The Univ. of Virginia announced a five-year men’s basketball seat-licensing plan for John Paul Jones Arena on Monday, and the Virginia Athletics Foundation and athletic department project $75M “in revenue from the new model,” according to David Teel of the Norfolk VIRGINIAN-PILOT. It replaces a 20-year original from the building’s 2006 debut. The licenses “do not take effect until the 2027-28 season” and entail “approximately 3,600 seats,” 25% of capacity. There are two deadlines this year for those who want to retain their current seats. Ticketholders who “prefer to pay in full and receive a 30% discount must do so by June 30,” while anyone who “intends to renew their seats, regardless of payment schedule, must commit by Dec. 31.” Non-discounted gifts for the five-year licenses “range from $10,000 in the upper end zone to $150,000 on the floor second row, those amounts to retain your full allotment of seats.” The required gift to “sit in the first row on the floor is $125,000 per seat.” Additionally, season tickets linked to the licenses “require annual fund donations ranging from $3,500 for two seats to $25,000 for eight.” The benefits of a “proactive approach are two-fold.” It gives Virginia 18 months to “replace season-ticket holders who opt out of the plan, while also providing a cash windfall to address rapidly escalating costs” (Norfolk VIRGINIAN-PILOT, 4/15).
UVA starts new men’s basketball seat-licensing plan, projects $75M in revenue from it
