Press Box Article

 
Jets sell 620 PSLs

 

The Record

John Brennan

 

Link to Article on NorthJersey.com

 

Wednesday, October 29, 2008

The Jets' nine-day personal seat license auction has ended — but if you have deep enough pockets, plenty of those $700 premium seats are still available for Jets games starting in 2010.
 

After suggesting before the auction that all 2,000 Coaches Club seats at the new Meadowlands football stadium would be sold to the highest bidders, the Jets instead wound up auctioning off only 620.

The change in tactics came after weak demand for the first 200 or more such seats in the opening days led to the sale of some PSLs for $10,000 to $15,000. That's well below the $20,000 per PSL the rival Giants are charging for all of the Coaches Club seats.

But after adjusting the sales strategy to make only a few dozen seats available per day, club owner Woody Johnson said Tuesday that the Jets were able to average $26,000 per PSL for the Coaches Club.

Many of the best seats — closest to the front row and to the 50-yard line — went for $40,000 to $60,000 per personal seat license, an agreement that entitles a fan to buy annual season tickets. PSL owners can sell the license to the highest bidder at any time after the inaugural 2010 season in the new building.

"Having bids close midday, or so many closing at the same time, turned out not to be the way to do it," Johnson said. "Nothing like this has been done before, so we couldn't predict for sure how many people would go online [to the StubHub Web site]. We got better at it as the process moved along."

Johnson said that the remaining Coaches Club seats — which allow fans on-field access behind the Jets' bench and a live view of the postgame news conferences — will be available to fans for a price not yet determined.

"The data we've gathered in the auction is voluminous," Johnson said.

Kyle Burks, who runs the seasonticketrights.com Web site, said the Jets' original plans were too optimistic.

"In this economy, you can't sell 2,000 [premium] seats in one week," Burks said. "In a stronger market like three years ago, maybe you could do it."

Burks estimated that most of the best Coaches Club seats in Section 113 have gone up for auction. Much of the remaining inventory is in Sections 112 and 114, off the 50-yard line.

Giants co-owner John Mara said that while many Giants fans have renewed their seats for the new stadium, some in the high-priced club sections have asked to move to cheaper seats.

"But we also have some people in lower-priced seats looking to move up," Mara said. "So I'm confident that we'll be able to give people their first choice of zone — granting that not everyone gets the first row, aisle seat they might want.

"I had been concerned about having a way to accommodate most people.

"With the Coaches Club, I think we could have priced [the PSL] even higher and still sold them, but we felt this was the right figure for us."

The Jets are not charging PSLs for any of the 27,000 upper-deck seats, while the Giants are charging $1,000 for most of those seats.

Other PSLs in the mezzanine and lower levels range from $4,000 to $25,000, aside from the auctioned seats.