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Thread: Forfeiting PSL?

  1. #1
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    Forfeiting PSL?

    My PSL was 4k per seat, I have 2 seats. I owe about 6k with the financing plan. I am thinking about just defaulting if I can not sell them on the open market as they are worthless.

    We were misled as we were told that the only way to get tickets to games was via a PSL.

    In the long run I will come out ahead as you can buy tickets to any home game below face value.

    My 6k can be used to purchase 2 tix for the next 40 home games at an average price of $75 per ticket.

    Anyone else agree with this strategy.

  2. #2
    Quote Originally Posted by jet-sec125 View Post
    We were misled as we were told that the only way to get tickets to games was via a PSL.
    Who told you this?

    And more importantly, why did you believe them?

  3. #3
    I really feel bad for guys who forked out the $$$ for PSLs and really too a hit on their bank account. Must feel like a kick to the nads.


    Not so my for BMW driving PSLers ;-)

  4. #4
    absolutely, I applaud you.

  5. #5
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    Quote Originally Posted by Brooklyn Jet View Post
    Who told you this?

    And more importantly, why did you believe them?
    I am going to check the PSL contract.

  6. #6
    Quote Originally Posted by jet-sec125 View Post
    My PSL was 4k per seat, I have 2 seats. I owe about 6k with the financing plan. I am thinking about just defaulting if I can not sell them on the open market as they are worthless.

    We were misled as we were told that the only way to get tickets to games was via a PSL.

    In the long run I will come out ahead as you can buy tickets to any home game below face value.

    My 6k can be used to purchase 2 tix for the next 40 home games at an average price of $75 per ticket.

    Anyone else agree with this strategy.
    It will be interesting when people start walking away from PSLs...

    1. Jets will be forced to sue a large group of its fans....PR nightmare

    2. Fans will be in default as the language in the PSL is clear that fan is to pay regardless

    3. I do like the Stubhub/secondary mkt argument as verbally and publically the Jets promoted Season tix as the only way to see the team...but secondary markets have always existed....just not to this extent.

    4. Damages - before the Jets can allege damages they will be forced to mitigate which means they have to attempt to sell all the dumped tix before court. Get ready for full court press of deals after the season

    Either way I see 2 things happening for sure - lots of ticket holder will walk away and it will be a disaster.

  7. #7
    Quote Originally Posted by BrowningNagle View Post
    It will be interesting when people start walking away from PSLs...

    1. Jets will be forced to sue a large group of its fans....PR nightmare

    2. Fans will be in default as the language in the PSL is clear that fan is to pay regardless

    3. I do like the Stubhub/secondary mkt argument as verbally and publically the Jets promoted Season tix as the only way to see the team...but secondary markets have always existed....just not to this extent.

    4. Damages - before the Jets can allege damages they will be forced to mitigate which means they have to attempt to sell all the dumped tix before court. Get ready for full court press of deals after the season

    Either way I see 2 things happening for sure - lots of ticket holder will walk away and it will be a disaster.
    Might be akin to the stock market crash for guy that want PSLs but could not afford them.

  8. #8
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    Quote Originally Posted by Dunnie View Post
    I really feel bad for guys who forked out the $$$ for PSLs and really too a hit on their bank account. Must feel like a kick to the nads.

    Not so my for BMW driving PSLers
    I don't feel bad for people who signed a 30 year commitment as if it meant we weren't going to have 10-15 crap seasons along the way.

    On the financial side, of course it's hard to see people bite off more than they can chew and get hurt. But those who want to bail because we're not making the playoffs again different story.

    Since relocating to Club parking lots, my BMW is under no threat of seagull feces or human urine.

    SAR I

  9. #9
    Quote Originally Posted by jet-sec125 View Post
    I am going to check the PSL contract.
    I truly doubt, knowing the existance of secondary markets, and the fact that not all seats are PSL-based, that that is anywhere in writing in your contract. Maybe a sales person made that claim.... or certain posters.

  10. #10
    Quote Originally Posted by SAR I View Post
    I don't feel bad for people who signed a 30 year commitment as if it meant we weren't going to have 10-15 crap seasons along the way.

    On the financial side, of course it's hard to see people bite off more than they can chew and get hurt. But those who want to bail because we're not making the playoffs again different story.

    Since relocating to Club parking lots, my BMW is under no threat of seagull feces or human urine.

    SAR I
    Glad to hear you girl is not getting **** on ... Btw I am a fellow back of the park lot dweller :-)

  11. #11

  12. #12
    The jets will end up settling for pennies on the $. For the poster who owes 4 grand on the 6 grand loan, the team will hope to get 1/2 of the remaining funds. If the jets can't sell the original $3000 psl for $1000 the team is in big trouble.

  13. #13
    What is about to happen with PSLs over the next 10 months will be unprecedented in the league so there is no way to tell what will happen. PSLs have always worked because they have been sold to loyal fan bases, in areas where there arent 25 other things to do on a fall or winter sunday.

    We are the second football option in our own backyard, let alone compared to the yankees, knicks, etc....the jets simply are not and never will be a consistently HOT ticket. NY has more sports teams then any area in the country, and there are always tickets available on the secondary market, even for premium games....the PSL model does not work for a team like the Jets.

