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October 14, 2008
As Economy Weakens, Sports Feel a Chill
The Wall Street Journal
By Matthew Futterman
Though banks are hesitant to offer credit, Ratner unveils his no-money-down economic bailout plan!
"We're not just competing for people's entertainment dollars anymore," said Brett Yormark, chief executive of the National Basketball Association's New Jersey Nets. "We're going up against milk and orange juice."
Stealing a page from the retailing playbook, Mr. Yormark is trying to lure fans with a buy-now-pay-later offer that allows season-ticket buyers to attend games without paying for them until Jan. 5.
The NJ Nets ticket-sales campaign has the attention span of a puppy:
This off-season, Mr. Yormark told his sales staff to be creative. In the spring the team pledged to give back 10% of any season-ticket purchase in the form of a gas card. When the team secured the 10th pick in the NBA draft, it began slashing prices on season tickets.
Then came a buy-one-get-one-free season ticket offer. When the financial markets collapsed, taking out thousands of jobs in the Nets' backyard, Mr. Yormark instituted the buy-now-pay-later offer.
Two weeks before opening night, he remains 20% short of his goal of selling 1,600 new full-season tickets to make up for the drop in his renewal rate. The team averaged 16,900 fans per game last year.
Unlike Ratner's Nets, puppies are actually "fun":
While the Nets aren't expected to contend for a championship, Mr. Yormark hopes fans will come for a break from the reality of their financial woes. "We've never sold wins and losses," Mr. Yormark said. "We sell hope and fun."
Posted by lumi at October 14, 2008 5:33 AM