In an Associated Press story released today, June 11, Jets’ Executive Vice President for Business Operations Matt Higgins announced that there will be significant cuts to PSL fees in certain sections of the stadium for the upcoming NFL season.
PSLs, popular with a number of professional sports franchises and auto speedways, grant the purchaser the right to buy season tickets for a specific seat in the venue. PSLs are valid for the length of time a team plays in the same venue, and they are also transferrable. Once a PSL holder fails to renew season tickets, the PSL reverts back to the franchise.
Specifically, the Jets’ price reductions will occur in the lower end zone, the lower sideline and the mezzanine end zone of the stadium. The cost for lower end zone and mezzanine end zone seats will be cut in half, down from $5,000 to $2,500. A seat in the lower sideline area will now cost $10,000, down from the $15,000 previously charged. The seats included in these price drops total about 18,000, roughly half of which have not yet been sold for the 2010-11 season.
Those fans who have already paid the higher prices for PSLs in these sections, which includes about 9,000 seats, will receive a refund for the difference.
The cuts in PSL fees come just months after the club also dropped prices in the stadium’s sideline corners, and they are part of an attempt to accommodate fans’ ability to pay. As Higgins told the AP, “What we heard from a lot of fans was that they want to be in the building come opening day, but our lowest price point is just not affordable enough to get a lot of the fans back in who want to be in.”
Preston Hill, Vice President of the PSL marketplace SeasonTicketRights.com, had this to say on today’s announcement by the Jets: “The recent price reduction will likely bring the Jets’ PSL prices closer to a market-clearing value and enable them to sell the remaining locations quickly. Fans should be pleased as well, because at the new prices the PSLs will likely prove to be a wise investment that will increase in value over time.”
The Jets’ move to slash PSL prices this season is particularly surprising, considering that funds from PSLs are typically used to pay for stadium construction, and the Jets have a hefty new stadium to pay for.
But, as Higgins told the AP, the club has another priority in mind for the first season in their new digs: “Our No. 1 goal all along was to sell out the stadium by opening day. We said a few weeks ago that there would be no blackouts and the reason why is we’re going to do what it takes to sell out. We think it makes a lot more sense to make the adjustments you need to do prior to opening day than after opening day, when the cameras are rolling and there are certain sections that aren’t sold out.”
The Jets will have their home opener in the new Meadowlands Stadium on September 13, when they play the Baltimore Ravens on Monday Night Football.