Venue Detail
Philadelphia Eagles
Revenues From Sports Venues Pro Facilities Report
February, 2012
Philadelphia Eagles
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1 Novacare Way Philadelphia, PA 19145 Phone: 215-463-2500 Fax: 215-339-5464 URL: www.philadelphiaeagles.com Owner: Jeffrey Lurie League: National Football League, NFC East
Venue
Lincoln Financial Field, 1 Lincoln Financial Field Way, Philadelphia, PA 19148 Managed by: Team Built: 2003 Capacity: 66,000 Permanent concession stands: 61 Concessionaire: Aramark Suite caterer: Restaurant Associates Soft drink:
Naming rights
Sold to: Lincoln Financial Group Price: $139,600,000 Term: 20 years Expires: 2022
Ticket prices
Season tickets range from $550 to $700 Single tickets range from $73.00 to $138.00
Attendance
2009 average attendance: 69,144 2010 average attendance: 69,144 2011 average attendance: 69,144
Suites
Quantity: 172 Term: 5 to 10 years Price: $125,000 to $250,000 Seats: 14 to 30
Club seats
Quantity: 8,000 Price: $1,700 to $3,500
Financing
The stadium deal for the Eagles and the Phillies comes to $1.01 billion with $170 million coming from the state and $304 million from the city. The teams will give a total of $482 million, leaving a $45 million shortfall.
The teams agreed to 30-year leases as part of the deal and they will give $60 million over the 30 years to child benefit programs. If the teams are sold, the city will get 25 percent of any value added because of the new stadiums.
The Eagles' $510 million stadium includes $310 million of team money. The Eagles had the right to sell 29,000 seat licenses. The city added $90 million toward operation and maintenance costs.
The city will get its money from a new car rental tax and incremental tax revenue created by the new stadiums.
Seat licenses
The Philadelphia Eagles sold seat licenses for 29,000 of the 66,000 seats in the team's new stadium. Called Stadium Builder Licenses, the 30-year contracts sold for $1,500 to $3,145 each and are transferrable. The sale generated $60 million.
Previous season ticket holders got a 15 percent discount and can pay the fee in three payments over three years interest free. The money goes towards the team's $310 million contribution to the $510 million stadium.
The Eagles' stadium features up to 12 founding partners, all of whom will pay seven-figure annual fees in multiple-year deals to hold the dominant marketing position for their individual sponsorship category. The team also wants 10 to 15 "talon" partners, who will pay between $500,000 to $1 million for smaller-scale deals.
The Eagles have made one of the largest investments in a new stadium of any NFL team in a stadium partially funded by public dollars, but they also expect to see significantly new revenues from the facility.
With comparatively few luxury suites in its former home, Veterans Stadium, the team sought a new venue where it gets all the money. The suites are expected to generate $30 million per year in revenue while the club seats could earn up to $15 million. The team will also get more than $6 million a year from its 21-year naming rights deal with Lincoln Financial Group and millions more from other building sponsorships.
Add to that the seat licenses expected to generate $60 million.
The team will leverage its sponsorships with an aggressive television effort that promotes both the team and sponsors. The Eagles produce their own coach's show and their pre-season games. They are considering other television ventures.
Team officials say the additional revenue should put the Eagles in the upper echelons of NFL teams, but not at the top. (Facilities, Financial, Football, NFLNFL, Professional Sports)