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Sacramento Kings will offer refunds for all games and could lose millions, per report

The Sacramento Kings are about to offer refunds for all games, according to a report from The Sacramento Bee. The team could lose millions in revenue.

The Sacramento Kings are preparing to release an updated refund policy that would make ticket refunds available for all games, according the Sacramento Bee's Jason Anderson. Prior to this change, ticket refunds were available for some games, but certain packages could not be refunded until games were officially cancelled, rather than postponed.

From Anderson:

Team officials said the Kings plan to release an updated refund policy in the coming days, a portion of which was provided to The Bee. The new policy will apparently make refunds available for all tickets whether games are officially canceled or not.

 

The Kings said they intend to communicate the following to ticket holders via email by May 18: €œWhile we await more information from the league regarding the 2019-20 season, it is our commitment to provide flexible options to ticket holders regarding impacted games. Tickets already purchased for a postponed Kings home game are eligible to be credited towards the 2020-21 season or a refund is available upon request.€

The Kings Herald heard from several fans who had already received full refunds on their tickets for remaining games. It seems like the team is making the policy easier for fans to get refunds, which is admirable in a time when many fans might suddenly be in need of money that was previous spent towards tickets.

It's also admirable of the team to do right by fans at their own expense. Again, from Anderson:

Many professional sports teams, music promoters and entertainment companies have insurance policies that cover event cancellations due to natural disasters, floods, fires and other unforeseen circumstances. However, an NBA source said insurance does not typically cover business losses as a result of a pandemic.

While we do not know for certain if these losses are included in any insurance coverage the Kings may own, if it isn't standard it wouldn't be surprising if the Kings are also not insured against these specific losses. When we consider that the Kings organization runs not just basketball entertainment but also concerts and other entertainment ventures at Golden 1 Center, it's easy to see the Kings could be facing losses in the millions with each month that the COVID-19 crisis continues.

The Kings provided a statement to the Bee, saying:

€œThese are unprecedented times and, like other companies across all industries, we are constantly evaluating how to manage the economic impact on our business and organization,€ the team said. €œWe continue to work with the NBA as they review all options for return to play in consultation with public health officials and in line with governmental directives and guidance.€

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DaddyRags
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May 11, 2020 2:16 pm

Good for them making the refund process easier for fans.

I work in Commercial Insurance and coverage for a virus like this has been excluded since SARS on most policies and is quite expensive if someone was to buy it (also would need to be from a specialty carrier, likely a syndicate of Lloyds of London). I highly doubt they carry it so this would be quite the significant loss for them.

ElRonToro
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May 11, 2020 2:24 pm

I checked in 8 weeks ago with the Kings saying as a person over 65 I would not Be comfortable going to any of the remaining games this season. They immediately told me I could have a full refund or apply it to next year ( which I did) . They also suspended payment for next season after 2 payments had been made. They were great on their response to this.

Adamsite
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Nostradumbass 14
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Nostradumbass 14
May 11, 2020 9:19 pm
Reply to  ElRonToro

Dude, we all know you are way older than 65. Hessing is like 72 and your are at least a generation older than him.

Klam
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Nostradumbass 18
Nostradumbass 19
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May 11, 2020 10:48 pm
Reply to  Adamsite

The Big Bang is younger than ElRon.

King4life
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May 11, 2020 2:40 pm

This will be a great excuse as to why Vlade and Walton will be kept on for the remainder of their contracts. The coronavirus resulted in millions of dollars lost so we can’t afford to keep firing coaches and executives who still have years left on their contracts.

TheFifthMookie
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May 12, 2020 10:34 am
Reply to  King4life

well, that, and they were going to keep those two anyway….

Kfan
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May 11, 2020 5:02 pm

Good stuff

Adamsite
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Nostradumbass 14
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May 11, 2020 9:21 pm

This is the correct thing to do. Good job Kings.

Hippity_Hop_Barbershop
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May 11, 2020 10:02 pm

For as much shit as we give our beloved team for some of their basketball decisions they seem to do right by the fans in every other way. Awesome to see this. Go Kings!

L-Train3.1
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May 12, 2020 9:23 am

Class act by an organization that has proven to be a Pilar of the community

BestHyperboleEver
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May 12, 2020 9:40 am

The off-court decisions really make it a bit easier to swallow the on-court decisions. Good work, Kings.

Off topic: Not much news, but still it’s Kings/basketball related so I’ll take it:
https://www.theringer.com/nba/2020/5/12/21255192/nba-story-lines-beneath-the-surface-pacific-division

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