Originally published on Wed February 13, 2013 11:04 am
Credit Paul Beaty / AP
Changing ticket prices on the fly is a big thing in sports right now. In the past few years, lots of teams have started cutting prices for games with lots of unsold seats, and jacking up prices when demand is high. They're essentially doing what hotels and airlines have been doing for years.
LeBron James is arguably the best player in the NBA. His salary is $17.5 million a year. He's worth much, much more.
"He's getting hosed," says Kevin Grier, an economist from the University of Oklahoma.
James used to play for the Cleveland Cavaliers. When he left, the value of the team fell by tens of millions of dollars — and the value of his new team, the Miami Heat, rose by tens of millions. The economists I talked to said James should be making closer to $40 million a year.
In 1984, the Portland Trail Blazers chose Sam Bowie, a 7-foot-1 center from the University of Kentucky, with the second pick in the college draft. The Chicago Bulls then took Michael Jordan.
The words "Bowie over Jordan" are part of pro basketball lore, and are still a source of pain for many fans of the NBA's Portland Trail Blazers. Bowie's tenure in Portland was marred by leg injuries; Jordan became a legend. ESPN recounts it all in a documentary about Bowie on Thursday night.