NBA's Brooklyn Nets to Cut Ticket Prices 24% Next SeasonBy
Smaller discounts for better seats, bigger cuts for nosebleeds
Team attendance is down 12 percent, ranks 27th out of 30 teams
Brooklyn Nets tickets are about to get a lot cheaper.
With attendance flagging, the NBA team will cut ticket prices by an average of 24 percent for the 2016-17 season, according to a person with direct knowledge of the matter.
The discounts will apply to season tickets for some but not all of the best locations at Barclays Center. Front-row seats are not going on sale, nor are the $3,500-per-game Hollywood Seats, between the bench and the scorer’s table. Floor seats on the baseline and seats in rows B through D, which cost as much as $1,450 per game this season, will be reduced a blended 11 percent.
The arena’s more affordable seats will get bigger discounts. Customers who already have already made multiyear commitments for tickets will also be given the one-year price reduction, the person said. The reduced pricing is good until July 1, the person said.
The person was granted anonymity because the price reduction plan hatched by Chief Executive Officer Brett Yormark and approved by billionaire owner Mikhail Prokhorov hasn’t been announced. Nets spokesman Barry Baum declined to comment on ticket pricing.
The Nets, who are 16-42, are on pace to miss the playoffs for the first time since the team moved to Brooklyn in 2012. Attendance is down 12 percent this season, putting the team at No. 27 out of the 30 teams in the NBA. In an open letter to fans, Prokhorov listed some of the mistakes he’s made, saying "Our fans ... deserve a team worthy of their time and devotion, and we’re going to give them one. Lessons learned."
Prokhorov, whose net worth is $9.5 billion, according to the Bloomberg Billionaires Index, in December consolidated ownership of the franchise and arena in a deal that valued the assets at $1.7 billion.
— With assistance by Eben Novy-Williams
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