Thursday, August 11, 2011

On This Day, August 11th: NBA Lockout Day 42 & Ticket Refunds


Tim Povtak at it again, reporting the NBA's and Orlando Magic's season ticket refund policy already should the Lockout progress and cancel regular season games:

Orlando Magic season-ticket holders will get their money back - with interest - on any games that are canceled this season because of the labor unrest.

The NBA made the announcement Monday, amid growing concerns that the lockout by the owners could extend into the regular season.

The league and the players have been without a collective bargaining agreement since June 30, prompting the lockout by the owners. Efforts to negotiate a new CBA have been futile.

In the last bargaining session last week, the owners walked out 30 minutes into the afternoon meeting. The two sides still are worlds apart on financial issues.

``After last week's negotiating session, there seems to be a greater likelihood that the season may not start on time,'' said Russ Granik, NBA deputy commissioner.

``Season-ticket holders make substantial financial commitments to our teams and we think they should be treated fairly in the unfortunate event that games are missed.''

Pat Williams, Magic senior executive vice president, and Alex Martins, Magic senior director of communications, declined to commit on the season-ticket refund because of the league's instructions to teams during the lockout.

Interest on tickets will be calculated at 6 percent from when the final payment for season tickets was due. Refunds will be paid at the end of each month, according to Granik.

The Magic lost an estimated 1,000 season-ticket holders for this year, despite the smallest annual increase in prices since the their third season. The final payment date for season tickets was June 29, and approximately 13,000 tickets were renewed.

Holders of individual game tickets will be entitled to a cash refund of the face value of the tickets or a rain check. Because contracts for skybox seats vary from team to team, refund policies will be up to individual teams.

The regular season is scheduled to start Nov. 3.

It'll be interesting to see how long the league waits this time around before announcing a refunding policy.

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