With the New York Jets and Giants opening a new stadium at Meadowlands in 2010, there’s been much buzz about how each team plans to sell personal seat licenses for the new facility. Personal seat licenses, or PSL’s, is a one-time purchase that then gives the fan the right to buy season tickets for selected seats. So you buy the PSL, then you buy the tickets.
With the new stadium costing $1.6 billion, both the Giants and Jets said they hope to recoup some costs through the sale of PSLs. And the Jets decided to get creative by auctioning off PSL’s of their most premium “Coaches Club” seats on StubHub.com.
The Coaches Club includes access to a 20,000 square foot bar and lounge and a special dedicated area at field-level that’s 5 feet behind the Jets bench.
The auctions started Sunday and continue through this week. Some auctions are starting to wrap up now, and the highest bid at the moment is $26,000 per seat for a PSL that includes four seats at the 40-yard line, 13 rows up from the field.
(So in other words, someone is willing to pay $104,000 up front, and THEN, he/she plans to buy four season tickets that would cost a total of $2,800 per game. Crazy.)
Darren Rovell of CNBC, who apparently has more time on his hands than I do or is just a lot more interested in this subject, monitored every one of the first 35 auctions yesterday and reported the average final bid was just under $28,000 per PSL. Some sold for more than $60,000.
Here’s the interesting thing, though: the Jets have other sections, including the E/W Club and Great Hall Club already priced at $25,000 per PSL. So it’s very important that the average price of Coaches Club PSLs stays above that level. Otherwise, the team will have actually lost out on revenue by going the auction route here.
UPDATE: Yeah, things aren’t looking too good for the Jets now. There are some great that haven’t snagged bids even close to $20,000. The winning bid for a PSL for seats 24 rows up at the 40-yard line was just $11,200. Another auction scheduled to end at 5:50 p.m.currently has a high bid of just $13,000, and those are for seats at the 50-yard line.
It’s looking more and more likely that the Jets will have re-price some of their other seats in the stadium. If Coaches Club seats can’t fetch anywhere close $25,000, I don’t see how you can charge that for seats perceived as not as good.