    If I owned them at this point, with money still to pay, I would absolutely not send another penny.

    First off, the only way to let Woody know he needs to hire a football person is to his his wallet as that is all he cares about....not paying will do that.

    Second of all, the stadium is a disgrace, its a boring, lifeless place and the remaining homegames will be a wasteland of empty seats. Woody should have to pay the price for designing one of the least fan friendly environments in sports.

    While I am very sympathetic to people having their credit dinged for defaulting on the PSL, the Jets will not be able to withstand the negative PR of having to go after 1-3000 people who are will be looking into the option of walking away. Plus the man hours it would take for them to sue that many people would be VERY expensive.

    All in all, an extremely disappointing season on every possible level....lets hope woody realizes he isnt cut out for running a football organization and finds someone who is, and he can simply "be the owner"

  14. #14
    Quote Originally Posted by eaglenj View Post
    What is about to happen with PSLs over the next 10 months will be unprecedented in the league so there is no way to tell what will happen. PSLs have always worked because they have been sold to loyal fan bases, in areas where there arent 25 other things to do on a fall or winter sunday.

    We are the second football option in our own backyard, let alone compared to the yankees, knicks, etc....the jets simply are not and never will be a consistently HOT ticket. NY has more sports teams then any area in the country, and there are always tickets available on the secondary market, even for premium games....the PSL model does not work for a team like the Jets.

    If I owned them at this point, with money still to pay, I would absolutely not send another penny.

    First off, the only way to let Woody know he needs to hire a football person is to his his wallet as that is all he cares about....not paying will do that.

    Second of all, the stadium is a disgrace, its a boring, lifeless place and the remaining homegames will be a wasteland of empty seats. Woody should have to pay the price for designing one of the least fan friendly environments in sports.

    While I am very sympathetic to people having their credit dinged for defaulting on the PSL, the Jets will not be able to withstand the negative PR of having to go after 1-3000 people who are will be looking into the option of walking away. Plus the man hours it would take for them to sue that many people would be VERY expensive.

    All in all, an extremely disappointing season on every possible level....lets hope woody realizes he isnt cut out for running a football organization and finds someone who is, and he can simply "be the owner"
    Good stuff - from what I have heard its going to be an unreal offseason....PSL owners will leave in droves and its going to be a PR and financial disaster for the Jets....its going to be THE story in the offseason...Woody may have no choice but to make radical changes and get in another sexy name like Gruden to survive the purge.

  15. #15
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    Quote Originally Posted by jet-sec125 View Post
    My PSL was 4k per seat, I have 2 seats. I owe about 6k with the financing plan. I am thinking about just defaulting if I can not sell them on the open market as they are worthless.

    We were misled as we were told that the only way to get tickets to games was via a PSL.

    In the long run I will come out ahead as you can buy tickets to any home game below face value.

    My 6k can be used to purchase 2 tix for the next 40 home games at an average price of $75 per ticket.

    Anyone else agree with this strategy.
    Not sure what your agreement says..can they sue for the balance? I bet they can or send it to collection.

  16. #16
    Quote Originally Posted by southparkcpa View Post
    Not sure what your agreement says..can they sue for the balance? I bet they can or send it to collection.
    The agreement is clear - it is a slam dunk breach of contract walking away....but you have the expense of suing your customers as well as the PR disaster of suing thousands of fans...plus the mitigation of damages so they will have to try to sell them all before court

  17. #17
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    Quote Originally Posted by BrowningNagle View Post
    The agreement is clear - it is a slam dunk breach of contract walking away....but you have the expense of suing your customers as well as the PR disaster of suing thousands of fans...plus the mitigation of damages so they will have to try to sell them all before court
    Agreed...BUT I can see it going to collections.

  18. #18
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    Quote Originally Posted by BrowningNagle View Post
    The agreement is clear - it is a slam dunk breach of contract walking away....but you have the expense of suing your customers as well as the PR disaster of suing thousands of fans...plus the mitigation of damages so they will have to try to sell them all before court
    The entire PSL agreement was written by Jets' lawyers to protect the Jets' interests. Courts are likely to find them valid and likely to issue judgments if asked.

    Will they sue and/or collect? For small amounts, probably not. Even defaulted PSL owners are potential customers. Going after Bob the Plumber and his buddies for $2K each is bad business.

    For big amounts, they will want to try to collect what is owed.

  19. #19
    Quote Originally Posted by eaglenj View Post
    All in all, an extremely disappointing season on every possible level....lets hope woody realizes he isnt cut out for running a football organization and finds someone who is, and he can simply "be the owner"
    Except the value of the Jets has increased since Johnson bought them. The Jets are pretty much the Clippers at this point. The owner has found a way to make a profit despite putting out a poor product.

  20. #20
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    Quote Originally Posted by jet-sec125 View Post
    I am going to check the PSL contract.
    I've read the PSL contract and you have no legal grounds to walk away. That said, it doesn't mean you can't as the team will have to decide that the PR hit is worth the trouble - as others have stated.

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