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Thread: PSL/Club Seat Default Letter

  1. #221
    Quote Originally Posted by GordonGecko View Post
    haha yeah my bad had an extra x 10 in the spreadsheet
    Now that they are 10x cheaper are you jumping online and buying them?

  2. #222
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    Quote Originally Posted by Alkrotraz View Post
    Now that they are 10x cheaper are you jumping online and buying them?
    That would definitely have to be a business expense to entertain clients. It's not completely insane, there are plenty of companies willing to pay that if there is a good product on the field. This current Jets team can't sustain these prices but in good years those center sideline seats should sell no problem at that price

  3. #223
    Quote Originally Posted by GordonGecko View Post
    That would definitely have to be a business expense to entertain clients. It's not completely insane, there are plenty of companies willing to pay that if there is a good product on the field. This current Jets team can't sustain these prices but in good years those center sideline seats should sell no problem at that price
    My brother in law takes clients to games and expenses it. But his firm would not allow a PSL purchase. They did not want to deal with the asset from an accounting perspective and did not want to pay him for something he could resell.

    They did agree to a PSL has a 15 year life spam which is 150 games. So that is the depreciation schedule. Jets also put that down.

    So they pay him 1/150 the cost of his PSL when he takes clients plus face of tickets.

  4. #224
    These seats are behind mine (and further from the 50 than me) so my guess is he's only been there 1 season. If he did the 15 year plan he may just be looking to recoup most of his investment. Maybe he can't swing the near $9K this year so instead of giving them up to the Jets he cuts his losses.

  5. #225
    Quote Originally Posted by Pythonpete View Post
    These seats are behind mine (and further from the 50 than me) so my guess is he's only been there 1 season. If he did the 15 year plan he may just be looking to recoup most of his investment. Maybe he can't swing the near $9K this year so instead of giving them up to the Jets he cuts his losses.
    Seriously you are in the section? You got mad stacks of cash

  6. #226
    I am in that section yes, this will be my 3rd season. I used to sit in the nosebleeds for years and was lucky enough to get my dream seats. I missed 1 season of Jets season tickets, the year that I got married.

  7. #227
    Part of me wonders is it the Jets who are undercutting some of these club PSLs. They can discount them to a broker for pennies who can then unload.

  8. #228
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    Quote Originally Posted by Alkrotraz View Post
    My brother in law takes clients to games and expenses it. But his firm would not allow a PSL purchase. They did not want to deal with the asset from an accounting perspective and did not want to pay him for something he could resell.

    They did agree to a PSL has a 15 year life spam which is 150 games. So that is the depreciation schedule. Jets also put that down.

    So they pay him 1/150 the cost of his PSL when he takes clients plus face of tickets.
    Since the PS games are worthless, he should have argued for 8x15 or 1/120 per regular season game.

  9. #229
    Quote Originally Posted by Digetydog View Post
    Since the PS games are worthless, he should have argued for 8x15 or 1/120 per regular season game.
    He is lucky he got anything at all. He does take clients to Jets/Giants preseason game so at least 1 out of 4 he gets reimbursed.

  10. #230
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    Quote Originally Posted by Alkrotraz View Post
    He is lucky he got anything at all. He does take clients to Jets/Giants preseason game so at least 1 out of 4 he gets reimbursed.
    Btw - I think his problem regard accounting for an "asset" is a major reason why the club PSL's didn't sell. For public companies, owning a psl would be a major PSL.

  11. #231
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    Quote Originally Posted by Digetydog View Post
    Btw - I think his problem regard accounting for an "asset" is a major reason why the club PSL's didn't sell. For public companies, owning a psl would be a major PSL.
    That's really not it. It comes down to 8 games a year, usually on a weekend, in New Jersey. It's incredibly hard to justify that type of expense for such a finite entertainment value. Jets & Giants should have gotten together to sell the "Club" PSLs as true PSLs (for all NMS events) to tap into corporate money.

    Buying real estate at MSG is such more of a better deal, it's not funny. Knicks, Rangers, concerts, etc. In mid-town Manhattan, indoors, weeknights, etc.
    Last edited by Traitor Jay & the Woodies; 07-18-2013 at 01:42 PM. Reason: Clarification of PSL type

  12. #232
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    Quote Originally Posted by Traitor Jay & the Woodies View Post
    That's really not it. It comes down to 8 games a year, usually on a weekend, in New Jersey. It's incredibly hard to justify that type of expense for such a finite entertainment value. Jets & Giants should have gotten together to sell the "Club" PSLs as true PSLs (for all NMS events) to tap into corporate money.

    Buying real estate at MSG is such more of a better deal, it's not funny. Knicks, Rangers, concerts, etc. In mid-town Manhattan, indoors, weeknights, etc.
    Good points on the value issue, but the accounting/compliance issues for public companies with respect to assets like psls is a PITA.

