Jets Statement On PSL

[Maxman]

Found this in KJ's news thread.

Jets fans will get their chance - to pay

NEIL BEST

July 18, 2008

Jets fans have been sitting on the sidelines the past three weeks, watching the Giants' personal seat license drama unfold and wondering when it would be their turn for bad news.

Yesterday, they got their first official taste of it. The team issued a statement saying, "We are developing our PSL plan that we will announce at the end of August."

It was the first time the team publicly acknowledged it will use PSLs to fund its half of the joint stadium with the Giants.

The team sent a questionnaire to fans in the spring gauging tolerance levels for PSLs at various prices, raising concerns among season-ticket holders.

Unlike the Giants, the Jets do not have a recent Lombardi Trophy to soften the blow.

Before the Jets issued their statement, Giants president John Mara was asked whether he would be shocked if his stadium partners do not resort to PSLs.

"Let's just say I'd be surprised," he said, "because they're carrying the same debt that we're carrying."

E-mailShare Digg Del.icio.us Facebook Fark Google Newsvine Reddit Yahoo PrintReprint

Get breaking news | Most popular stories | Dining and Travel deals all via e-mail!

Copyright

[Boozer76]

Before the Jets issued their statement, Giants president John Mara was asked whether he would be shocked if his stadium partners do not resort to PSLs.

"Let's just say I'd be surprised," he said, "because they're carrying the same debt that we're carrying."

Here's my question-Since this is a joint venture to fund this stadium using loans and such to repay it over the years, do the Giants have any say on how we go about collecting income to repay this debt? And conversely do we have any say on how they collect?

Not so much on how much a PSL should or should not be, but let's just say Woody has become enlightened by all the complaining and decides to bag PSL' and makes an announcement that Jet ticket prices will not be increased again for 30 years. Furthermore he bags parking costs and drops the cost of beer and food in half. I'm obviously exaggerating to suit my point, but let's just say that Woody's plan clearly would be a path to financial ruin for the Jets, thus making them unable to repay their share in full. Are the Giants then on the hook for the full share, or vice versa if this same scenario played out for Mara?

I guess my point is if both teams are on the hook for the full amount in the event one team defaults (just as it would be for a married couple paying a mortgage), would both teams have the right to debate the methods that each team employs to collect the necessary funds to repay the loan?

[aec4]

Before the Jets issued their statement, Giants president John Mara was asked whether he would be shocked if his stadium partners do not resort to PSLs.

"Let's just say I'd be surprised," he said, "because they're carrying the same debt that we're carrying."

Here's my question-Since this is a joint venture to fund this stadium using loans and such to repay it over the years, do the Giants have any say on how we go about collecting income to repay this debt? And conversely do we have any say on how they collect?

Not so much on how much a PSL should or should not be, but let's just say Woody has become enlightened by all the complaining and decides to bag PSL' and makes an announcement that Jet ticket prices will not be increased again for 30 years. Furthermore he bags parking costs and drops the cost of beer and food in half. I'm obviously exaggerating to suit my point, but let's just say that Woody's plan clearly would be a path to financial ruin for the Jets, thus making them unable to repay their share in full. Are the Giants then on the hook for the full share, or vice versa if this same scenario played out for Mara?

I guess my point is if both teams are on the hook for the full amount in the event one team defaults (just as it would be for a married couple paying a mortgage), would both teams have the right to debate the methods that each team employs to collect the necessary funds to repay the loan?

Actually good points are made here... I bet there aren't specifics like you said above, BUT I bet the Jets and Giants had to put something substantial up to guarantee their loans.

[SlugORama99]

Well, I listened to Mara on WFAN a little while ago and it just hit me that 40+ years of Jets season tickets in my family will end next year. It is a shame that the billionaires have decided to have their fans foot the bill for their new stadium, as well as raise ticket prices, refreshments, parking, etc. It is such a load of bull****! It was getting increasingly harder to factor in the yearly season tickets hit in the budget as it is. They are going to price most of the diehard fans out of the new stadium. Way to go, Woody. You and the Maras are a bag of douches!

[madmike1]

The Giants aren't even offering zero interest financing LMAO. So not only are they raping you for the PSL's but they are getting a commission on the loan you need to take to get them. What a RACKET.

