asu in the news 02-06-08 to - ASU News - Arizona State University

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— or Get into the market for next year s Super Bowl By John Faherty The Arizona Repubt to Oneticket month to see agothe youGiants couldin have Super bought Bowl a XLIIfor 86 f But there was one catch If the Giants did not jjiake the game there was no ticket and your money was gone I Keep in mind that one month ago the team was coming off a bad loss to the Redskins and ifobody in his right mind was thinking they yould make it to the Super Bowl The tickets were available on a Web site called Y5onew com which treats Super Bowl tickets or more accurately the right to buy them like a stock market option Sports fans and speculators buy these options hoping a particular team makes it ¦ That person can lose their investment make a lot more For example the average face value for a Super Bowl ticket is about 700 and the average resale price is 4 400 The company behind the Web site is in New York but the idea behind the business came from two professors at Arizona State University Stephen Happel and Mar ianne Jennings wrote about their idea in the Cato Journal which promotes free markets Two MBA students from the Massachusetts Institute of Technology saw the paper liked the concepts detailed in it and created Yoonew com The company is simply an electronic marketplace that sells what it calls Fantasy Seats Happel acts as an adviser for the company Here s how it works Imagine a rabid Cardinals fan is certain the team will make the Super Bowl next year That fan can buy the right to a ticket to the game in Tampa today for about 140 If the team makes it that fan is holding something worth thousands of dollars on the open market The Arizona Republic Circulation: 382414 DMA: Phoenix, AZ When the game participants are determined Yoonew com buys tickets through ticket bro kers and hands them over to the people who own the rights Purchasing the tickets is ex pensive for the company but keep in mind that most people bought the options for teams that will not be playing in Glen dale People who thought or hoped the Cowboys Colts or Packers would be playing next week lost their investment Company officials would not divulge how many tickets it handed over this year They do say that the com pany about 3 years old is al ready making money For fans and speculators the hard part is picking a team Buying an option for the Cowboys or Patriots who are expected to do well next year is a lot more expensive than buy ing an option on the Cardinals Happy fans Gerry Benson of Northbor ough Mass has been a season ticket holder with the New En gland Patriots for 15 years Three weeks ago he decided to buy the options for two tick ets at Yoonew com Because the Patriots were such a heavy favorite to make the Super Bowl he spent 2 100 for each ticket The risk was the Patriots losing a playoff game which would have meant Benson 54 had nothing but remorse His gamble however has al ready paid off Tickets for the game are now selling for twice that amount Benson a die hard fan will not be selling his tickets I m taking my son he said I really want to go this year be cause they can make history © Copyright 01/25/2008 The Arizona Republic Cision USA, Inc. All Rights Reserved. Unlicensed Reproduction, Sale or Republication Prohibited. City: Phoenix State: AZ Knowing the market It s the fan aspect that makes the futures market for tickets so interesting Passions for a team mix with traditional market forces to make pricing volatile Each game the Giants lost this year their fantasy seat price went down Each time they won it went up During the NFC Champion ship Game in Green Bay Wis on Sunday ticket prices were spiking and dropping precipi tously When one Giants drive ended in a touchdown the price for an option shot up to 3 856 When their kicker missed a field goal late in the game the price dropped to 1 150 That market volatility may not have been what Professors Jennings and Happel had envi sioned but for Jennings it proves that the free market means tickets will be available to people who know teams not just the rich Tickets will go to the people who have the time and the en ergy to really know the market place Jennings said That s not the wealthy They don t have the time The tickets will go to the savvy By the time the Giants made the Super Bowl the Patriots had already earned their way to Glendale That was when Benson who bought his tickets for 2 100 fi nally told his wife about the chance he took Oh yes I told her Benson said with a laugh that still be trayed his nervousness Just as soon as the Patriots won and the tickets were worth some thing I told her Reach the reporter at John faherty@arizonarepubHc com Account: 2565G0 Date: 01/25/2008 Pub Num: AZD90 Section/Page: A1 Page Count: 1 / 2 RefNo: 336da7
The Arizona Republic Circulation: 382414 DMA: Phoenix, AZ © Copyright 01/25/2008 The Arizona Republic Cision USA, Inc. All Rights Reserved. Unlicensed Reproduction, Sale or Republication Prohibited. City: Phoenix State: AZ Account: 2565G0 Date: 01/25/2008 Pub Num: AZD90 Section/Page: A1 Page Count: 2 / 2 RefNo: 336da7
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