by Mike Chen on 05/06/09 at 06:46 PM ET
When you see a headline like “Sports bosses say economy forces more price cuts,” one has to be skeptical. But some part of hell has frozen over as the New York Yankees are actually cutting ticket prices.
The average price of a home-game ticket for a Yankees fan this season, for example, will run about $72.97, up more than 75 percent from last year, according to research firm Team Marketing Report.
Across sports, even more cuts could be coming as teams reverse the increases they put in place to help pay for expensive new arenas and stadiums.
“There are going to be adjustments based on the economy. We’ve seen that in our teams,” David Stern, commissioner of the National Basketball Association, said at a panel discussion hosted by The Wall Street Journal. “They’ll do fine, but they’ll do less. As we come through the economy, I think there will be some re-pricing mechanism built in.”
Now, all of the head honchos are saying the right thing about adjusting for the economy, but really, what are they going to do? I’m no expert on the business machinations of the NFL, NBA, and MLB, but for the NHL, teams dictate their own prices based on supply and demand. And because of that, a handful of markets are actually raising prices. James Mirtle’s got a nice table that shows what’s going on; you can see that the bulk of teams are freezing prices, a few are lowering them, and some are undecided.
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