[Gainzo]

The Giants aren't even offering zero interest financing LMAO. So not only are they raping you for the PSL's but they are getting a commission on the loan you need to take to get them. What a RACKET.

Thats a great point. I wonder what the interest rate is going to be if you finance your PSL's? What if you have crappy credit? Will you even get approved?

[SlugORama99]

The Giants aren't even offering zero interest financing LMAO. So not only are they raping you for the PSL's but they are getting a commission on the loan you need to take to get them. What a RACKET.

AND, they get some sort of transaction fee if and when you are able to sell your PSL. Unbelievable!

[SlugORama99]

Thats a great point. I wonder what the interest rate is going to be if you finance your PSL's? What if you have crappy credit? Will you even get approved?

I can see it now....five years down the road, the government has to bail out hundreds of thousands of Americans who have defaulted on their PSL loans!!!

[madmike1]

There is gonna be a HUGE market for the BEST POSSIBLE $1,000 PSL seats heh.

[The Gun Of Bavaria]

I can see it now....five years down the road, the government has to bail out hundreds of thousands of Americans who have defaulted on their PSL loans!!!

hahahahahahahahahahahahahahahahaha

POTW!

[The Gun Of Bavaria]

Another NFL team sticks it to their fans, but we all know the NFL stopped being about the fans YEARS ago.

Sorry to hear that for you Season Ticket holders out there.

Perhaps the Jets will team up with CVS Pharmacy to offer discount vouchers on KY Jelly to help ease the pain when the PSLs are officially announced.

[SlugORama99]

Thanks, Guns. Welcome back! Be lucky you're not a season ticket holder and you can still enjoy your game or two per season. This is going to suck. Instead of looking forward to a new stadium, I'm depressed that my season tickets will be gone. There are going to be a lot more opposing fans at our home games as people try to make back some of their money by selling the tickets to the opposition when the Jets are in the basement in mid-October!!

[flgreen]

Possible solution for Woody to get his money, and still win some PR points. I think the $ 1,000 for the upper seats is fair.

The $ 10,000 and $20,000 lower bowl seats are the problem. A lot of fans who have those seats have had them a long time. That's how they got the good seats. They got them at Shea

All the people who have had seats 20 years or more, are allowed to pay the PSL off over 10 years, no interest. What this would do is, say a person has had 4 seats 25 years. Right now he has to pony up $80,000, if it is paid over 10 years, all he has to come up with is $ 8,000. He can then wait until all the $20,000 PSL's are gone, and sell two of them for $25,000. Recovering the $8,000 he laid out, and still have $2,000. The 2 PSL's that were sold, must be paid off right now, so Woody would recover a lot of his money right now.

The original owner can make a choice now with his remaining PSL's. If he has reasonable disposable cash, he can pay the $4,000 a year, and keep going to the games, or he can also sell them, and pocket a total of $ 12,000. This will lessen the blow of losing his seats, and he won't be bitter. He might even spend $4,000 of that $12,000 and get seats upstairs if he really likes the in stadium game day experience that much. He's a happy camper one way or the other.

Woody would recover a lot of his up front money in just that fashion. Plus he would also get to resell a lot of seats that fans defaulted on. Kind of like the buy here pay here car lots. People pay for six months on a car, can't pay anymore, they repo it, and resell it again. Good racket.

It seems to me everyone comes out of this happy. The Jets avoid a public relations night mare, and some of the long time fans make enough money to buy a plasma and the NFL ticket.

[JETSFAN5180]

Woody Johnson can careless what any of the fans have to say about the PSL fees.He knows dam well if you wont pay it someone else will.There is no LOYALTY in the NFL its a business.Anyone who thinks differently I have a bridge for sale.

Who is this guy everyone keeps calling NOONE???????

[4HCrew]

It always comes down to money...if you do not have enough of it, do not come to my stadium.

Sincerely

Robert Woodrow Johnson

[flgreen]

Woody Johnson can careless what any of the fans have to say about the PSL fees.He knows dam well if you wont pay it someone else will.There is no LOYALTY in the NFL its a business.Anyone who thinks differently I have a bridge for sale.

Who is this guy everyone keeps calling NOONE???????

