Other places are just missing the financially power of a big city. “There are just not as many companies here. That’s why we have to get people into the arena, no matter how,” said Sacramento Kings owner Gavin Maloof. “Ticket sales make up one-third of our budget. They are essential for our survival.” And Maloof has reason to worry. For years, the Kings were the example that a smaller franchise could keep up. But the times of Mike Bibby, Chris Webber and Peja Stojakovic are long gone. The Kings are attracting 12,279 fans to their games, the lowest number in the league. And like many other teams, the Kings are offering tickets for reduced prices this season. The NBA requires that every club offers at least 500 seats for a maximum 10 dollars per ticket. The Kings voluntarily doubled that number to 1,000. And those who buy tickets for three or more games get an additional rebate. Other clubs have also begun recently making additional special offers.
But big money and winning records do not always go together. The New York Knicks have been proving that for years. Forbes magazine estimates the Knicks as the most valuable team in the NBA at 613 million dollars. But to show that having the money does help, eight of the top 10 richest on the Forbes list made the playoffs last season. And from the bottom 10 teams financially, only one – the New Orleans Hornets – reached the post-season. Before reaching the playoffs, the Hornets made 20 million dollars, according to Forbes.
One example that finances directly affect the results is the Denver Nuggets. In the summer of 2008 they basically gave away 2007 Defensive Player of the Year Marcus Camby to the Los Angeles Clippers – a trade with no return. The reasoning for the unusual move was that the club had run up debts of 27.7 million dollars in the past 12 months – mainly due to the some 20 million dollars in luxury taxes which owner Stanley Kroenke had to pay the league for having a total salary of 87 million dollars for his players. Without Camby’s 11.25 million dollars and other savings measures, the Nuggets have been able to save the luxury tax. And no one in Denver cares about Camby’s departure now anyhow since Chauncey Billups brought his winner’s mentality from Detroit.
Despite all the lowered prices and special offers, the NBA fun is still quite expensive. According to one study, a four-member family would have to drop down 250 dollars in average for one game. That figure jumps to about 400 dollars for the Lakers. Fans of other teams have other costs, including the New York Knicks fan who has to pay 30 dollars for parking. Americans have been quite generous in attending sporting events, spending a record 32 billion dollars alone in 2007 according to Street and Smith’s Sports Business Journal. But will people continue to be able to afford such an added luxury?
The percentage of season tickets which were renewed dropped from 84 percent last season to 80 percent. The 2008-09 league-wide average attendance (on January 18, 2009) was 17,162 – just under last season’s average of 17,395. With the economy not really having rebounded yet, owners are anxiously awaiting the start of renewals for next season’s season tickets. With a lack of success, some numbers may crash – perhaps in Sacramento, for example. With the poor economy, the league is expecting lower numbers. “The only thing which will increase could be the television ratings as a cheaper alternative,” said David Stern.
The economic crisis could also affect the commissioner’s plans for the future. “The expansion plans for Europe will be put on hold for a while,” expects the sports economist Sauer. The European economy is just as affected by the financial crisis as the U.S. Somewhat better in the moment are things in China. And it’s quite fitting that the NBA closed a deal last year with builder Frederick Anschutz, who also is co-owner of the Lakers. The NBA and Anschutz’s company AEG are looking to build large arenas in China where NBA games can be played. China appears to have passed up Europe in this time of crisis as the NBA’s favorite location abroad.
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