For those that thought the Chicago Bulls missing the playoffs would burn enough of a hole in Jerry Reinsdorf's wallet to make him consider drastic management changes, I am sorry to inform you that won't be happening.
Crain's Chicago Business Magazine just published an article today detailing the financial success of the Bulls this season, and the results are not exactly what you would expect. While much of the Bulls' faithful noted this year that fan involvement seemed to be noticeably down given the shortcomings of the team, the Bulls actually managed to do better this season financially than the last.
Some of this season's business accomplishments include:
- Leading the NBA in paid attendance for the 2015-16 season with an average of 21,820 tickets sold per game. This is the seventh straight season since 2010 that Chicago has led the association in paid attendance.
- After leading the NBA in online merchandise sales last season, the Bulls are currently second in the NBA three months into FY 2016.
- Sponsorship deals with multiple international firms, including Poland-based currency exchange service Cinkciarz (opening its first US location in Chicago next year, a city with such an enormous population of Poles it might as well be known as Warsaw II) and China-based telecom company ZTE.
- Sale of the naming rights for luxury suites to Vindanta Resorts, so now we have to say the Vindanta Resorts Theater Boxes at Bulls games have the best mac & cheese in the world. This is now the fourth sponsor the Bulls have for box seats/lounges throughout the United Center; including Lexus, BMO Harris, and Bud Light.
- Average ticket value did not decline this season despite the drop in on-court performance. In fact, it actually rose by six dollars ($115 from $109, a 5% increase) according to average re-sale price data from SeatGeek.com.