This isn't true

The Giants have 130,000 people on their waiting list. They just won a very exciting Super Bowl. Out of those 130,000 fans on their waiting list, many of them have very deep pockets. They have won 3 Super Bowls in recent memory. It is true for them.

The Jets HAD in the area of 11,000 people on their waiting list. They haven't won a Super Bowl since 1969. They are considered one of the laughing stocks of the NFL. They were 4-12 last season. From what I'm hearing, people that were in the area of 2,500 on the waiting list are now getting invitations to buy tickets, and turning them down. If you have Jets tickets, it is difficult, even now to get face value for them when the Jets aren't doing well. This is not the case with Giant's tickets.

Many of the people who have elite seats for the Jets have them because they have been in their family since the early 70's. Most of them are blue collar kind of people. The seats have been affordable for them. They no longer are. We have several people on the board in that situation. I truly feel bad for them.

Who Woody is looking to pick up the slack of the people that he doesn't care about, and is going to choke out are Elite, wealthy people, and corporate. These people have no interest in a losing franchise.

IBM isn't really interested in giving their clients tickets to a losing team, and a team that there is no real difficulty getting tickets for. The out of town client is going to think, "Why didn't I get Giants tickets?. If they chose to lay out big bucks for PSL's, for their clients, they would rather pay $30,000 for Giants seats, then $20,000 for Jets seats. That's just good business

The Giants can have the attitude "If they don't pay it somebody else will" The Jets can't.

That is the reason that the Giants didn't send out any pre PSL questionnaires. They just put the PSL out there, and said, take it or leave it. We have 130,000 people that will take that seat if you don't. The Jets aren't in that position unless they win a Super Bowl this year.

We have the pleasure of living in a Free enterprise system based on supply and demand. There just isn't much demand for Jets tickets right now.

I assure you the Jets front office is aware of this situation, and are monitoring all the Jets Message boards, just to see what the mood of their clients are. Keep bitching. Keep talking about how your not going to pay outrageous PSL's.

If they have a brain they will hear..

[JETSFAN5180]

This isn't true

The Giants have 130,000 people on their waiting list. They just won a very exciting Super Bowl. Out of those 130,000 fans on their waiting list, many of them have very deep pockets. They have won 3 Super Bowls in recent memory. It is true for them.

The Jets HAD in the area of 11,000 people on their waiting list. They haven't won a Super Bowl since 1969. They are considered one of the laughing stocks of the NFL. They were 4-12 last season. From what I'm hearing, people that were in the area of 2,500 on the waiting list are now getting invitations to buy tickets, and turning them down. If you have Jets tickets, it is difficult, even now to get face value for them when the Jets aren't doing well. This is not the case with Giant's tickets.

Many of the people who have elite seats for the Jets have them because they have been in their family since the early 70's. Most of them are blue collar kind of people. The seats have been affordable for them. They no longer are. We have several people on the board in that situation. I truly feel bad for them.

Who Woody is looking to pick up the slack of the people that he doesn't care about, and is going to choke out are Elite, wealthy people, and corporate. These people have no interest in a losing franchise.

IBM isn't really interested in giving their clients tickets to a losing team, and a team that there is no real difficulty getting tickets for. The out of town client is going to think, "Why didn't I get Giants tickets?. If they chose to lay out big bucks for PSL's, for their clients, they would rather pay $30,000 for Giants seats, then $20,000 for Jets seats. That's just good business

The Giants can have the attitude "If they don't pay it somebody else will" The Jets can't.

That is the reason that the Giants didn't send out any pre PSL questionnaires. They just put the PSL out there, and said, take it or leave it. We have 130,000 people that will take that seat if you don't. The Jets aren't in that position unless they win a Super Bowl this year.

We have the pleasure of living in a Free enterprise system based on supply and demand. There just isn't much demand for Jets tickets right now.

I assure you the Jets front office is aware of this situation, and are monitoring all the Jets Message boards, just to see what the mood of their clients are. Keep bitching. Keep talking about how your not going to pay outrageous PSL's.

If they have a brain they will hear..

The NYGIANTS can have a million people on the waiting list that doesnt mean they will pay the price if their number is called.Many do it for status to say "im on the NYGIANTS waiting list".

