Every business in the world would love to make some money before their doors even open… Let alone make nearly $2 billion pre-opening. The Golden State Warriors struck gold (no pun intended) and have set revenue records before their new Chase Arena, in San Francisco, opens.
The National Basketball Association champions have taken in an unprecedented $2 billion in the form of tickets, suites and sponsorships, more than double the franchise’s estimate for the privately financed Chase Center in San Francisco, according to team President Rick Welts.
“The perfect market, perfect time — the Bay Area is on fire,” Welts said on the Bloomberg Business of Sports podcast. “Couldn’t be a better economic time. Couldn’t be a better basketball team.”
While it’s amazing to make this type of money before opening, the arena of course costs a little bit of dough… So far the arena has cost over $1.3 billion which is already 30% over the original budget. For the Warriors, this shouldn’t be a problem long-term, it will be worth it for a stadium like this:
Besides JPMorgan Chase & Co., which will put its name on the arena, other sponsors include United Airlines, PepsiCo, Accenture and Google Cloud, which, according to Welts, hadn’t previously made a sports deal.