LeBron on your team means higher ticket prices
Jennifer Waters,
MarketWatch
July 8, 2010
With Cavaliers star in town, basketball seats cost a lot more
You won't want LeBron James playing basketball in your town as much when you see what it means for ticket prices.
No matter which team the NBA's two-time MVP chooses when he makes his big announcement Thursday night, the LeBron Effect will kick in to sharply boost the cost of passing through arena turnstiles. That's after two weeks of speculation alone have spurred a ticket-buying frenzy. And don't think the prices of hot dogs and beer won't rise right along with those for tickets.
"The inevitable result is the LeBron Effect 41 times a year for the home team -- a major spike in market price," said FanSnap Chief Executive Mike Janes.
Ticket sales already are rising on the mere speculation that James may decide to play for Chicago, New York, New Jersey or Miami. They have been so hot that a ticket-sale conspiracy theory has been bandied about: Teams spreading rumors they have signed James as a sales ploy. Of course, the Akron, Ohio, native could also decide to stick with the Cleveland Cavaliers. Read commentary about Wall Street hedging its bets on King James.
Presuming the LeBron Effect is sustainable through a 41-game home schedule (and, of course, through an annual playoff run), expect to open your wallet wide to get into a game, whether you buy tickets directly from the team or in the secondary markets. LeBron James: A pictorial look at his options.
In Chicago, for example, ticket prices surged 311% to a jaw-dropping $400-plus each on average when King James and the Cleveland Cavaliers appeared on the Bulls' home court, according to FanSnap, the ticket search engine. That average price of $411.45, registered on March 10 for a United Center game, plummeted to $86.51 three weeks later for a Bulls-Cavs game absent an injured James.
Read more at http://www.marketwatch.com/story/lebron-on-your-team-means-higher-ticket-prices-2010-06-30?dist=countdown
