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October 29, 2008

Jets sell just 620 of 2,000 seat licenses

Crain's NY
By Hilary Potkewitz

The New York Jets’ unprecedented online auction of personal seat licenses ended Monday night at 10 p.m., with the team selling just 620 of the 2,000 available seats in the exclusive “Coaches Section” of their new stadium.

The auction brought in $16 million over the course of nine days, team owner Woody Johnson announced Tuesday, with an average price of about $26,000.
Jets executives say they are ecstatic about the results of the auction, the first of its kind and the largest sale ever on Stubhub.com. “We knew this would be a pioneering event right from the start,” said Mr. Johnson. “That’s who the Jets are, we take calculated risks, and this one paid off.”

But the team had to adjust its plans once the auction went live because bidding activity plummeted by mid-week. Mr. Johnson attributed the drop to people being at work and not able to commit to the constant monitoring of an online auction. Initially, the team released 40 to 50 seats at a time, but by Wednesday they had reduced the lots to 20 seats.

Management decided not to extend the auction past the advertised end-date, however.


NoLandGrab: Pro sports teams and leagues across the nation have been keeping their eye on the Jets sale of personal seat licenses, which help teams offset the cost of building new stadiums, arenas and ballparks. From our nose-bleed seats at NoLandGrab it's hard to say what last week's sale portends for team owners like Bruce Ratner.

Last year, Norman Oder reported that "Forest City Ratner expects $20 million in revenue from 4500 'Personal Seat Licenses' (PSLs) sold at $4500 each."

Posted by lumi at October 29, 2008 5:34 AM