A-Rod 'sideshow' boosts Yankees ticket sales
Alex Rodriguez's suspension may be under appeal, but his economic impact continues to weigh heavily on the Bronx Bombers.
It's been a rough season for the New York Yankees. The team is hovering around the .500 mark in the win/loss column and is currently ranked fourth in the five-team American League East.
Luckily, fans have something else to obsess over: the Alex Rodriguez saga, with the Yankees third baseman facing a 211-game suspension from play as part of a wider investigation into use of performance-enhancing drugs.
A-Rod is appealing the suspension, and the Yankees, meanwhile, are trying to get as much as they can out of him. Rodriguez is one of baseball's leading hitters, with 647 career home runs -- the fifth-highest on Major League Baseball's all-time list. In 2007, the Yankees signed him to the largest contract ever in the history of U.S. sports, at $275 million for 10 years.
But he's just returning to the team's lineup for the season after being out since hip surgery in January and a disappointing 2012 season.
A number of sports observers say Yankees management would welcome the idea of A-Rod's missing out on all of the 2014 season.
"Not only does the team not have to pay A-Rod during the length of his suspension," Rick Weiner writes at Bleacher Report, "but his salary doesn't count against the team's luxury tax number." That's the league's salary cap, aimed at preventing the teams with the biggest bankrolls from grabbing all of the most talented players and keeping the league competitively balanced.
"Removing A-Rod's $25 million salary in 2014," Weiner writes, "makes achieving that goal significantly easier."
But while A-Rod has been jeered by fans since his return, the controversy has helped the Yankees box office. Bloomberg, quoting data from the ticket aggregator TiqIQ, says the average resale price for a Yankees home-game ticket has gone up by 24% since the suspension was announced Monday. Available seats at Yankee Stadium have fallen by 47% since the announcement.
"The best way to quantify this increase is to say that fans want to see the sideshow," Chris Matcovich, a TiqIQ spokesman, told Bloomberg by email. "The team has obviously been struggling as of late, but the circumstances surrounding Rodriguez have piqued an interest among even casual fans."
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
Reports say the generous benefactor behind the huge gratuities is a former PayPal executive.
- Chinese investors are buying up Detroit
- Mega Millions jackpot hits $344 million
- 5 reasons to think twice about a balance transfer card
- Will I have to pay taxes because of a foreclosed home?
- 5 things that won't affect your credit scores
- The 7 deadly sins of winter driving
- 8 questions to ask before Mom and Dad move in
- High deductibles fuel new worries of Obamacare sticker shock
- How to use your credit card to donate to charity
[BRIEFING.COM] The major averages slipped from their opening levels with small-caps leading the decline (Russell 2000 -0.4%). Meanwhile, the S&P 500 trades lower by 0.3% with health care (-0.6%), energy (-0.6%), financials (-0.6%), and industrials (-0.4%) pacing the weakness.
On the upside, consumer staples (+0.4%) and technology (+0.1%) continue holding modest gains, but the tech space sits just above its session low. Nasdaq -12.97 at 4047.52... NYSE Adv/Dec 834/1968... ... More
More Market News
John Stumpf acknowledges that growth has been slow, but he says he's still optimistic.