asu in the news 02-06-08 to - ASU News - Arizona State University
asu in the news 02-06-08 to - ASU News - Arizona State University
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—<br />
or<br />
Get <strong>in</strong><strong>to</strong> <strong>the</strong> market for next year s Super Bowl<br />
By John Faherty<br />
The <strong>Arizona</strong> Repubt <strong>to</strong><br />
Oneticket month <strong>to</strong> see ago<strong>the</strong> youGiants could<strong>in</strong> have Super bought Bowl a<br />
XLIIfor 86<br />
f But <strong>the</strong>re was one catch If <strong>the</strong> Giants did not<br />
jjiake <strong>the</strong> game <strong>the</strong>re was no ticket and your<br />
money was gone<br />
I Keep <strong>in</strong> m<strong>in</strong>d that one month ago <strong>the</strong> team<br />
was com<strong>in</strong>g off a bad loss <strong>to</strong> <strong>the</strong> Redsk<strong>in</strong>s and<br />
ifobody <strong>in</strong> his right m<strong>in</strong>d was th<strong>in</strong>k<strong>in</strong>g <strong>the</strong>y<br />
yould make it <strong>to</strong> <strong>the</strong> Super Bowl<br />
The tickets were available on a Web site called<br />
Y5onew com which treats Super Bowl tickets<br />
or more accurately <strong>the</strong> right <strong>to</strong> buy <strong>the</strong>m like<br />
a s<strong>to</strong>ck market option<br />
Sports fans and specula<strong>to</strong>rs buy <strong>the</strong>se options<br />
hop<strong>in</strong>g a particular team makes it<br />
¦ That person can lose <strong>the</strong>ir <strong>in</strong>vestment<br />
make a lot more For example <strong>the</strong> average face<br />
value for a Super Bowl ticket is about 700 and<br />
<strong>the</strong> average resale price is 4 400<br />
The company beh<strong>in</strong>d <strong>the</strong><br />
Web site is <strong>in</strong> New York but <strong>the</strong><br />
idea beh<strong>in</strong>d <strong>the</strong> bus<strong>in</strong>ess came<br />
from two professors at <strong>Arizona</strong><br />
<strong>State</strong> <strong>University</strong><br />
Stephen Happel and Mar<br />
ianne Jenn<strong>in</strong>gs wrote about<br />
<strong>the</strong>ir idea <strong>in</strong> <strong>the</strong> Ca<strong>to</strong> Journal<br />
which promotes free markets<br />
Two MBA students from <strong>the</strong><br />
Massachusetts Institute of<br />
Technology saw <strong>the</strong> paper<br />
liked <strong>the</strong> concepts detailed <strong>in</strong> it<br />
and created Yoonew com<br />
The company is simply an<br />
electronic marketplace that<br />
sells what it calls Fantasy<br />
Seats<br />
Happel acts as an adviser for<br />
<strong>the</strong> company<br />
Here s how it works<br />
Imag<strong>in</strong>e a rabid Card<strong>in</strong>als<br />
fan is certa<strong>in</strong> <strong>the</strong> team will<br />
make <strong>the</strong> Super Bowl next year<br />
That fan can buy <strong>the</strong> right <strong>to</strong><br />
a ticket <strong>to</strong> <strong>the</strong> game <strong>in</strong> Tampa<br />
<strong>to</strong>day for about 140<br />
If <strong>the</strong> team makes it that fan<br />
is hold<strong>in</strong>g someth<strong>in</strong>g worth<br />
thousands of dollars on <strong>the</strong><br />
open market<br />
The <strong>Arizona</strong> Republic<br />
Circulation: 382414<br />
DMA: Phoenix, AZ<br />
When <strong>the</strong> game participants<br />
are determ<strong>in</strong>ed Yoonew com<br />
buys tickets through ticket bro<br />
kers and hands <strong>the</strong>m over <strong>to</strong><br />
<strong>the</strong> people who own <strong>the</strong> rights<br />
Purchas<strong>in</strong>g <strong>the</strong> tickets is ex<br />
pensive for <strong>the</strong> company but<br />
keep <strong>in</strong> m<strong>in</strong>d that most people<br />
bought <strong>the</strong> options for teams<br />
that will not be play<strong>in</strong>g <strong>in</strong> Glen<br />
dale<br />
People who thought or<br />
hoped <strong>the</strong> Cowboys Colts or<br />
Packers would be play<strong>in</strong>g next<br />
week lost <strong>the</strong>ir <strong>in</strong>vestment<br />
Company officials would not<br />
divulge how many tickets it<br />
handed over this year<br />
They do say that <strong>the</strong> com<br />
pany about 3 years old is al<br />
ready mak<strong>in</strong>g money<br />
For fans and specula<strong>to</strong>rs <strong>the</strong><br />
