Jets slash prices on 18,000 PSLs
The Jets have slashed prices by as much as $5,000 for 18,000 personal seat licenses at the new Meadowlands Stadium. (Jan. 9, 2010) Credit: Getty Images
Facing a deadline now a mere three months away, the Jets Friday took their boldest step yet toward what so far has been an elusive goal: to sell out their new stadium by opening night.
They drastically cut prices on personal seat licenses for about 18,000 seats in slow-moving sections - about half of which were unsold as of Thursday.
The Jets had said previously there would not be further price reductions, but owner Woody Johnson said the move was motivated by the team's top priority.
"I think we're staying with the plan from Day One, which is to be sold out by opening day," he said. "We thought to ensure that happens we wanted to do this aggressive price cut."
The affected sections are the lower sideline, lower end zone and mezzanine end zone, areas where the vast majority of unsold PSLs are located. (The Jets did not sell PSLs for seats in the upper deck.)
The end zone PSLs will go from $5,000 to $2,500 and the lower sideline will be reduced from $15,000 to $10,000.
(An earlier cut on some seats in the corners improved sales in those sections.)
Fans who already bought PSLs in those sections will be refunded the difference between prices. And those in more expensive sections will have an opportunity to downgrade to the newly priced areas.
Johnson stressed there is "absolutely no relationship" between PSL sales, which are designated for financing the stadium, and the Jets' ability to pay players.
"There really isn't," he said. "We were in that old stadium for 10 years prior to this and I never had a problem paying players. The PSLs are related to the financing of the building.
"Trying to derive a link between one thing and the other makes no sense."
But won't lowering the revenue from PSLs make paying for the stadium more difficult?
"We're in great shape regardless," Johnson said. "We wanted to do this to make sure we're completely sold out on opening day."
The Yankees and Mets struggled to sell out in their first seasons in new stadiums in 2009 and adjusted prices after the buildings opened. The Jets are determined to have all that resolved before the lights go on.
They have promised that regardless there will be no games blacked out on local television.
The Giants have said for several months they have about 1,500 club seats left to sell.
