Mayweather-Pacquiao resale ticket price floor drops 19%
April 30, 2015 9:47 AM
by Staff & Wire Reports
Resale ticket prices for Saturday’s fight between Floyd Mayweather and Manny Pacquiao are dropping as new inventory floods the secondary market, according to a report from Bloomberg by Eben Novy-Williams.
The cheapest ticket on StubHub is now listed at $3,389, a 19 percent drop from Tuesday’s get-in ($4,200), as inventory has surged. StubHub is requiring that all sellers show proof of tickets – a break from the more common practice of allowing brokers to list on speculation – and the authentication process had led to a late flood of listings, the report said.
“The average ticket price is still at around $6,300, which is higher than big events such as the Super Bowl, though at lower volume,” StubHub spokesman Cameron Papp said in an e- mail to Novy-Williams.
The cheapest ticket sold on the San Francisco-based secondary market was an upper-level seat for $3,900. The most expensive sold so far was a $35,000 floor seat.
Aggregator TiqIQ has also seen a dip in prices. The site’s cheapest listing has dropped 29 percent to $3,182 from last week, according to spokesman Chris Matcovich. The average listing is now $9,756, a 16 percent dip in that same time period.
Matcovich said the falling prices were a product of the small window – nine days – between the distribution of tickets and the event. Big fights typically sell tickets 10 weeks in advance.
“The market would have been bigger if people were given enough time to book, hotel, flight, etc. in advance,” Matcovich said in an e-mail.
Mayweather and Pacquiao, both welterweight title holders, will meet May 2 at the MGM Grand Garden Arena for the most lucrative bout in boxing history. At least $300 million in revenue, largely from pay-per-view purchases and ticket sales, will be shared by the fighters, organizers say.
Wednesday was the first day that anyone who bought seats through last week’s limited public sale was allowed to pick up the physical tickets. That has contributed to the increase in inventory on a lot of resale sites.
StubHub also has seen resale demand for tickets to Friday’s weigh-in. Those tickets sold to the public for $10, with all proceeds going to charities of the two fighters’ choosing. The average sell price on StubHub is $155, a 1,400 percent premium, with all of StubHub’s profits also going to charity.
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