  13. #233
    Quote Originally Posted by Digetydog View Post
    Good points on the value issue, but the accounting/compliance issues for public companies with respect to assets like psls is a PITA.
    Look at the stink NJSEA got for buying PSLs from Chris Christie but he was ok with them buying season tickets. It is an optics thing,. plus you have to account for future liabilities in financial statements, season tickets is an year to year expense that can be cut off.

    Plus 25 years ago folks at KPMG, Pwc, DT, EY etc used to take clients to games on weekend. Mgt was all middle aged whitemen with stay at home wives and drinking, smoking, cursing and family time etc. was not a thing back them.

    Heck EF Hutton the big broker dealer in 1986 had 100K secretaries. Imagine 100K secretaries with HS degrees. They also had a few condos in Hanover Square. The 100K secretaries only job was to take out big out of town clients and big producing brokers from the midwest when they came to town. And yes they slept with them in the corporate apt. Heck the CEOs driver make 100K a year, his job included driving girls and clients.

    The world has changed. EF Hutton is now part of Morgan Stanley and they wont even give a seven figure client a calender today.

    Football tickets is not a viable corporate season ticket. Knicks and Rangers much better

  14. #234
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    Quote Originally Posted by Alkrotraz View Post
    Look at the stink NJSEA got for buying PSLs from Chris Christie but he was ok with them buying season tickets. It is an optics thing,. plus you have to account for future liabilities in financial statements, season tickets is an year to year expense that can be cut off.

    Plus 25 years ago folks at KPMG, Pwc, DT, EY etc used to take clients to games on weekend. Mgt was all middle aged whitemen with stay at home wives and drinking, smoking, cursing and family time etc. was not a thing back them.

    Heck EF Hutton the big broker dealer in 1986 had 100K secretaries. Imagine 100K secretaries with HS degrees. They also had a few condos in Hanover Square. The 100K secretaries only job was to take out big out of town clients and big producing brokers from the midwest when they came to town. And yes they slept with them in the corporate apt. Heck the CEOs driver make 100K a year, his job included driving girls and clients.


    The world has changed. EF Hutton is now part of Morgan Stanley and they wont even give a seven figure client a calender today.

    Football tickets is not a viable corporate season ticket. Knicks and Rangers much better
    Would love to see that "Where are they now?" segment.

  15. #235
    Quote Originally Posted by crasherino View Post
    Would love to see that "Where are they now?" segment.
    When I worked at Peat Marwick many years ago we had a "ticket department" that managed all our season tickets. If I was taking a client I would call and depending on client I got seats. That company is over 100 years old they have great seats to everything. KPMG PeatMarwick had season tickets to some teams for 50-75 years. They were original Giants, Lakers you name it Season ticket holders.

    But even they are dropping seats like crazy. Most clients dont want to go to a game with an auditor or stockbroker and most firms prohibit it anyhow.
    Club seats would work better in 1999 than 2013.

  16. #236
    Quote Originally Posted by Digetydog View Post
    Good points on the value issue, but the accounting/compliance issues for public companies with respect to assets like psls is a PITA.
    You guys know more about this than I do but a lot of club seats have a "ticket price" and "club price" on them. I am sure someone on here can fill in better on this. I don't have the exact numbers but I remember seeing a $700 coaches club ticket has a ticket price of I think $200 and a club price of $500.

    I don't know this as well as others but someone said assuming you are taking a client out you can't write off the club price as an expense you could only write off $200. If anyone with accounting knowledge can share more on this.

  17. #237
    Quote Originally Posted by Jets337 View Post
    You guys know more about this than I do but a lot of club seats have a "ticket price" and "club price" on them. I am sure someone on here can fill in better on this. I don't have the exact numbers but I remember seeing a $700 coaches club ticket has a ticket price of I think $200 and a club price of $500.

    I don't know this as well as others but someone said assuming you are taking a client out you can't write off the club price as an expense you could only write off $200. If anyone with accounting knowledge can share more on this.
    You cant buy stuff on T&E that is accounting rule.

    T&E is hotels, dinners, drinks, lunches. Stuff like PCs, laptops, chairs are assets. A PSL even though it is a bad asset has a depreciation schedule and gets marked to market by auditors.

  18. #238
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    Quote Originally Posted by Pythonpete View Post
    I am in that section yes, this will be my 3rd season. I used to sit in the nosebleeds for years and was lucky enough to get my dream seats. I missed 1 season of Jets season tickets, the year that I got married.
    what a horrible trade

  19. #239
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    Quote Originally Posted by Jungle Shift Jet View Post
    what a horrible trade
    LMFAO


    good one, jungle juice

  20. #240
    Quote Originally Posted by Jungle Shift Jet View Post
    what a horrible trade
    Funny

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