Both the Giants and the Jets are planning to sell “Personal Seat Licenses” (PSLs) to gouge season ticket holders pay for construction of their new shared stadium. This morning’s Newark Star-Ledger has an article on the subject, and it makes one of the most bone-headed statements I’ve read about PSLs.
The cost of building stadiums — along with cities’ increasing reluctance to commit tax dollars to sports projects — has made such fees necessary at new venues, according to sports finance experts. The $1.6 billion stadium being built next to the current Giants Stadium is expected to open in mid-2010. These fees would help fund the construction.
The Giants and Jets are sharing the costs of what is expected to be the most expensive stadium built. The state is paying an estimated $300 million for infrastructure improvements at the Meadowlands, as well as other costs related to the new venue.
The Giants’ seat licenses are expected to bring in $300 million to $400 million, team co-owner John Mara said in June. If the Jets were to match that with their take from the PSLs, the cost of the stadium construction would have been cut in half.
That’s right! The cost of the stadium will be cut in half by PSLs! A $1.6 billion stadium — the most expensive ever, the article notes — will only cost half as much! PSLs are magic!
Actually, the cost of building the $1.6 billion stadium is $1.6 billion, you morons. It’s just a question of whose $1.6 billion is going to pay for it. And thanks to PSLs, it looks like loyal season ticket buyers are going to be on the hook for half of it!
At least the Star-Ledger’s economic idiocy isn’t as bad as the NY Daily News’ attempt at making PSLs look like they’re a favor to the fans:
The Jets and Giants are discussing a plan that would give the owners of personal seat licenses (PSLs) first dibs on concert tickets and other non-football events in the new $1.6 billion stadium, Jets owner Woody Johnson revealed Saturday.
Johnson, confirming the Jets will announce their PSL pricing plan later this month, said it may include a system for Jets and Giants PSL owners to “alternate events as they come along during the year — concerts, a tractor pull, whatever we have.”
That certainly would make PSLs more appealing for those apprehensive about shelling out thousands of dollars.
Really? If a ticket-holder comes up with thousands of dollars to help finance your football stadium, you’ll also give him first crack at tickets for a tractor pull? Awesome! Where do I sign up?
I guess it’s too much to expect the local sports sections, which rely on access to these teams, to offer anything but the party line.