I gave up my season tickets for the simple reason of economics.I wasted over $650 a year on preseason tickets never used.Games I couldnt attend I couldnt give away let alone sell.Look at the on-line sites and notice all the NYJETS tickets 4 sale.Did this stop the yearly price increase or the option to waive out of the pre-season tickets.

Corporations and brokers who will buy the seats with PSLs will claim a tax loss or business entertainment expense if they dont utilize them.I doubt the NYJETS front office is monitoring any message board to decide on the fate and profit margin that will be gained from PSLs. Could you imagine the decisons they would make based on the message boards LMFAO LOL LOL...NEVERMIND

[Offshorebettor]

I know no one is happy with the PSL, but at least it is a one time cost and you can always sell them down the road.

I am a yankee season ticket holder with Field Box seats just past halfway bwteen 3rd and the left field foul pole. (not MVP just reg seats) My seats cost me $80 this season.

The pair was just about $13,000 with shipping. The Yankees called me a month ago and told me that my seats are going up in price to $350 my cost per ticket per game. The total will now be $56,700 and the Yankees asked me for $ deposit of 25% within 30 days.

If I could afford to keep the seats, every year I would have to pay that $56K+ and any increases. They also want me to sign a multi year contract as well. Needless to say, I am giving the seats back after almost 20 years there. the guy next to me is doing the same and we are taking a wait and see approach on relocation.

I wish they hit me with a one time $20K instead for the $43K increase for just one year that I will never get back.

[The Gun Of Bavaria]

Thanks, Guns. Welcome back! Be lucky you're not a season ticket holder and you can still enjoy your game or two per season. This is going to suck. Instead of looking forward to a new stadium, I'm depressed that my season tickets will be gone. There are going to be a lot more opposing fans at our home games as people try to make back some of their money by selling the tickets to the opposition when the Jets are in the basement in mid-October!!

'

Thanks SlugO.

It's a crappy situation and like I said, even having never been a ticket holder, it pisses me off. The fact that two teams are sharing the place and splitting the costs, makes the situation all the more laughable. Hell, maybe....maybe, I give the Cowpokes a pass since they're going alone, but we're talking about a stadium that will be filled every single sunday anywhere from 20-23 weeks. Hell if the Jets got their act together, there could in theory, be 2 games on a single weekend in the playoffs. Add to that, the amound of college and high school games that get played there, Red Bull NY and all the other special events that while they may not fill the joint, put money onto the concession and parking coffers as well. Like Max said to me on the phone last night, it might be one thing if this thing was our own on the West side of Manhattan, but the Jets are moving 400 freaking yards for christ's sake.

The only fair way to do this, would be to Grandfather the existing ticket holders in to the new stadium, but you and I know that won't happen. They want their money now, now now, because in the end, despite all the BS, the special events, and all the crap, the game isn't about the sport, it isn't about the fans, it's about the $.

[The Gun Of Bavaria]

I know no one is happy with the PSL, but at least it is a one time cost and you can always sell them down the road.

I am a yankee season ticket holder with Field Box seats just past halfway bwteen 3rd and the left field foul pole. (not MVP just reg seats) My seats cost me $80 this season.

The pair was just about $13,000 with shipping. The Yankees called me a month ago and told me that my seats are going up in price to $350 my cost per ticket per game. The total will now be $56,700 and the Yankees asked me for $ deposit of 25% within 30 days.

If I could afford to keep the seats, every year I would have to pay that $56K+ and any increases. They also want me to sign a multi year contract as well. Needless to say, I am giving the seats back after almost 20 years there. the guy next to me is doing the same and we are taking a wait and see approach on relocation.

I wish they hit me with a one time $20K instead for the $43K increase for just one year that I will never get back.

Woody Johnson??

[SeniorFlaJet]

Does anyone know how many years the Giants have put on their PSL license??

[bitonti]

RE: team debt

the NFL has a rule that teams can't carry debt like other corporations. They essentially have to pay it back NOW. That's why PSLs are necessary. it's not because Woody is greedy and the sky is falling.

RE: the best seats

what country do we live in? is this America? a capitalist meritocracy? because the way people are talking I thought it was CCCP? or maybe victorian England?

