Lifetime Seat Rights

[Guardman]

For those who followed a thread that was started by Seashore on Feb 4th, below, which I participated in, I wanted to set the record straight.

I was wrong about Lifetime Seat Rights, and Zipp was right.

I would like to say I was simply misinformed by others, but I won't do that.

So, here's the deal: Those seat license rights for those 'lifetime seats' are, in fact, resellable, with no limitations. I had asserted that they could only be sold one time, but I was wrong!

Guardman

 

[Rollem Cards]

For those who followed a thread that was started by Seashore on Feb 4th, below, which I participated in, I wanted to set the record straight.

I was wrong about Lifetime Seat Rights, and Zipp was right.

I would like to say I was simply misinformed by others, but I won't do that.

So, here's the deal: Those seat license rights for those 'lifetime seats' are, in fact, resellable, with no limitations. I had asserted that they could only be sold one time, but I was wrong!

Guardman

Thanks GM.

Can you point me in the direction where I can find that Agreement?

 

[Guardman]

Rollem- I am going to try to insert a file here, but if I am unsuccessful, use the one which Zipp linked in the thread begun by seashore. I checked my copy with his and they are word-for-word, the same.

Sorry, cannot figure out how to attach anything. Use Zipp's link.

 

[zipp]

Here's the link again.

In fairness to G-man, he did a lot of due diligence up front--more than I probably did--and his was a pretty unique situation. My guess is that U of L has spent enough time and expense trying to get around the "lifetime" aspect of these licenses without success that you can probably buy them at this point with confidence. But most of us aren't lawyers, and it's always safest to have a lawyer handle contracts for you.

Glad things worked out well for the G-man!!

 

[Rollem Cards]

Thanks guys!

 

[Mayoman]

Kudos to G-Man for stepping up and admitting the error he made.

It is a shame that in today's environment, not many men are willing to do that. Hat's off! Glad to have made your acquaintance.

Thanks for sharing the information and putting yourself out there.

 

[Guardman]

Kudos to G-Man for stepping up and admitting the error he made.

It is a shame that in today's environment, not many men are willing to do that. Hat's off! Glad to have made your acquaintance.

Thanks for sharing the information and putting yourself out there.

Hey, Mayo, aren't you spreading the Hellman's a little heavy?

 

[Mayoman]

Naw......just appreciated your honesty in setting the record straight. The miracle of honesty whipped into action.

 

[n4cer2ad]

I just received the prices for the expansion, I'm going to have to think on it hard.

 

[zipp]

I just received the prices for the expansion, I'm going to have to think on it hard.

So, spill the beans. What are they hitting you up for? The common folk here wanna know...

 

[n4cer2ad]

Here you go Zipp



Club Seats (there will only be 836 club seats available as part of the new football expansion)

• Cost of 1 club seat:
  • Initial Donation: $1,600 per seat over 5 years ($8,000 in total which is payable over 5 years)
  • Annual Donation: $500 payable each year. The annual donation is paid each year once the expansion is built. Annual donations help fund our student-athletes scholarships each year.
  • Ticket Price TBD
  • Parking: You will receive a parking pass but that location has yet to be determined. However, if you purchase a total of 6 or more club seats you are guaranteed a premium parking pass.

Premium Box (there will only be 68 premium boxes available as part of the new football expansion)

• Cost for 4 total seats with 1 premium parking pass included:
  • Initial Donation: $8,000 per seat over 5 years ($40,000 in total which is payable over 5 years)
  • Annual Donation: $4,000 payable each year ($1,000 per seat). The annual donation is paid each year once the expansion is built. Annual donations help fund our student-athletes scholarships each year.
  • Ticket Price: TBD

 

[n4cer2ad]

Ok Zipp give me the run down never had season tickets before. I moved back this way when I retired from the Navy in 06. I do go to games when I can, try to travel when we have away games also. Need feed back on this.

 

[zipp]

Ok Zipp give me the run down never had season tickets before. I moved back this way when I retired from the Navy in 06. I do go to games when I can, try to travel when we have away games also. Need feed back on this.

Distills down to three issues IMO...

• Do you need/want the tax deductibility of a large portion of what you pay?
• Do you want tickets in your name and the "security" of having them every year?
• Are you willing to work a little?

