The New York Giants, partners with the New York Jets in the $1.6 billion New Meadowlands Stadium that will open in 2010, today unveiled some details of the Personal Seat License program for their season ticket holders at the stadium.
"We have spent months exploring our various options regarding the financing of the construction of the new stadium," John Mara, Giants president and CEO, said in an announcement released by Giants Stadium LLC.
"Given construction costs and NFL and lender requirements for paying down our debt, and after much thought and analysis, we decided this PSL program is necessary. All the net proceeds from the sale of PSLs will be used to fund construction of the new stadium."
The Jets this afternoon issued a statement on their research regarding financing for the new stadium, now under construction.
"We are currently studying the use of PSLs as a financing option for the new stadium," the Jets said. "We recently sent a survey to our season ticket holders to explore a range of seating options, pricing structures, payment terms and amenities. Once our financing plan is developed, we will share it with our season ticket holders."
The Giants' PSLs, one-time payments that guarantee the purchaser associated rights to purchase Giants season tickets, will be part of the purchase price for every stadium seat in the new building. PSL prices range from $1,000 to $20,000. Ninety percent of the seats in the upper bowl will have $1,000 PSLs. Fewer than 5,000 seats, in a building that will have a capacity of 82,500, will be at the highest price.