When new stadiums open for the Yankees and Mets, don’t look for Personal Seat Licenses (PSLs) to be offered by either organization.
Based on the amount of financing already secured, plus the negative PR that often times comes with PSLs, the two New York clubs are taking a pass on the licensing system, regardless of the lost revenues associated with them. As reported by Bloomberg News:
“We had a visceral feeling it would not be well received by our fan base, which was confirmed by our market research,” said David Howard, the Mets' executive vice president of business operations.
The St. Louis Cardinals' Busch Stadium, the San Francisco Giants' AT&T Park and Wembley Stadium in London are venues that have recently been built partly with money from seat-license sales.
The Cardinals and Giants, like the Yankees and the Mets, are among the major-league teams that built their stadiums without public grant money. The two New York teams raised a combined $1.6 billion in taxable and tax-free municipal bonds that will be repaid with stadium revenue.
“They didn't sell PSLs principally because they didn't have to,'' said Rob Tilliss of Inner Circle Sports LLC, who oversaw a loan to the Giants to help build their stadium. “They were able to raise enough financing to build their ballparks.”
As further reported, the Yankees and Mets might each be passing on $40 million in revenues based on the popularity of the clubs, and the fact that they are in New York City, possibly the market with the highest level of interest for PSLs. As Max Muhleman of Private Sports Consulting Inc. said, “New York would be one of the safest and most enthusiastic seat-license markets in the whole country.”
To view higher resolution computer renderings of the new Mets Ballpark design (Citi Field) like you see above, along with a movie “fly-through” of the design, select the links provided.
To view higher resolution artist renderings of New Yankee Stadium here like you see above, select the link provided.