NEW YORK (CelebrityAccess) — The New York Yankees have signed a deal that will see secondary ticket market service StubHub return as their official ticket reseller. StubHub will replace the Yankees Ticket Exchange, which was offered through Ticketmaster, though Live Nation's ticketing division will remain the source for the team's primary ticket sales.
The transition will take place on July 7 for tickets being sold for the Yankees July 15th home game vs. the Boston Red Sox. Fans will be able to list tickets for sale on the Ticket Exchange until July 8th, at which point they will need to relist on StubHub.
As part of the sponsorship agreement with the Yankees, StubHub will receive full marketing and sponsorship benefits, including in-stadium signage, suite access, and use of official team marks. StubHub will split profits from the resale of tickets through their service with the Yankees, guaranteeing the team at least 50 million in revenue over the course of the six-year agreement, according to the New York Times.
The deal does come with some carveouts for the Yankees. According to the Times, Yankees tickets listed on StubHub will have a floor for pricing, reducing undercutting of ticket prices, which was a point of contention with the team when they decided to part ways with StubHub in 2012. The agreement will also see the new ticket system conform with the Yankees existing mobile ticketing, which they have adopted as the primary means of entry to the stadium. Hard tickets that are posted for resale will be converted to mobile tickets, which the team says is an important element in fighting brokers.
The move by the Yankees to drop Ticketmaster's Ticket Exchange comes after a dismal year for ticket sales. With the team struggling competitively, attendance has dropped by more than 65,000 fans over all from this point a year ago, the Times reported.
However, team president Randy Levine disputed the notion that the change in ticketing services was due to a decline in attendance. Other factors include the rise of the Mets as a competitive team, as well as the retirement of fan-favorite players such as Derek Jeter, and Andy Pettitte. – Staff Writers