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Rams could pay more than $31 million to settle St. Louis PSL lawsuits

Discussion in 'American Football' started by Concudan, Dec 6, 2018.

  1. Concudan

    Concudan Still Chargin Staff Member Administrator

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    https://profootballtalk.nbcsports.c...n-31-million-to-settle-st-louis-psl-lawsuits/

    The cost of doing business has gotten a little more costly for the Rams.

    The team that left St. Louis nearly three years ago will pay up to $24 million to settle lawsuits filed by fans who had purchased Personal Seat Licenses at the facility previously known as the Edward Jones Dome.

    According to the Los Angeles Times, the settlement covers 46,000 PSLs that were scheduled to run through 2024.

    The payments will range from $75 to $1,350, based on the PSL. The payments are capped at $24 million; if the claims exceed that amount, they’ll be reduced on a pro rata basis.

    Typically, the settlement of a class-action lawsuit entails a specific plan for providing all potential claimants with notice that they have the right to collect.

    The settlement also will pay the lawyers who brought the lawsuit $7.2 million, pushing the maximum total payout north of $31 million. The entire settlement will be subject to court approval.
     
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  2. Concudan

    Concudan Still Chargin Staff Member Administrator

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    Good! Fucks the NFL and their PSLs. Just a way to squeeze more money from the average NFL fan!
     
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  3. Savage Lizard

    Savage Lizard FORMER Charger fan at 7000'

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    Kroenke's already subsidizing one fan base, what's one more?
     
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  4. Concudan

    Concudan Still Chargin Staff Member Administrator

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    What I hope is this will be an eye opener for ownership. That they cant take and take without people pushing back.
    Maybe slow down the rallying cry for teams to move.
     
  5. Harryo the K

    Harryo the K Well-Known Member

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  6. SDRay

    SDRay RIP SD Chargers..F the LA Chargers, Go Irish Staff Member Administrator Podcaster

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    Chump change to Kroenke...he craps that out every day.
     
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  7. handoverfist

    handoverfist BoltTalker

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    I apologize in advance for my ignorance here...Eventhough I've read enough to somewhat understand what PSLs are, I still don't fully get how they're different from Season Tickets...Are they like paying for the rights to buy season tickets to a seat?...Sounds like a money grabbing scam to me!....Did Qualcomm seats have PSLs?

    Either way, I can't understand how having to sue a billionaire to get back most of the money he owes you, after he took a giant sh!t on you and your community can count as a win!!!

    Edit: The fargin lawyers won!...That's even worse!
     
    Last edited: Dec 6, 2018
  8. Fender57

    Fender57 BoltTalker

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    I vote to make Spenis pay for it.
     
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  9. Fender57

    Fender57 BoltTalker

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    Yes, personal seat licenses are a license that gives you a right to purchase season tickets to a seat. So basically you’re paying a one time fee for the right (bound right I might add, you must purchase the season ticket) to purchase season tickets to that seat. In many cases you own the license to that seat for anything hosted in the venue, concerts for example. This whole concept was introduced by the Raiders when they were hoping to build their new stadium in LA during the 80s.
     
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  10. Gill Man

    Gill Man Inaugural San Diego Charger Fan Since 1962 FUDEAN Staff Member Moderator

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    Yup PSL's are paying for just the rights to buy season tickets. Now supposedly in theory the owner of the PSL's have 'equity' in them, so can sell them. The big problem is there are places like SF and NY where fans bought in when the market was high, ie the team was winning or the stadium was new, then the team began to lose or the attraction of the new digs was not as expected (think Santa Clara where I've heard by 2nd half it is so hot in there the fans can't stand it andhave to leave, they took the drawings for the stadium that was supposed to originally be where Candlestick was and just transferred it to Santa Clara lolz) . So upon trying to sell the Einstein's who purchased the PSL's ended up taking a huge haircut. It's a risky investment unless you have a ton of money to spend and don't care and plan to follow the team forever anyway......most common folk cannot afford anymore. The old Candlestick faithful largely got priced out not to mention the commute.

    Qualcomm did not have PSL's but that's what dean spenis was after, PSL money. A local study was done at one of the universities that showed SD was actually a very viable PSL market (think corporate base) and rated it around 12th in the NFL equal to BAL and CLE, for ability to support PSL sales. Spenis on the other hand, by way of his crooked buddy Fabiani (former vice-mayer of L.A.) repeatedly said SD could not support PSL's. Another lie.
     
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  11. RamAirVA

    RamAirVA New Name, Same Attitude

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    Scabiani should be taken behind the woodshed and beaten repeatedly with a blunt object...while the assailant yells FUDEAN
     
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  12. Fender57

    Fender57 BoltTalker

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    While Fibiani deserves the amount of scorn he receives from us, he is what he is: a spin doctor snake in the grass and Spenis knew exactly what he was getting when he hired him to poison the well.
     
  13. Harryo the K

    Harryo the K Well-Known Member

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    If you fail to renew for any year, you forfeit your entire SSL investment to the Rams who can then turn around and sell it to someone else who will pay another SSL fee to the Rams. The original buyer of the SSL has no recourse to recoup any portion of their original investment in that scenario. The next buyer will also be subject to forfeiture of their investment unless tickets are renewed through year 50. If a buyer is actually able to follow through with keeping the SSL for all 50 years (or balance of the 50 year term), they'll end up paying over double the price of the SSL
    for season tickets, assuming regular price increases for inflation, so the Rams still win if they have to make a payment to any buyer after year 50. The Rams have reserved the right raise ticket prices starting three years after the new stadium is opened, and then thereafter as they deem appropriate. Not a consumer friendly arrangement for SSL buyers in the end.


    SSL financed 10 years at 5%:

    $1K SSL, $60/game: $730 ($73/game)

    $2K SSL, $80/game: $1060 ($106/game)

    $3K SSL, $90/game: $1290 ($129/game)

    $4k SSL, $100/game: $1520 ($152/game)

    $5K SSL, $125/game: $1900 ($190/game)

    $7.5K SSL, $150/game: $2480 ($248/game)

    $10K SSL, $200/game: $3300 ($333/game)

    $12.5K SSL, $200/game: $3630 ($363/game)

    $15K SSL, $200/game : $3950 ($395/game)


    B2AB392D-3CE7-4E18-BF75-33FCAB5AC4FE.gif
     
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  14. Lance19

    Lance19 BoltTalker

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    The 49er's called theirs "Stadium Builders Licenses" (SBL) which, I think, does a decent job of establishing
    that those are the funds that made up the half billion dollar gap between franchise funds for the project,
    and what the actual cost of a state-of-the-art stadium in toasty Santa Clara would be.
    https://levisstadium.strmarketplace.com/Stadium-Builders-Licenses/Stadium-Builder-License-Info.aspx

    I think a SBL in the super premium 138 VIP section was $80,000 in 2014.
    https://levisstadium.strmarketplace.com/Stadium-Builders-Licenses/for-sale.aspx

    But since the 49ers have been 15-45 from 2015 to now, and when you add in the rough Santa Clara mid-day heat, etc.,
    now those $80,000 50-yard-line SBLs can be bought for 3 Boudin sourdough baguettes and a handful of Ghiradelli dark chocolate squares...
     
  15. Quetzalcoatl

    Quetzalcoatl BoltTalker

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    The fans shouldn't settle. Take it to court. The Rams would only be settling if it were in their interest and not the fans' interest. The little guys need to stop being pocket pussies and start kicking the bad guys in the wallet.
     
    Last edited: Dec 7, 2018

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