If "not necessarily" is the answer to the first two and "maybe" for the third, you can likely buy in the secondary market for less and get more. I was a season ticket holder (primary buyer) in basketball for a long time. Now, I'm exclusively buying those tickets in the secondary market and getting a lot more value for money.

You may get a seller who wants to sell to you every year, or you may have to be a little flexible and sit in different locations--but all of them CHOICE locations. I have maybe missed one or two good basketball games that I wanted to see over the last five years. You have to advertise yourself and develop a little bit of a network. I keep a record of contacts, and now, I have sellers calling me when they need a quick sale. And obviously, U of L won't help you with this.

I'll give you an idea of what I'm talking about in football... I sell a pair of tickets in the B&W Club at the 40-yard line every year to the same buyer. He pays me $600 per seat plus the cost of the tickets and parking pass. His parking space is near the CardMarch. That outlay is in line with what you're paying in an endzone club but with no initial donation and probably with inferior parking.

I don't want to undermine U of L's financials. But if you're buying in the secondary market, the way I see it, you're supporting the primary buyers who otherwise might not buy at all. We're just little pieces of a big expensive puzzle, wherever we fit in. I'd encourage anyone to strike out on their own. If you can hand someone an envelope of $100 bills, you can get a long way toward what you want...

 

[n4cer2ad]

Thanks for the advices, I will look into both ways and see what is best for me.

 

[Rollem Cards]

$8k AND $500 a year? $8500 a seat for 5 years?

I'm a LT seat holder and I wouldn't do it again for that.

There VERY few games you can't get cheap tickets. The ACC was going to fix that, but it didn't. The only really tough-to-get tics are FSU and Clemson and that's just every other year.

But that's just me. UL brags about the amount of money they are generating.....then say they need donations for scholarships?

Beam me up.

 

[Guardman]

$8k AND $500 a year? $8500 a seat for 5 years?

I'm a LT seat holder and I wouldn't do it again for that.

There VERY few games you can't get cheap tickets. The ACC was going to fix that, but it didn't. The only really tough-to-get tics are FSU and Clemson and that's just every other year.

But that's just me. UL brags about the amount of money they are generating.....then say they need donations for scholarships?

Beam me up.

Here's the issue: UofL needs the support of those of us who have the means to provide it. PJCS needs an expansion. The seats rights ARE very costly. For those who can, and who are willing, please consider it. It is a LT investment in your family's and the community's future. All institutions of higher learning need funding. The State's funding of UofL will always be inadequate. All of us need to help this University, especially at this time.

 

[Rollem Cards]

I understand that and have been "donating" for 32 years.

But I'm starting to get cranky I guess. Tired of hearing about Billion dollar foundations, $20 million conference shares, "most profitable program in NCAA", and $5 million contracts, yet I get hit for donations for SCHOLARSHIPS, to get a seat.

It just frosts me when someone/thing flaunt's what they have, then ask me for more money.

Instead of popping off about your money, keep your mouth shut about what you have, and stay humble.

 

[Guardman]

I understand that and have been "donating" for 32 years.

But I'm starting to get cranky I guess. Tired of hearing about Billion dollar foundations, $20 million conference shares, "most profitable program in NCAA", and $5 million contracts, yet I get hit for donations for SCHOLARSHIPS, to get a seat.

It just frosts me when someone/thing flaunt's what they have, then ask me for more money.

Instead of popping off about your money, keep your mouth shut about what you have, and stay humble.

Lotta truth in that, Rollem. UofL is only as good as you. Tom knows this better than anyone. What a miraculous thing has already been achieved! And that achievement is due to all like you and me who have made a choice to give of ourselves. We have all been part of an extraordinary undertaking! We have all been part of the little engine that could.

 

[teamcanada]

I got my season ticket bill for the UPS flight deck. $100 per ticket for 5 games. With the prices you guys are throwing around I think I will be up there for many years to come.

 

[CardinalJim]

Louisville football is breathing some rarified air with LT prices like these. Ironically I bought a pair of tickets through Notre Dame when we played up there back in 2014 so I got put on their call list. They called last spring and asked if I wanted to be considered for season tickets by being wait listed, I told them sure. ( Keep in mind it usually costs $50 just to have your name added to the wait list at Notre Dame.)

