Evil Empire reducing prices on expensive seats...but in evil way.

by LAcarl519 on Apr 28, 2009 3:33 PM CDT Comment 19 comments

Though I can not find this story on the Interent (yet), the Yankees have announced a price reduction of over 30% on those $1000-$2500 seats behind home plate. It seems that they are embarrassed by all of the empty seats showing up in game film.

Though this discount will be offered to new ticket pruchases, fans who have already bought packages or season tickets will only be offered additional free tickets to equal the discount that the Yankees are offering on equivalent seats. So if you were supportive of the team and shelled out the $1000-2500/seat for 4 seats UP FRONT, the Yankees will now thank you by not giving you money back, but by sticking you with more tickets that you have to do something with.

Why does this seem like a real hose job by the Yankee brass to those who stepped up early? Why not just give them money back? Can cash really be that tight at the Evil empire? It just seems to me that burdening these people with more tickets is just giving them a bigger headache.

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Link

http://www.nytimes.com/2009/04/29/sports/baseball/29tickets.html?hp

"I daydream just like everybody else, I just do it with my body facing the field, so everybody thinks I'm paying attention."- Greg Maddux

by Doggie Stalker on Apr 28, 2009 3:43 PM CDT reply actions 0 recs

Jessica: thanks for the link. It confirms what I said.

If anything, some of the discounts are even deeper (50%). What will those people do with all of those extra seats the Yankees throw at them? Stay Classy, Pinstripes.

"If it's obvious, it's obviously wrong." - a well known stock market guru

by LAcarl519 on Apr 28, 2009 3:47 PM CDT up reply actions 0 recs

its the economy stupid

it is called over reach and the Yanks did it to themselves…..wonder if the Mets are having sales issues too

Piniella: "This is a tougher job than I thought it would be, I'm going to be honest with you."

by Ivy Walls on Apr 29, 2009 7:50 AM CDT up reply actions 0 recs

who you calling stupid?

only my wife can do that! :-)

…BTW, isn’t that a Bill Clinton line?

yes, the Yankees were greedy, plain & simple.

"If it's obvious, it's obviously wrong." - a well known stock market guru

by LAcarl519 on Apr 29, 2009 8:15 AM CDT up reply actions 0 recs

Makes more sense

to get people into the ballpark more often then to give them their money back. From the Yankees perspective you are giving them an even money exchange to receive more entertainment.

Really the Yankees have no duty to give any compensation to the people who shelled out cash early for those tickets, its all about economics. Those people bought in when the price was low enough for them and now more people will buy in at this level. Its a simple supply and demand curve. In a perfect market for a seller they would be able to sell each ticket at the highest price a single person was willing to pay. (Im sure Hank and Hal are working on this)

As far as the Yankees are concerned they can get some more folks into the ballpark without losing money (they are giving away unsold tickets instead of refunds) and can reap the benefits of added concession and souvenir sales.

Now of course none of this gets into the ethics of the matter. But if the airlines can do it why not baseball teams.

Oriole by nurture. Cub by marriage.

by wax eagle on Apr 28, 2009 3:46 PM CDT reply actions 0 recs

I will be in NYC this weekend and I am going Sunday to the game...

…should be interesting to see the new stadium.

I got some real nice seats, down LF line 25 rows up for $25 below face from a broker. Something tells me the Yankees and the secondary markets are taking a bath on those high priced tix.

New sig currently under construction

by JB 23 on Apr 28, 2009 3:50 PM CDT reply actions 0 recs

It's because Hank Steinbrenner is

And there weren’t any sharks with laser beams on their heads to take care of the problem.

"Respect" ~ Ryne Sandberg

by gwood on Apr 28, 2009 3:54 PM CDT reply actions 0 recs

Nice

What does that make Ricketts?

Okay, just so I understand it... in your wildest fantasy, you are in hell. And you are co-running a bed and breakfast with the devil.

by bren on Apr 28, 2009 4:04 PM CDT up reply actions 0 recs

I don't see the problem...

with NOT giving money back to the people who bought the tickets. They were for sale at X amount of dollars. People paid that price. They should be thankful that the Yankees are even offering free tix to begin with. They certainly don’t have to.

by kanderber on Apr 28, 2009 4:06 PM CDT reply actions 3 recs

rec'd

I think the free tix is above and beyond what they had to. If I buy a car and then a week later the same model goes on sale, I’m not getting money back.

by dmlichte on Apr 28, 2009 4:08 PM CDT up reply actions 0 recs

Exactly

They agreed to buy the tickets at that price.

by dr stabbingworth on Apr 28, 2009 4:12 PM CDT up reply actions 0 recs

Obviously, the Yankees don't have to do anything with those who bought season tixs

at the higher prices. The question is, will fans commit to tickets in the future or just hold out for the lower deal later? Often these early buyers serve an important purpose in helping to get the stadiums financed (whether it is expensive box seats or suites).

My only point is that for these high priced fans, an option of cash or tickets would have been nice. Admitting you (Yankee mgmt) mis-priced the seats is fine, but just give everyone the same deal. Hiding the mis-pricing by only giving extra tickets to these people seems low class to me (this isn’t Southwest Airlines).

Yes the Yankees could have done nothing—but do you really want to piss these loyal high-end fans off when you are offering new buyers 30-50% discounts for the same seats?

"If it's obvious, it's obviously wrong." - a well known stock market guru

by LAcarl519 on Apr 28, 2009 4:26 PM CDT reply actions 0 recs

Keep in mind that....

… by giving them the high-priced fans these tickets free, they give those people the option to sell them off at what is likely to be a deep discount to face value.

This accomplishes two things: getting some cash into the hands of those people who paid up front, and filling up those embarrassingly empty seats.

Win-win for everyone, I think.

"You can observe a lot just by watching." ~ Yogi Berra

by Al on Apr 28, 2009 4:27 PM CDT up reply actions 1 recs

True

The availability of aftermarket ticket sales (ie stubhub) really has added an extra dimension to this entire enterprise. The Yanks are effectively giving these folks a refund plus some because even the discounted ticket prices should cover any monetary difference between what was paid at the beginning of the season and what fans now are paying.

Oriole by nurture. Cub by marriage.

by wax eagle on Apr 28, 2009 4:42 PM CDT up reply actions 0 recs

Free market at work

by gocubsgo22 on Apr 29, 2009 1:56 PM CDT up reply actions 0 recs

Yet another adjustment

They did good to save face a bit by reducing future purchases however they should have done a good gesture and provided a refund to pre-purchased tickets.

Sweet Lou for Mayor in '11.

by blackhawk24 on Apr 28, 2009 5:18 PM CDT reply actions 0 recs

there's enough pinstriped kool aid there

that this will get some activity going … but I think it’s going to be too little too late. Those ticket prices are absolutely beyond insane ..

Well, Next Year is here .. and Jack's century's gotta end some time .. GO CUBBIES!

by cubnational on Apr 28, 2009 6:47 PM CDT reply actions 0 recs

After reading it, I don't think anyone's getting hosed.

The front row seatholders can presumably sell those seats, effectively cutting their costs. They may not be worth $2500 to the market but those seats will be easy to sell.

by DudeVf11 on Apr 28, 2009 7:55 PM CDT reply actions 0 recs