The idea, a version of the concept conceived by Lou Weisback of Morgan Stanley's Stadium Capital Financial Group, is expected to create an endowment fund for the school that will grow to $1 billion within 30 years. Jaret Frank, a consultant for the Association of Luxury Suite Directors, writes that "It changes an afternoon at a football game into an asset with significant tax benefits."
Highlights of the program
- Unlike as PSL, the Endowment Seating Program includes the price of admission to an event. Think of PSLs as options; ESPs are stock.
- "Donors" can choose to pay for the seats ($40,000 for the cheapest, $220,000 for the best) up front or over as much as 30 years.
- ESP members will get dibs on seats, even those held by traditions by season ticket holders, after the stadium renovation is complete
- A portion of the price may be deductible as a charitable contribution
- ESPs can be transferred or resold at the owner's discretion