NFL teams are building the most expensive stadiums in history—a $1.6 billion in, a $1.2 billion in, and a $1.2 billion under construction in. What is making it possible? Personal seat licenses, which give fans the right to buy season tickets—and are selling for as much as a small house.Some fans are willing to shell out up to because they consider the licenses to be investments. With high demand for season tickets and a low supply of PSLs, fans figure PSLs will sell on secondary markets at a profit.How has the theory held up?
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Until recently, PSL buyers did indeed profit from re-selling their PSLs. The average Steelers PSL is now worth eight times what it was 11 years ago, when the team opened Heinz Field, according to data from, a website that processes secondary PSL sales. Ravens PSLs also shot up 243%, and Bears licenses increased 131%.But in the last three years, team owners have jacked up initial prices for the licenses, making them far riskier investments.The New York Jets, New York Giants and Dallas Cowboys are the last three teams to open stadiums financed largely by PSLs. The values of all three teams’ PSLs have plunged since their initial public offerings.Jets fans who tried to sell PSLs this year lost an average of $3,233 per seat. Giants fans lost an average of $189, even though their team won the Super Bowl last year. And Cowboys PSL owners lost an average of $2,390 per seat since their stadium opened in 2009.In Dallas, the losses were especially bad for licenses to luxury seats.
One fan sold two PSLs originally worth $100,000 at a $95,000 discount. This year, 16 PSLs have sold on STR Marketplace for club or loge seats that were originally priced from $12,000 to $50,000.
All 16 sold at a loss of at least $11,000., the same company that helped the Cowboys sell PSLs in Dallas, is also heading up the 49ers offering in San Francisco. Expect high-priced luxury PSLs that will raise $500 million to finance the stadium and then drop in value shortly after the new facility opens.“We don’t call them investments because they’re not,” said Legends’ Vice President of Sales Al Guido, who is heading up the PSL sale in San Francisco. “There are people who ask that question in terms of what’s the resale value.
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And it’s unknown.”Despite their risky investment prospects, San Francisco fans are racing to buy PSLs. After all, most fans don’t buy PSLs to make money—they buy them to see their favorite teams.“No team, no arena, no ballpark has ever been as sold through this far out from opening as we are,” Guido said.