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Texas Tech's priority point system will work | Tech officials say
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about Tech's personal seat license (PSL) program | REDRAIDERS.COM | HEADLINES |
New seat license plan to help pay for arena
By DOUG HENSLEY
Sports Editor
[A-J GRAPHIC - Joe Landin. CLICK GRAPHIC FOR LARGER IMAGE]
As Texas Tech prepares for a new era of basketball in United Spirit
Arena, university officials also are preparing a new concept for fans who wish to occupy
some of the best seats in the house.
Prepare to enter the world of the personal seat licenses (PSL).
"We've been working on this plan for over a year," Tech athletic director
Gerald Myers said. "We've thoroughly researched it and put a lot of time and thought
into it. It's a plan that we've come up with that we hope will be fair and reward our fans
who have supported us."
In recent years, PSLs have become the rage in college and professional sports. Simply
put, the PSL guarantees a fan a specific seat. Tech's PSL plan, which officials say
involves 26.5 percent of the seats in United Spirit Arena, will replace what was known as
seat options.
"I'm sure there will be complaints because of the change," Tech Chancellor
John Montford said. "Anytime you change a procedure that has been longstanding,
you're going to receive complaints.
POSTED: 12/31/98
A look at how Texas
Tech's priority point system will work:
DONATIONS
Red Raider Club (or former Double T Connection): 6 points for each $100
cash gift since 1987.
Red Raider Club (or former Double T Connection): 3 points for each consecutive year of
active membership since 1987.
United Spirit Arena: 2 points for each $100 cash gift.
TICKETS
Season tickets: 2 points for each season ticket purchased since 1987.
Years of purchase*: 3 points for each consecutive year as a season ticket holder since
1987.
PERSONAL SEAT LICENSES
Priority option seating*: 2 points for each basketball option purchased
since 1987.
Years of purchase*: 3 points for each consecutive year as a basketball option holder
since 1987.
FIXED POINT CATEGORIES
Lifetime Red Raider Club endowment: 10 points.
Tech letter winner: 10 points.
Tech alum#: 5 points.
Major academic gifts: Endowed chair (200 points); Professorships (50 points); Graduate
fellowships (10 points); Presidential (7 points); Honors (5 points).
*-basketball only.
#-5 extra points if spouse is a Tech alum.
POSTED: 12/31/98
Tech officials say timing
could be better to unveil plan
By DOUG HENSLEY
Sports Editor
Texas Tech officials are fully aware that there could have been better times to pick to
announce a personal seat license program for United Spirit Arena.
The PSLs require Red Raider basketball fans to make a 10-year commitment of between
$1,250 and $4,000 to purchase a seat in the university's new basketball facility,
scheduled to open in January 1999.
The plan encompasses 25 percent of the seats in United Spirit Arena, which Tech
officials say will hold 15,200 upon completion.
"We've got a schedule and a time line that we have to meet on this," Tech
athletic director Gerald Myers said. "So we just had to go on with our business as
best we could."
Tech's football and men's basketball programs were focal points of a recently completed
NCAA investigation. University officials are awaiting an official letter of inquiry from
the NCAA outlining charges.
Just more than a week ago, Tech announced that 76 athletes in eight sports had competed
while academically ineligible. That revelation came about following an internal audit of
all Red Raider student-athlete transcripts from 1991 to the present.
Despite those problems, Tech officials said they have to move forward with regard to
seating plans for the new arena.
"This has been a year of change and a year of transition for us," said Tech
Chancellor John Montford. "I don't believe in holding anything back. Let's get it out
there.
"I think people are conversant about this plan already. This is not a plan to
disenfranchise anybody. We need the money generated from the personal seat licenses to pay
off our debt service. I think in today's environment of contemporary intercollegiate
athletics, these seats are competitively priced."
Whether Raider fans see it that way remains to be seen. The PSL program will replace
Tech's seat options of the past. The seat options, which were increased to $100 and $75 in
1984, have not risen in cost since.
"We're just trying to meet our time line that we have set," said Myers.
"We've got to meet certain debt payments on the arena, and our time line is based on
that schedule."
POSTED: 10/12/97
Questions and
answers about Tech's personal seat license (PSL) program:
Q: What is a PSL?
A: It is a license that allows one to purchase and own a specific seat for men's or
women's basketball games at Texas Tech over a 10-year period. In its simplest terms, a PSL
is new terminology for what the school used to call a seat option.
Q: Are the price of the tickets included in the cost of a PSL?
A: No. PSL holders will be required to buy season tickets each year.
Q: What about other events in the arena, such as a Tech-sponsored concert?
A: That hasn't been totally determined, but Tech is hoping to devise a plan that would
allow PSL holders a chance to purchase concert tickets ahead of the general public - if it
is a school-sponsored event.
Q: What if Tech were to host an NCAA sub-regional or regional men's or women's
tournament?
A: PSL holders would have priority ticket status for such events.
Q: How many total seats fall under the PSL plan?
A: 4,043 or 26.5 percent of the 15,200 seats in United Spirit Arena. That number drops
to 3,300 for men's games because one group of seats is designated for Lady Raider games
only.
Q: Are there any other benefits for purchasing a PSL?
A: PSL holders will receive priority status for purchasing prime reserved parking at
all arena events.
Q: Isn't United Spirit Arena already paid for?
A: The PSL program is one of four key components necessary for completion of the debt
on United Spirit Arena. The others: 1) private donations; 2) student general use fee; and
3) revenue from luxury suites.
Q: Is the cost of the PSL tax-deductible?
A: The PSLs are designed to be transferable. If one accepts the ability to transfer,
Tech officials believe the PSL payments are non-deductible. If one declines the ability to
transfer, Tech officials believe the PSL payments are 80 percent deductible. However, Tech
officials suggest checking with a tax adviser.
Q: Can the PSL be transferred any time during the 10-year period?
A: You may transfer, provided you accept the transfer option upon purchase, ownership
of your PSL to another individual or company, and Tech officials say they will charge a
"reasonable" transfer fee. That amount has yet to be determined.
Q: Is there a discount for purchasing a PSL for both men's and women's games?
A: Yes, it is $100 per season ($1,000) regardless of the area selected.
Q: Will there be a chance to purchase a PSL after Jan. 31?
A: Yes, if there are any remaining. However, those who commit by Jan. 31 will have
first seat selection rights.
Q: What will happen to unsold seats, if any exist, in the PSL program?
A: They will be sold on an individual game basis the week of the game at a price higher
than what the PSL holder is paying per game.
Q: What are the advantages of choosing to purchase a PSL?
A: Tech officials see it as a chance to allow fans to not only claim the best seats in
the house but also to make them feel like shareholders in the construction of United
Spirit Arena.
Q: How did Tech develop this plan?
A: Tech officials indicated that a committee of people contacted numerous universities,
including the bulk of the Big 12 members, as well as others (such as Arkansas and Penn
State) that had recently constructed new basketball facilities.
Q: What happens if a PSL owner dies prior to the end of 10-year commitment?
A: The PSL would be considered an asset belonging to the next of kin.
Q: What happens to someone who moves to town and wants to purchase a PSL after the
10-year period begins.
A: That person would be able to buy a PSL, if any are left, for the remaining time in
the 10-year window and pay the appropriate percentage. The PSL program will end at the
same time for everyone involved.
Compiled by Sports Editor Doug Hensley |