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personal seat license, or PSL, gives the holder the right to buy season tickets for a certain seat in a stadium. This holder can sell the seat license to someone else if they no longer wish to purchase season tickets. However, if the seat license holder chooses not to sell the seat licenses and does not renew the season tickets, the holder forfeits the license back to the team. Most seat licenses are valid for as long as the team plays in the current venue.

Seat licenses have been given various names- the most common term in North America is Personal Seat License and in Europe is Debenture. The primary reason sporting venues offer PSLs is that the proceeds are used to help pay the debt incurred during the construction of the stadium or arena. Opponents of PSLs see this as another way to extract money from the sports fans.

Source: Wikipedia – Personal Seat License