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Final Four Goes Fractional On Suites

Two weeks ago, we told you about the death of the luxury boxas we knew it.

Over the past couple weeks, it has become very clear that not only will luxury boxes be sold on a fractional basis for season tickets, but also on an event basis. That's what is happening with the Final Four in Detroit, as corporations have decided to stay away from the clear suites in the sky this April at Ford Field .

General Motors asked out of their obligation to purchase the suitesand were granted that release by the NCAA, which took the suites back into inventory.

Some of that inventory is now in the hands of Primesport, a subsidiary of RazorGator, the company that is the official ticket and hospitality provider for the NCAA. We're told Primesport has more than 20 suites available, which constitutes more than 15 percent of Ford Field's luxury boxes.

Since no one corporation is willing to plop down $20,000 anymore, the folks at Primesport are now selling individual tickets in the suites for the Final Four. A suite ticket costs $1,495 each and includes tickets to all three games, as well as food and bar service. For what it's worth that includes chips, peanuts, pretzels, soda and selections from the gameday menu, which has not been released. We're also told it includes a limited opening bar with beer being listed as "likely."

Although the food and the bar aren't top shelf, the price actually isn't that bad. The premium basically prices out at two times an average ticket to the three games. Right now, StubHub has the average secondary market price of the championship game at $303 and the average price of the semifinals ticket at $422. That's $725 right there.

With 15 to 50 seats in each box, Primesport is optimistic it can sell the boxes this way. Even at that price, I'm not sure they can get rid of them that easily. It might just depend on the teams.

Questions? Comments? SportsBiz@cnbc.com