"Art said the move [from Cleveland] would cost about $140 million, and he said he was willing to split that," said Baker Koppelman, vice president of ticket sales and operations. "Historically, about $70 million has been generated from the PSLs."
The Ravens hoped a marketplace would emerge for fans, but couldn't be sure because there was little historical data to draw upon. There was no way of knowing the Ravens would win the Super Bowl in January 2001, boosting ticket demand.
"I think there were certainly some hard feelings initially" about PSLs, Koppelman said. But that was before fans realized they could make money.
The typical NFL team's PSL prices have doubled or tripled in value since they began, according to Burks. The biggest gains have come from "conservative, high-demand teams like the [Chicago] Bears and [Pittsburgh] Steelers. Their seats were worth a lot, but they have an old-school ownership that did not want to charge the market rates," he said.
While the average Ravens PSL price has roughly tripled, Pittsburgh's PSLs are worth nearly 10 times more today at $10,400 than when first offered in 1998, according to STR Marketplace. The Steelers won last season's Super Bowl.
Fans sell for a variety of reasons. Some. like Edwards, want to upgrade to better seats. Some are tired of going to games, while others are looking to make a buck. Sellers must pay taxes on any PSL profits.
Last May, the value of the Ravens' seats listed by STR was more than $6 million. Burks said thousands of fans of various teams nationally "might buy one or two extra PSLs if they can get a good deal and expect to get their money back plus a return."
Asked if he ever imagined making money essentially by being a fan, Smart replied quickly: "Not in my wildest dreams."
Recession-proof?
The cost of Ravens' personal seat licenses - a one-time fee - range from $750 for upper-level corner seats to $8,000 for lower-level midfield tickets. PSLs sold out in 2004, and the team maintains a wait list limited to 3,000 members.
PSLs are also available on the open market. The average sale price for a Ravens' PSL in May was $3,400 on seasonticketrights.com, a site used by the team.
Season-ticket holders must renew their seats each year to keep their PSL. Season tickets (10 games, including two in the preseason) cost between $350 and $1,250 for regular seats, and up to $3,500 for club seats.
The Ravens' season-ticket renewal rate has remained above 99 percent in recent years.
2006: 99.2%
2007: 99.7%
2008: 99.6%
2009: not available.
Sources: Ravens and seasonticketrights.com
