More Videos
- Lance, Please Back Out Of Tour
- Singh Not Wearing Stanford At Tournament
- Companies Behind Murray Have a Lot To Gain
- Hall Of Fame Suit Lists Revealing Numbers
- Sports Poker Event Trying To Buck Recession
- Billy Mays — He Left the World Knowing He Sold It
- NBA Draft: By The Numbers
- Vijay Singh Offers To Pay Stanford's Bail
- Is "The Big Pierogi" Next For Shaq?
- Singh Will Continue To Stick By Stanford
RSS FEED
SPORTS BIZ VIDEO GALLERY
|
CNBC'S MOST SHARED
- 'We're in the Middle of a Crash': Black Swan
- The Rising Mountain of Debt May Be the Next Crisis
- SEC May Reinstate Rules for Short-Selling Stocks
- A Goldman Trading Scandal?
- Latvian Banker Taking Souls as Collateral
- Alaska Governor Sarah Palin Will Resign
- The Worst Expected 2010 State Budget Gaps
- Cuddle Parties Heat Up
- Your First Move For Monday July 6th
- Fireworks At Pharma's Market
- Value of Warren Buffett's Annual Gift to Gates Foundation Falls Along With Berkshire's Stock
- Michael Jackson: The Music And The Money
- Five Stock Picks for This Market
- Realities of the New Obama Refis
- Weak Dollar Means Gold at $1,040: Strategist
- Court Ruling Could Mean Trouble for TiVo
- Lance, Please Back Out Of Tour
- TeleMedicine Gets An Apple App Store Facelift
- A Goldman Trading Scandal?
- Top Videos: From the Black Swan to the Bond King
- Obama Plan Would Trim Back Financial Powerhouses
- Biden: 'We Misread How Bad The Economy Was'
- FedEx Sees Signs of a Turnaround: Report
- Property Tax Appeals Take Toll on Governments
- Chrysler Names Remaining Directors to New Board
- Car Dealer Determined To Fight Chrysler Over Franchise
- 'Ice Age' Heats Up Worldwide Box Office
Text Size 
 |
James A. Finley / AP |
More than half of the nearly 500 voters in article’s poll said that the situation with the market would keep the New York Jets from getting their target of $25,000 for each of the 2,000 premium PSL’s the team is auctioning off on StubHub next month.
Something I didn’t mention was the hit that high-end ticket brokers could take since they received big business from investment bankers who bought last-minute seats at big prices.
Obviously Bear Stearns and Lehman don’t exist anymore and Merrill Lynch[MER
Loading...
()
] has been folded into Bank of America[BAC
Loading...
()
]. Now Goldman Sachs [GS
Loading...
()
]and Morgan Stanley [MS
Loading...
()
]are abandoning their investment bank status for the safety of being regulated by the Federal Reserve.
It’s information that’s hard to confirm, but one ticket broker with knowledge of spending by investment banks on sports tickets told me that Lehman Brothers most likely purchased the most seats to games out of all the investment banks. One of the reasons for this, the broker said, is because Lehman didn't have the sports sponsorships that some of the other firms had, so they often had to buy tickets on an ala carte basis. A broker known to fill much of Lehman's business did not immediately return a call seeking comment.
Leor Zahavi, founder and CEO of Admit One, a New York-based buyer and seller of tickets, said he's sold tickets to all the banks.
 |
"We didn't notice more business coming in from Lehman than any of the others," Zahavi said. "We have noticed though that, over the last few years, Wall Street has not spent as much as they used to likely because of more internal monitoring of their spending.
Zahavi says he doesn't know what will happen, but he's assuming that the banks will pull back even more given the current market environment.
Complicating matters for the ticket brokers is not only the fact that banks will likely tighten their purse strings, but that it’s believed that the companies that still do exist will encourage their employees entertaining clients at sporting events to use the house seats more than ever before.
For example, Citigroup’s [C
Loading...
()
]naming rights deal with the New York Mets obviously includes ticket perks as does Barclays [BCS
Loading...
()
]naming rights deal with the New Jersey Nets (though it’s not clear when the Nets will ever get to Brooklyn). And Bank of America is reportedly on the cusp of signing a sponsorship deal with the New York Yankees that will include hospitality.
Questions? Comments?
Data is a real-time snapshot *Data is delayed at least 15 minutes