on the program.