By Quentin Fottrell
With at least the first two weeks of the National Basketball Association’s season unceremoniously canceled over the labor dispute, there is one small consolation: It’s league policy to offer refunds for any missed games – plus interest. Fans with tickets for cancelled games can also get credit toward tickets later in the season, according to the NBA.
Interest, though, is a novel twist. Some teams are paying as much as 2% — far better than many savings accounts these days – but the terms vary from team to team and may require actuarial math.
For instance, the New York Knicks are giving plan holders the choice of receiving 2% interest on their account balances for the duration of the lockout – with the money being applied toward future ticket purchases — or cash refunds with 1% interest, according to an email sent to season-ticket holders and reviewed by Pay Dirt. There are also other options depending on whether balances have been paid in full.
In Houston, a sweeter deal is on the table. The Rockets will apply the value of the canceled games toward 2012 playoff tickets or 2012-2013 season tickets; they would also receive a 5% credit to be used toward future regular-season or playoff tickets, merchandise, concessions or suite rentals, The Houston Chronicle reports.
For fans who planned to watch from home, ESPN has a contingency plan that will consist “mostly of college football and basketball” to replace the locked-out NBA games, according to the station’s website.
Will you take the refunds with interest or credit for future games?