A risky gamble
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- October
- 10
I talked to a few economists about the impact the economic downturn will have on the Jets ability to get top dollar for its Coaches Club section. That’s where 2,000 seats on the 50 yard line with access to the sideline and a swank 20,000 sq. ft. lounge will be auctioned to the highest bidder on StubHub.
The story is here. Odds are, the corporate money that lured the Jets and Giants, Yankees and Mets will be much less abundant next year. In boom times, the decision to build a $1.6 billion stadium to maximize corporate box money looks economically sound, but now, Personal Seat Licenses and sideline seats look more out of reach.
“It’s probably going to work out very badly for them,” said Dennis Coates, an economics professor at the University of Maryland Baltimore County.
Matt Higgins, the Jets’ senior vice president of business operations, said that the team anticipated the trouble fans might have not only in paying teh PSLs, but in financing them. To that end the team will lend the money itself at a much lower interest rate than banks. Now that credit has become so difficult to get, it migth be the only way some fans could keep the seats.
But as Coates said, if it comes down to paying for basics like a mortgage, food and utilities or splurging on tickets that are going up in price, more and more people are going to have to take a hard look at those football seats.
This entry was posted
on Friday, October 10th, 2008 at 10:53 am by Jane McManus.
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Jane McManus 
Happy Birthday Brett!!!!!!!!!!!! Congrats to Mangini family!
Kind of nervy to ask people to fork out that kind of money with the market the way it is.