They called again last July and told me I had been selected for season tickets. The cheapest seats I could get were nearly 6K each. That's after the annual donation and ticket prices fees etc. That's between 11K and 12k a year to sit on a wooden bench in the South Bend Indiana weather for 6 or 7 games every year. I kindly declined.

The point is to run with the big dawgs we got to eat like the big dawgs. Unfortunately I can only afford to snack like the big dawgs...lol. I have my 5 seats in Section 224 for $1710 a season. I will be holding on to those.
CJ

 

[fredburgcard]

"Unfortunately I can only afford to snack like the big dawgs."

Jim, I know how you feel. Someday, maybe when my daughter gets out of grad school, I'll be able to afford more than the $1300 I pay for 3 seats in 204. But hey that puts me in the lower level on the 15 yard line. Not bad.

 

[Rollem Cards]

Louisville football is breathing some rarified air with LT prices like these. Ironically I bought a pair of tickets through Notre Dame when we played up there back in 2014 so I got put on their call list. They called last spring and asked if I wanted to be considered for season tickets by being wait listed, I told them sure. ( Keep in mind it usually costs $50 just to have your name added to the wait list at Notre Dame.)

They called again last July and told me I had been selected for season tickets. The cheapest seats I could get were nearly 6K each. That's after the annual donation and ticket prices fees etc. That's between 11K and 12k a year to sit on a wooden bench in the South Bend Indiana weather for 6 or 7 games every year. I kindly declined.

The point is to run with the big dawgs we got to eat like the big dawgs. Unfortunately I can only afford to snack like the big dawgs...lol. I have my 5 seats in Section 224 for $1710 a season. I will be holding on to those.
CJ

I honestly believe that these days are going to end abruptly. The price of humongous HD TVs and liquor store beer prices are going to have this new "me" generation rethinking their priorities.

We discussed the empty seats at SEC games last year. It's going to get worse IMO.

 

[zipp]

I got my season ticket bill for the UPS flight deck. $100 per ticket for 5 games. With the prices you guys are throwing around I think I will be up there for many years to come.

Once upon a time, I paid around $100 for FOUR season tickets. This was the "Family Plan" at the old stadium in the mid-1980s...

As a guy I used to work with would say, we all started out among the great unwashed.

 

[teamcanada]

Once upon a time, I paid around $100 for FOUR season tickets. This was the "Family Plan" at the old stadium in the mid-1980s...

As a guy I used to work with would say, we all started out among the great unwashed.

Except for the walk up the ramp they really aren't bad seats. I like them much better than the crunch zone. I'm actually going to get 2 more for this year. That being said it's nice that UofL does have a ticket plan that everyone can afford.

 

[Guy Gadbois]

does anyone know when they plan to actually break ground on the stadium expansion?

 

[n4cer2ad]

Wish I could afford it but been thinking about to rich for my blood.

 

[MDCardsFan]

I don't have LT seats and I'm sitting between the 15 to 20 yard line on the UL side. I love where I'm sitting and I'm perfectly content with staying there.

 

[Rollem Cards]

And I don't blame you. Thats where the seats I use (my companion seats) are.

My hope for you is, the "donation" doesn't keep going up and price you out of them.

 

[Cardinals4Ever]

Damn High rollers I'm just trying to move down out of the flight deck next year. Something lower bowlish you all getting club seats for 8 grand that's insane. If I had the money though i would do it too i guess. We all eat, sleep, and poo, cardinal football.

 

[Guardman]

does anyone know when they plan to actually break ground on the stadium expansion?

The latest they would like to break ground is Dec 1st, 2017.

 

[Guy Gadbois]

when is ND coming to the ville? isn't it 2019? i was told they want to have this thing finished by then, but i'm hoping sooner.

 

[fredburgcard]

when is ND coming to the ville? isn't it 2019? i was told they want to have this thing finished by then, but i'm hoping sooner.

First game in '19. If they break ground in '17 it will be done by then.

 

[zipp]

U of L staffers have been at the open practices the last couple week looking to sign up new season ticket holders. They were circulating a chart showing both the football stadium and basketball arena pricing. Thought it may be of use to some of you, so here's a LINK.

I would expect to see these folks at the Spring Game as well. Unfortunately, it doesn't show the initiation fees for the seats, which I'm sure exist for the premium sections...

