San Francisco’s new basketball arena hasn’t even opened yet, and at a cost of around $1.3 billion is 30% over budget — yet it’s apparently already profitable.
That’s because the arena has already sold $2 billion in tickets, luxury suites and sponsorships, according to Rick Welts, president of the NBA champion Golden State Warriors, on Bloomberg News’s Business of Sports podcast.
The Warriors are scheduled to move into the new 18,000-seat arena — dubbed the Chase Center, thanks to a naming-rights deal worth a reported $300 million with JPMorgan Chase & Co. JPM, +1.13% — in October. Other big corporate sponsors include United Airlines UAL, +0.09% , PepsiCo Inc. PEP, -0.04% , Accenture ACN, +5.20% , HP Enterprise HPE, +0.00% and Alphabet’s GOOGL, -0.49% Google Cloud, according to the arena’s website.
The Chase Center is one of the few privately funded sports venues in the country, and its financial success could help shoot holes in the arguments of billionaire team owners who demand taxpayer-funded new stadiums.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The most gay-friendly city in America might surprise you (and it’s not San Francisco)A new survey shows that cities across the U.S. have been rolling out the rainbow carpet.
Read more »
In a first for San Diego police, genetic genealogy helps crack 1979 homicide caseForty years to the day after two boys found their mother dead in their La Jolla home, police say genetic genealogy helped them identify her killer. It is the first time San Diego police have successfully used the method to name a suspect.
Read more »
San Francisco is not liable for Kate Steinle's 2015 murder by an undocumented immigrant, court rulesThe city of San Francisco cannot be held liable for failing to notify ICE or deport the seven-time felon and undocumented immigrant who shot and killed 32-year-old Kate Steinle in 2015, a court ruled Monday.
Read more »
San Diego schools reach settlement in anti-Islamophobia initiative lawsuitPart of the settlement required the San Diego Unified School District to distribute a policy memo to area superintendents and principals about the 1st Amendment's 'limits on the conduct of public school officials as it related to religious activity.'
Read more »
San Diego ICE office trending down on deportationsThe San Diego field office for Immigration and Customs Enforcement carried out about 8% of the nation’s removals in the first quarter of fiscal 2019, according to data released by the agency.
Read more »
San Francisco is so expensive that working adults are moving into dormsThe middle-class backbone of San Francisco is moving into dorms in search of reasonable rent, NYT reports.
Read more »
A San Diego woman was awarded child support from her ex-husband -- after 50 yearsBetter late than never. A 74-year-old woman in Carlsbad, California, is getting the $150,000 in child support payments first awarded to her nearly 50 years ago.
Read more »
Kate Steinle case: Dismissal of parents’ suit against San Francisco is upheldThe U.S. 9th Circuit Court of Appeals upheld the dismissal of a lawsuit against San Francisco by the parents of Kate Steinle, who was shot to death by an immigrant released from jail without warning to immigration authorities.
Read more »
Chick-fil-A banned from opening at San Antonio airport, council members cite LGBTQ issues'San Antonio is a city full of compassion, and we do not have room in our public facilities for a business with a legacy of anti-LGBTQ behavior,' Councilman Roberto Treviño said in the statement.
Read more »