hard part is pick<strong>in</strong>g a team<br />
Buy<strong>in</strong>g an option for <strong>the</strong><br />
Cowboys or Patriots who are<br />
expected <strong>to</strong> do well next year is<br />
a lot more expensive than buy<br />
<strong>in</strong>g an option on <strong>the</strong> Card<strong>in</strong>als<br />
Happy fans<br />
Gerry Benson of Northbor<br />
ough Mass has been a season<br />
ticket holder with <strong>the</strong> New En<br />
gland Patriots for 15 years<br />
Three weeks ago he decided<br />
<strong>to</strong> buy <strong>the</strong> options for two tick<br />
ets at Yoonew com<br />
Because <strong>the</strong> Patriots were<br />
such a heavy favorite <strong>to</strong> make<br />
<strong>the</strong> Super Bowl he spent<br />
2 100 for each ticket<br />
The risk was <strong>the</strong> Patriots<br />
los<strong>in</strong>g a playoff game which<br />
would have meant Benson 54<br />
had noth<strong>in</strong>g but remorse<br />
His gamble however has al<br />
ready paid off Tickets for <strong>the</strong><br />
game are now sell<strong>in</strong>g for twice<br />
that amount<br />
Benson a die hard fan will<br />
not be sell<strong>in</strong>g his tickets<br />
I m tak<strong>in</strong>g my son he said<br />
I really want <strong>to</strong> go this year be<br />
cause <strong>the</strong>y can make his<strong>to</strong>ry<br />
© Copyright 01/25/20<strong>08</strong> The <strong>Arizona</strong> Republic Cision USA, Inc.<br />
All Rights Reserved.<br />
Unlicensed Reproduction, Sale or Republication Prohibited.<br />
City: Phoenix<br />
<strong>State</strong>: AZ<br />
Know<strong>in</strong>g <strong>the</strong> market<br />
It s <strong>the</strong> fan aspect that makes<br />
<strong>the</strong> futures market for tickets<br />
so <strong>in</strong>terest<strong>in</strong>g<br />
Passions for a team mix with<br />
traditional market forces <strong>to</strong><br />
make pric<strong>in</strong>g volatile<br />
Each game <strong>the</strong> Giants lost<br />
this year <strong>the</strong>ir fantasy seat<br />
price went down<br />
Each time <strong>the</strong>y won it went<br />
up<br />
Dur<strong>in</strong>g <strong>the</strong> NFC Champion<br />
ship Game <strong>in</strong> Green Bay Wis<br />
on Sunday ticket prices were<br />
spik<strong>in</strong>g and dropp<strong>in</strong>g precipi<br />
<strong>to</strong>usly<br />
When one Giants drive<br />
ended <strong>in</strong> a <strong>to</strong>uchdown <strong>the</strong><br />
price for an option shot up <strong>to</strong><br />
3 856 When <strong>the</strong>ir kicker<br />
missed a field goal late <strong>in</strong> <strong>the</strong><br />
game <strong>the</strong> price dropped <strong>to</strong><br />
1 150<br />
That market volatility may<br />
not have been what Professors<br />
Jenn<strong>in</strong>gs and Happel had envi<br />
sioned but for Jenn<strong>in</strong>gs it<br />
proves that <strong>the</strong> free market<br />
means tickets will be available<br />
<strong>to</strong> people who know teams not<br />
just <strong>the</strong> rich<br />
Tickets will go <strong>to</strong> <strong>the</strong> people<br />
who have <strong>the</strong> time and <strong>the</strong> en<br />
ergy <strong>to</strong> really know <strong>the</strong> market<br />
place Jenn<strong>in</strong>gs said That s<br />
not <strong>the</strong> wealthy They don t<br />
have <strong>the</strong> time The tickets will<br />
go <strong>to</strong> <strong>the</strong> savvy<br />
By <strong>the</strong> time <strong>the</strong> Giants made<br />
<strong>the</strong> Super Bowl <strong>the</strong> Patriots<br />
had already earned <strong>the</strong>ir way <strong>to</strong><br />
Glendale<br />
That was when Benson who<br />
bought his tickets for 2 100 fi<br />
nally <strong>to</strong>ld his wife about <strong>the</strong><br />
chance he <strong>to</strong>ok<br />
Oh yes I <strong>to</strong>ld her Benson<br />
said with a laugh that still be<br />
trayed his nervousness Just as<br />
soon as <strong>the</strong> Patriots won and<br />
<strong>the</strong> tickets were worth some<br />
th<strong>in</strong>g I <strong>to</strong>ld her<br />
Reach <strong>the</strong> reporter at John<br />
faherty@arizonarepubHc com<br />
Account: 2565G0<br />
Date: 01/25/20<strong>08</strong><br />
Pub Num: AZD90<br />
Section/Page: A1<br />
Page Count: 1 / 2<br />
RefNo: 336da7
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