Warriors To Offer Season Ticket Holders Risk-Free Option On 2011-12 Renewals
March 11, 2011 Warriors To Offer Season Ticket Holders Risk-Free Option On 2011-12 Renewals Article of Agreement Emphasizes Organization’s Level of Expectations
The Golden State Warriors are providing current Season Ticket Holders with the opportunity to sign a Risk-Free Article of Agreement during this year’s renewal season, the team announced today. Current Season Ticket Holders, who began receiving their renewal invoices for the 2011-12 season earlier this week, will not incur a price increase on their seats next season and are afforded the chance to renew their seats with the following notations applied by the team in the Risk-Free Article of Agreement:
(#1) The Club will reach the 2012 NBA Playoffs
(#2) The Club will have a player participate in the 2012 NBA All-Star Game in Orlando
(#3) The Club will win 25 or more home games at Oracle Arena
(#4) The Club will honor a Risk-Free Renewal, with a 5% interest guarantee option for the 2011-12 NBA season
“Our new ownership group is committed to a higher standard of expectations for our basketball team and our business,” said Co-Executive Chairman, CEO & Governor Joe Lacob. “This renewal plan is just one small example of that commitment to our shareholders. We owe it to our incredible fans, who in my mind are the best in the NBA, to raise our level of expectations for this organization and to perform at the highest level in all possible phases. Our fans certainly deserve that and this innovative renewal plan signifies a step in that direction. ”
Each of the points outlined in the Risk-Free Article of Agreement will have various terms applied should these expectations not be met or, in the case of the final notation (#4), any pre-season or regular-season games are not played. Those terms range from the freezing of season ticket prices for the following season (#1) to the Risk-Free Renewal 5% interest option provided by the Warriors for any games missed next season due to a work stoppage (#4). The commitment from the Warriors guarantees 5% interest for games missed, retroactive to the date of payment, based on a 25% deposit received by April 13; the NBA provides a mutually-exclusive option in the event of a work stoppage and will announce an interest rate for their plans (refund plus interest) at a later date.
“In order to achieve the objectives outlined in this Risk-Free Renewal, we are going to need everyone in this organization - from the basketball side to the business side – to meet the expectations that we’ve established,” said Co-Executive Chairman & Alternate Governor Peter Guber. “It’s going to take a committed effort in all facets if we are to reward our great fans with the product they deserve.”
“We welcome the challenges that this Risk-Free Renewal places on all of our shoulders,” said President Robert Rowell. “Our passionate and resourceful ownership group has raised the bar and created an environment for us to succeed and reach new heights. It’s now up to us to meet these challenges for our fans. The 5% guaranteed interest option will provide our fans with the protection necessary should we miss any games next season due to a work stoppage. It is incumbent upon us to reward them for their loyalty and to ensure our fans that their investment in our team is something we take very seriously.”
All Season Ticket Holders who place a deposit on their seats for next season by April 13 will be eligible for the Risk-Free Pricing and the 5% interest option. Additionally, all Season Ticket Holders have the option to pay for their seats via an installment plan, which will allow them seven months (April to October) to pay their due balance.
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