February 26, 2004
There's no "I" in PSL
Tack on a few million dollars more to the $216 million the Cleveland Browns have received for their new Browns Stadium, opened in 1999. When the stadium funding package was originally approved, sale of personal seat licenses - the resaleable rights to purchase season tickets - was supposed to go to defraying the public's stadium construction costs. But while all 57,000 PSLs were sold out immediately, about 2% of PSL holders default on their accounts each year, and those are resold by the team, which keeps the money - at least $375,000 a year, reports the Cleveland Plain Dealer, which notes that this is more than the team's annual rent payments to the city. Not that Cleveland could use the money or anything.