The best seats shouldn't cost the same as the worst seats. A hot dog shouldn't cost the same as filet mignon. Right now there is a 30 dollar difference or so, that's crazy. The market needs to be adjusted for real demand, it's long overdue.

Also the fact that some guy in 1960 bought tickets doesn't entitle him and his family to these best seats until the end of time. That's aristocracy in a nutshell. Blood lines shouldn't determine the best seats. I understand people are unhappy because of their perspectives but here's a news flash the sun doesn't revolve around the Earth and no one cares that your grandpa's losing his Namath-era seats.

[bitonti]

Does anyone know how many years the Giants have put on their PSL license??

it's the life of the building

[joiseyjet]

it's the life of the building

I havent seen that written anywhere ! And if in fact it was for the life of the building it would be called a PERMANENT SEATING LICENSE not a PERSONEL SEATING LICENCE which is what this thing has been called in every single article I have read.cause the difference between a Permanent is it is a ONE TIME FEE FOR THE LIFE OF THE STADIUM A PERSONEL SEATING LICENSE IS RENEWABLE which means they can hit you with another one every 5yrs,10 yrs, or 15 yrs. whatever they decide & WOODY has proven there are no limets to his over the top greed when trying to take every buck from the fan , funny Bitonti how you keep sticking up for WOODY, I am beginning to think you are his brother , ,these PSL`S are supposed to raise 371 million for the building of the stadium funny why aren`t you suggesting they just raise the naming rights to the stadium from 30 to 40 million a year an extra 10 million over the 30 life of the stadium raises 300 of that 371 million right there let the corporate people who have the cash foot the bill ,same goes for those gate entrances there selling rights to raise that fee from 5 million a year to 10 million ,over 30 years thats another 150 millon ,I`m not saying we should get off scott free ,with that extra cash they could at least cut all the present PSL NUMBERS IN 1/2 then I would only need to come up with $10,000 to keep my 4 tickets instead of $20,000

[SeniorFlaJet]

it's the life of the building

I find that hard to believe. You will have to show me where that is written.

Yes, if the Jets for example after 10 years decide to build their own stadium,

the license is over but if nothing like that happens there is no way it will be indefinite.

[mudcat21]

And if in facAnd if in fact it was for the life of the building it would be called a PERMANENT SEATING LICENSE not a PERSONEL SEATING LICENCE t it was for the life of the building it would be called a PERMANENT SEATING LICENSE not a PERSONEL SEATING LICENCE

It this case it should be called a Partial Seat License since you have to share it with a Giant fan. Most other stadium PSLs give you first crack at tickets to other events, like concerts etc. Jet PSL is just for 10 days, 2 preseason and 8 regular season games, plus playoffs if we ever made it.

[joiseyjet]

It this case it should be called a Partial Seat License since you have to share it with a Giant fan. Most other stadium PSLs give you first crack at tickets to other events, like concerts etc. Jet PSL is just for 10 days, 2 preseason and 8 regular season games, plus playoffs if we ever made it.

I agree you don`t have to get me started. Here is the next big question that WOODY & Mara & Tisch should be answering but are not ,as the gentleman above just stated the JETS& Giants ARE using the place for 10 days a year each , Why are just their fans footing this bill ,how come there isn`t a stadium licence tax on each ticket sold for each event there instead ,like college football, concerts , world cup Soccer matches .....

[Green DNA]

The Jets and Giants are geniuses. I'm thinking of building a summer home, maybe I'll get all of my friends to pay to build it and then I'll invite them over to hang out on my beach (except I won't charge them for that). Brilliant!

[bitonti]

I find that hard to believe. You will have to show me where that is written.

there was a graphic in Newsday about Giants PSLs last week (thursday? Friday?) and they said it was for the life of the building... ill have to dig it up.

EDIT: here it is

http://www.newsday.com/sports/football/ny-sppsl185768100jul18,0,6183440.story

There will be 59,441 seats with PSLs that cost $5,000 or less and 19,007 for more than $5,000. They are good for the life of the stadium. Suites are not part of the program.

also funny to me the title of this article "Cost of PSLs angers giants season ticket holders" HELLO?! you bastids just won the super bowl and you are angry about PSLs? people are never happy, we are animals.

**

oh and Joisey they are probably going to use "Seat Licences" and drop the P as per the Cowboys.