Fans of the Cal Bears and Kansas Jayhawks can buy individual seats in the schools' football stadiums, according to a report in the Wall Street Journal Tuesday. Supporters can buy the seats and pay down a mortgage-like agreement with interest over decades-long periods.
For Cal, selling its seats will help the football team cross the goal line in a 25-year-long fundraising campaign to overhaul Berkeley's Memorial Stadium. Up until now, the program has raised $125 million. If it sells 3,000 seats, the team estimates it will pass its goal of $300 million.
"Without this program, I don't see any way we could secure the funds," Cal associate athletic director David Rosselli told the Journal. "We needed a different approach."
For KU, the Jayhawks plan to add a 3,000-seat luxury-club level to its Memorial Stadium in Lawrence.
The terms of these seat mortgages depend on the quality of the seat. At Cal, the best seat will cost $220,000 over a 50-year period; the cheapest seat sells for $40,000 for a 40-year term. Club tickets for 30 years of Kansas games costs $105,000.