The Golden State Warriors are taking a page out of the NFL’s book and bringing personal seat licenses to the NBA.
When Golden State’s new $1 billion Chase Center opens in 2019, the fans sitting in most of the seats will have paid a hefty price for the right to rest their buns. ESPN reporting animatron Darren Rovell reported Thursday that the Warriors will require 12,500 season ticket holders to pay upwards of $80,000 just for the right to then purchase season tickets in a certain seat in the arena.
While pricing of the licenses has not been revealed, a team official confirmed to ESPN that the number of seats dedicated for season-ticket holders will decrease from the 14,500 currently at Oracle Arena in Oakland to roughly 12,000 at Chase Center in San Francisco. Half of the tickets will come with a per-seat cost of $15,000 or less. The other half would cost more than that.
The Warriors would return the money the fan paid for the right to buy tickets after 30 years. That essentially means the personal seat license, which will be called a “membership,” is acting as an interest-free, tax-free loan to the team for three decades.
There are two ways of putting this. The first, which of course Rovell used because we live in a dystopian nightmare where brands rule all, is that buying a personal seat license (PSL) gives fans the right to buy season tickets for 30 years after a hefty down payment. But the truth is just the opposite. In this ever-changing world, wanting to purchase season tickets in 2019 means you have to commit to wanting to do that for the next three decades.
It’s not binding, of course. Fans can say they want out, but according to Rovell they won’t get their PSL money back until after the 30-year period is up and—if the evolution of stadium financing continues at its current pace—the Warriors are ready to move to a new venue once more.
And if that want ever changes and you’d rather sell them to another Warriors fan, buddy, you better tell the Warriors you want out or there’s gonna be trouble.
The membership will be transferable, but unlike in the NFL, the licenses will not be allowed to be resold for a value above the original price paid minus the years used.
If a fan sells the membership, the team is made aware of the price. If the price falls short of the full price paid less the payments already made, the Warriors will make up the difference at the end of the 30-year period to the original owner.
This is all very “unique” and it’s the first time true PSLs have made their way into the NBA. It’s fascinating, for sure, but if you want the bottom line it’s just another way sports teams will separate fans from their money.
At least with the Warriors, you know they’re good for a few wins here and there.
