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October 28, 2009
Sacramento considers PSLs as latest last-ditch arena finance scheme
The latest plan for filling Sacramento's Kings arena funding black hole: Personal seat licenses! Because nobody's ever thought of that before!
The Sacramento Bee writes that city officials have "met twice" with Chicago-based Stadium Capital Financing Group, which thinks that PSLs would be just the ticket:
An official with Stadium Capital estimated it would take fewer than 2,000 seat sales in Sacramento — in an arena with 18,000-plus seats — to finance construction of what could be a $500 million facility.
Let's do some quick math here: For 2,000 seat sales to fund a $500 million stadium, the average PSL price would have to be ... only $250,000. That's twelve times the top price that the New York Giants are charging for PSLs at their new stadium next year — and you can't get Giants tickets without shelling out for a PSL, whereas Kings fans would be able to sit in the other 16,000 seats with no down payment.
Mayor Kevin Johnson, meanwhile, is expected to give a press conference tomorrow calling for alternate proposals for a Kings arena and its funding. Maybe a bake sale?
