The National Basketball Association’s (NBA) Golden State Warriors have created the league’s first exchange platform for luxury suites at their new Chase Center home.
The ‘Suite Exchange’ is similar to secondary market platforms such as StubHub or SeatGeek where season ticket holders are able to sell on their seats for games they are unable to attend, with the Warriors simply applying that concept to the premium market.
The platform, fully owned and operated by the franchise, is currently the only such marketplace in the NBA having launched at the start of the season. It allows all suite holders to sell on access to their premium areas for Warriors games, concerts and other events at Chase Center.
Suite Exchange is available for all owners, which include everything from the 32 courtside boxes to the 44 mid-level suites, with the Warriors taking a cut of the resale price whether the sale is at a fixed price or as a result of a bidding auction. Buyers get the same benefits as owners, such as all-inclusive food and beverages.
“We’ve sold the majority of our suite products on multi-year leases, but this opens the floodgates to allow for a company to get one or two games,” Nick Bisho, Warriors vice president of suite sales and service, told the Sports Business Journal (SBJ).
In order to ensure security on Suite Exchange, the Warriors are authenticating every transaction on the platform and suite sales will only be valid if made seven days prior to the event in order to prevent credit card fraud.
According to the SBJ, the most premium courtside suites at the Chase Center sell for US$2.25 million per year, while the lowest end theatre boxes cost US$350,000 annually.
A 12-seat courtside suite available on the platform for the Utah Jazz game on 11th November is currently listed for US$20,000, while a four-seat theatre box is available for US$4,000.