The New York Knicks have come up with new ways to squeeze money out of fans at Madison Square Garden — the team has only made the playoffs twice in the past decade and tickets are already among the most expensive in the league.
Team owner James Doran is developing plans for a new section of ultra-premium courtside seating by dividing the scorer’s table, where media and game personnel normally sit.
By opening up a prime location, front and second row seating can be added, and die-hard fans can really rub elbows and set players to check-in to the game.
According to Knicksseatingchart.com, the face value of the new seats will be up to $3,000.
“The courtside seats for the New York Knicks are located right next to the scorers table, at arm’s length from the players on the floor. Fill in the sidelines on both sides of the ,” the site says.
On Thursday’s earnings call, Madison Square Garden Sports confirmed it had new courtside and floor seating, but didn’t give details. I ditched my full-length coat table for a few smaller desks.
The Knicks also announced that they will not raise ticket prices next season because Dolan has a policy of not raising prices if the team fails to make the postseason. , the franchise has not advanced to the NBA Finals in over 20 years and has not won a title since 1973.
That hasn’t stopped avid fans from filling the gardens. Last season, the Knicks averaged $2.99 million per game in his receipts, his third in the league. NBA champion Golden State’s Warriors led the league with him earning an average of $4.2 million per game during the regular season, according to classified NBA documents.
Madison Square Garden Sports on Thursday reported that the Knicks and Rangers’ season ticket renewal rate is on the rise, reaching 91%.
The Rangers, who narrowly missed out on a spot in the Stanley Cup last season and lost in the semifinals to two-time defending champions Tampa Bay, will raise ticket prices this year, MSGS said.
According to MSGS, the team earned an average of $3.5 million per ten home playoff games.
MSG shares climbed 5.9% to $170.73 on Thursday.
The good news for Dolan didn’t end there.
Madison Square Garden Entertainment, which Dolan trades as a separate company, which includes cable companies, arenas and other venues, also gained momentum on Thursday after it announced it may spin off some of its assets.
MSGE shares surged 6.8% to $67 in after-hours trading.