 

[MDCardsFan]

U of L staffers have been at the open practices the last couple week looking to sign up new season ticket holders. They were circulating a chart showing both the football stadium and basketball arena pricing. Thought it may be of use to some of you, so here's a LINK.

I would expect to see these folks at the Spring Game as well. Unfortunately, it doesn't show the initiation fees for the seats, which I'm sure exist for the premium sections...

Zipp, according to the link you provided it looks like there's no donation fee for the handicap seats for basketball, just the regular prices, unless I looked at the map wrong.

 

[zipp]

Zipp, according to the link you provided it looks like there's no donation fee for the handicap seats for basketball, just the regular prices, unless I looked at the map wrong.

I'm not 100% sure how handicapped seats are managed in men's basketball. The law is they have to move you to one of those seats if you need it and buy a seat somewhere else in the arena. My guess is a donation depends on where your purchased seat is located.

In women's basketball, I do know that you can actually buy the handicapped seat as a season ticket.

Also, there are handicapped seats in a variety of locations, from a viewing standpoint, some good and some not so good. So moving to a handicapped seat may not significantly improve that experience.

 

[seashore]

We toured YUM Center recently. We were curious about the $500 combo packages - again. Two years ago, the mbb seats were in a corner section with the seats almost facing each other. Good deal of course with all home football games (except uk) and all mbb games. They were for our grandsons but they didn't have a chance to use them very much. There were still some available when we toured. There are a few upper level YUM seats without a donation. We asked about other seats. We can be put on a relocation list (we have 4 mbb seats) but if we wanted additional seats in the lower arena we would have to pay a upfront donation - didn't ask. The football expansion will have upfront donations for several of the levels, starting at $8000 and going to $40,000 plus annual donation and ticket costs.
I think I've reached my limit on UL donations and tickets
Ellen

 

[Guy Gadbois]

Zipp, do you know the tax deduction breakdown for upfront donation and annual donations? I was told upfront donation was 100% tax deductable and the annual donation was 80%. Is this correct? If so, do you know why the annual donation is only 80% tax deductable?

 

[zipp]

Zipp, do you know the tax deduction breakdown for upfront donation and annual donations? I was told upfront donation was 100% tax deductable and the annual donation was 80%. Is this correct? If so, do you know why the annual donation is only 80% tax deductable?

I'm not a CPA, and I don't give tax advice unless I'm pretty sure of myself. (Yes, that's not always true!)

The easier part of your question is that the IRS considers part of your annual "donation" to effectively be part of the price of admission. They've assigned that part to be 20%, which means that they consider the rest (80%) to be a true donation. That's probably a rule-of-thumb the IRS uses for similar ticket purchase arrangements; I doubt they made a determination just for U of L.

My GUESS is that the upfront donation is judged by the IRS as to not be for anything in return, that is, a true donation for which you get a 100% deduction. Probably because you have to pay the annual donation on top of it. Maybe they see money paid upfront as a right to purchase which has no intrinsic value.

A CPA can do a better job of explaining that without any qualifiers...

 

[Guardman]

I'm not a CPA, and I don't give tax advice unless I'm pretty sure of myself. (Yes, that's not always true!)

The easier part of your question is that the IRS considers part of your annual "donation" to effectively be part of the price of admission. They've assigned that part to be 20%, which means that they consider the rest (80%) to be a true donation. That's probably a rule-of-thumb the IRS uses for similar ticket purchase arrangements; I doubt they made a determination just for U of L.

My GUESS is that the upfront donation is judged by the IRS as to not be for anything in return, that is, a true donation for which you get a 100% deduction. Probably because you have to pay the annual donation on top of it. Maybe they see money paid upfront as a right to purchase which has no intrinsic value.

A CPA can do a better job of explaining that without any qualifiers...

I can corroborate all of what Zipp says here.

It is "80/20" because of current very specific federal tax rule.

This long-standing tax rule has been under review for at least 3 years, and could be changed at any time.

 

[Guy Gadbois]

Thank you for the information, zipp and guardman. i'm getting one of these new football boxes in the new stadium and was told this by the assistant AD, but he told me to double check with my tax attorney. Guardman, do you know what's under review? I'm assuming if the government is looking into it, they're probably thinking about taking away or lessening the deduction. For the love of all things holy, I hope we get a republican or Trump in the whitehouse this time around.