When New York Yankee shortstop Derek Jeter announced his retirement on February 13th, the result sent shock waves throughout Major League Baseball. A lot of people were surprised by Jeter's abrupt announcement, especially fans. Many realized that this would be their last chance to see the Captain play. Fans first reaction was, "I can't believe it" and their second was, "when is his last game at "Yankee Stadium?"
Once fans realized that the Yankee legend will be playing his last home game on September 25, 2014 vs. the Baltimore Orioles, ticket prices skyrocketed. Tickets originally listed on February 12, the day before Jeter's announcement were starting at around $25 per ticket. Those same tickets are currently listed at $217. The game saw an unusual rise in cost, post Jeter's retirement announcement. The highest ticket price for Jeter's farewell is currently, 244,202 for an 11th row seat in the Delta Suite. The problem started when resellers who posted pre Jeter's retirement, then reposted the day after. According to a report by ESPN's Darren Rovell, StubHub is policing the Jeter market and is watching prices very closely.
The site informed those who sold tickets, but then relisted them to try and get a higher price, that they will now have the choice of honoring the original sale or they can keep the current listing. But StubHub will find tickets at the current market price for the original buyer and charge the brokers credit card. Those who already sold the ticket at a relisted price will have to pay StubHub a fee to provide tickets to the original buyer for the game they had purchased.
When Jeter made his announcement there were only a few hundred seats for sale. Two hours later there were 1,600 tickets on StubHub for a 300% increase. 95% of ticket sales occurred on the day of the Captain's announcement. Last year when Mariano Rivera made his retirement announcement there was a spike in ticket prices. A Seatgeek.com representative said that tickets for Rivera's last game doubled after he made his retirement announcement on March 13, 2013. That was a huge increase in pricing, but nothing compared to the increase for Jeter. StubHub allows sellers to cancel sales, but not to the level in the case of Jeter. Tickets for Jeter's final game against the Red Sox in Boston have also seen a significant rise in cost.
StubHub spokesman Cameron Papp had this to say:
These sellers abused the policies in our user agreement and as a result, we have reached out to them. StubHub allows sellers to cancel sales, but not in the quantity after Jeter announced his retirement on February 13. In the hour after Jeter's announcement, the cheapest ticket to the Yankees final game of the 2014 season against the Red Sox rose from $26 to more than $200, while the listing on all tickets rose more than 250%
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