Tickets Rumors

The NBA still hopes to play out as much of its remaining schedule as possible, but Commissioner Adam Silver is now signaling those games will be played in a centralized location without spectators, if they are played at all. The league could incur major financial losses as teams receive an increasing volume of calls from restless ticket holders who want their money back. A league source told The Sacramento Bee the coronavirus shutdown has already taken a huge financial toll on the Kings, who are bracing for what might be tens of millions of dollars in uninsured losses. The source said the stoppage in NBA play and live events at Golden 1 Center is having a “tremendous impact to the bottom line,” saying “over half of the team’s revenue is generated from hosting ticketed events in the arena.”
Team and league officials explain it is difficult to calculate the average price of an NBA ticket due to multiple factors, but some have attempted to do the math. Barry’s Ticket Service, Inc., an online ticket broker, estimated the average cost of a ticket on the secondary market was $89 during the 2018-19 NBA season. Using those figures, the NBA could lose more than $400 million in regular-season ticket sales. In March, a high-ranking team official told Tom Haberstroh of NBC Sports the NBA could lose nearly $500 million if the remaining regular-season and playoff schedule is canceled. Just last week, Statista.com, an online portal for statistics, estimated the NBA could lose up to $450 million in gate revenue and $200 million in non-ticket revenue.
Storyline: Coronavirus
The 20,000 refunds will be paid out to those who purchased floor-level seating for the games. Despite a mock-up depicting tiered seating, the seats used were in flat rows, lower than the court and, in some cases, more than 30 metres from the action. “Consumers paid a premium for floor-level seats, ranging between $895 and $3,995 for a hospitality package, and may have done so as a result of misleading seating advertising,” said Rod Sims, chairman of the Australian Competition and Consumer Commission. “In our view, TEG Live’s conduct was unacceptable.”