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The first time Max Muhleman knew that personal seat licenses, or PSLs, were a valuable commodity was when he saw them advertised for thousands of dollars in his local newspaper.
PSLs are the brainchild of Muhleman, a Charlotte, N.C.-based sports marketing maven.
The PSLs were born in 1987 out of a campaign to land a National Basketball Association franchise for Charlotte. The licenses, then called chartered seat licenses, were given away rather than sold. The only value they held was a right to purchase a season ticket to see the basketball team, the Charlotte Hornets, said Muhleman.
"I saw fans advertising them in the Charlotte Observer," Muhleman said. …