Potential season ticket problems.

[bourbon n blues]

My accountant sai he talked to a lobbyist who works with education related matters about schools potentially filing a certain kind of bankruptcy to protect them from season ticket refunds.
Is this a possibility ? If so how would it play out.

 

[NittPicker]

I don't know how it'll play out but filing a special kind of bankruptcy mainly to keep season ticket money will piss off a lot of people. Would it be worth keeping someone's money for one season at the cost of losing them as a ticket holder forever?

An incentive would be a better option. For example, if PSU approached me offering "x" number of extra NLC points in exchange for not seeking a refund I'd consider it. I know NLC points don't mean much but at least the ticket holder would feel as though they're getting something in return. It would all depend on how well the AD markets such a plan. If they use a heavy hand they'll lose some people forever.

 

[Nitt1300]

How would such a bankruptcy work ? Do you declare the Athletic Dept bankrupt but the rest of the Institution solvent?

 

[cvilleelkscoach]

My accountant sai he talked to a lobbyist who works with education related matters about schools potentially filing a certain kind of bankruptcy to protect them from season ticket refunds.
Is this a possibility ? If so how would it play out.

you need a better accountant.

 

[bourbon n blues]

you need a better accountant.

He's not the issue , it's what the lobbyist said to him.

 

[bourbon n blues]

How would such a bankruptcy work ? Do you declare the Athletic Dept bankrupt but the rest of the Institution solvent?

I'm not sure. It's concerning though .

 

[Erial_Lion]

I'm not sure. It's concerning though .

What is? That there are lobbyists out there that are this clueless?

 

[cvilleelkscoach]

He's not the issue , it's what the lobbyist said to him.

but he is. He was dumb enough to repeat it versus flushing it.

 

[JWB389]

I can't speak for the other football powers, but just think for a second about the group we are most concerned with. The team that brought us STEP and the handling of the JS scandal and countless other missteps.

That said, if they keep the money with no credit toward future purchases, they will have some major problems.

 

[007Bulldog]

I can't speak for the other football powers, but just think for a second about the group we are most concerned with. The team that brought us STEP and the handling of the JS scandal and countless other missteps.

That said, if they keep the money with no credit toward future purchases, they will have some major problems.

Agree, giving a credit toward 2021 tickets is the most logical solution if there is no season. An equally big question is how the required NLC donation would be handled. This donation is required to purchase tickets but if there are no games, can the AD keep the donation? And, for the most part, these donations are no longer tax deductible because of the benefit derived. But, if you never got tickets, then there was no benefit. However, you have most likely already filed your tax returns. For me personally, my NLC donation exceeds the cost of my tickets by a long shot. Certainly, if there is no season, it will be very interesting to see how the cost of tickets and NLC donations are handled.

 

[No Name all Game]

YES... The problem that they will be facing is called * Class Action Lawsuit * I’m sure a lot of people will jump in.

 

[Art]

How would such a bankruptcy work ? Do you declare the Athletic Dept bankrupt but the rest of the Institution solvent?

Don't think so. Athletic departments are part of the university, not discrete legal entities.

 

[green2623]

YES... The problem that they will be facing is called * Class Action Lawsuit * I’m sure a lot of people will jump in.

And think of the payouts!

 

[Nitt1300]

Don't think so. Athletic departments are part of the university, not discrete legal entities.

That's what I was thinking.

 

[psufan44]

I think the financials of the athletic department is separate from the rest of the University.

 

[NittPicker]

I think the financials of the athletic department is separate from the rest of the University.

I recall a few years ago when someone said all university money is fungible. That's how Barron can use football money to build his museum.

 

[Art]

I think the financials of the athletic department is separate from the rest of the University.

Yes, it's called profit/cost center reporting. Doesn't make it a legal entity.

 

[PA_JOE]

Nope - it’s all part of the same legal entity - no corporate veil in between.

I think the financials of the athletic department is separate from the rest of the University.

 

[Psualum2007]

I emailed the NLC and ticket office this question yesterday morning. I will share the response once received.

 

[Whaaaaaaaany]

And think of the payouts!

$5 mil for the lawyers and a chicken basket (minus the soda/pop) for all the ticket holders