what's the 100 club?

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MeestR
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what's the 100 club? 

Post#1 » by MeestR » Sat Jun 5, 2010 3:40 am

from siler's twitter http://twitter.com/tribjazz (for those not familiar with twitter, it runs backwards FYI)
# She was hopeful the team “will reverse course and honor the promises it made to the Utah Jazz’s most committed and proud supporters.”

#Attorney representing the 100 Club members in the suit responds tonight on their behalf.

#There's a strong undercurrent of "This wouldn't have happened under Larry Miller's watch" in the lawsuit.

#Not the kind of story you see everyday. Greg Miller declined to comment when reached by a Tribune reporter tonight.

#As of late April, 24 members of the club had decided to join in the suit. Keep in mind these are the Jazz's most premium fans.

#And it describes the Jazz's tone as "dismissive and hostile" when 100 Club members tried to resolve their issues.

#It also alleges that members have been overbilled for meals provided by Jazz subsidies by roughly $3 million over the last 6 years.

#The suit alleges that that action destroyed the value of the 100 Club seats to the tune of $16 million.

#But the Jazz launched a ticket marketplace in January that gave all their season-ticket holders the right to sell their seats.

#A membership that came with the rights to four courtside seats sold for $800,000 as recently as October 2009.

#The club used to be the only vehicle by which any Jazz fans could sell, transfer or bequeath the rights to their seats.

#That would be the 50 to 60 most well-heeled season-ticket holders who control 220 of the VIP tickets at EnergySolutions Arena.

#Jazz fans will be interested to learn that the team was sued Thursday for $19 million by members of the 100 Club.


is anybody in the 100 club or know anybody personally who is, that can share what this is all about from a different perspective?
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Re: what's the 100 club? 

Post#2 » by DelaneyRudd » Sat Jun 5, 2010 4:49 am

#That would be the 50 to 60 most well-heeled season-ticket holders who control 220 of the VIP tickets at EnergySolutions Arena.
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Re: what's the 100 club? 

Post#3 » by gojazzgo » Sat Jun 5, 2010 5:05 am

It's basically the most exclusive ultra rich season ticket holders club. This article covers it a bit more.

http://www.sltrib.com/D=g/ci_15231644

So, a bunch of whiney rich people that are pissed their seats aren't so ultra elitist like they used to be.
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Re: what's the 100 club? 

Post#4 » by MeestR » Sat Jun 5, 2010 6:03 am

thanks. that and this link i found,http://blogs.sltrib.com/jazz/index.php?p=17032&more=1&c=1&tb=1&pb=1 helped me understand a bit more of what it is.

but im still curious about how an actual member feels straight up. logic says there's gotta be at least a few of those members on this board. or at least a family member or close friend. (those guys care, they might like sites with rumors and discussion. sites like realgm)
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Re: what's the 100 club? 

Post#5 » by Paper Face » Sat Jun 5, 2010 8:09 am

I don't care how they feel. A law suit like this is pathetic.
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Re: what's the 100 club? 

Post#6 » by LjJazzman » Sat Jun 5, 2010 8:54 am

gojazzgo wrote:It's basically the most exclusive ultra rich season ticket holders club. This article covers it a bit more.

http://www.sltrib.com/D=g/ci_15231644

So, a bunch of whiney rich people that are pissed their seats aren't so ultra elitist like they used to be.


If you spent close to a million dollars on something because it was the ONLY way to get it at the time, and the jazz had told you it would stay way and lied you would be pissed to.

So a million dollar investment is now worth 20,000 and most likely a lot less. Yes these people are rich, but we arent talking about billionaires here.

I don't know any current club member personally but i'm related to a former one. These are extremely devoted fans that spend an ungodly amount of money on the team. The Club members tickets add up to be worth nearly the cost of the entire upper bowl. The jazz need to treat these people right.

The truth is making ticket rights sellable is a good thing the jazz did for just about everyone but the club member. The Jazz should be sued for this, but once the club has got some of their money back then everyone can be happy again. And thats not to mention the food scam the Jazz tried to pull. A few other things go along with this but the main thing is that the Jazz offered what people thought was free dinners and drinks to the club. Never said prices, or that you would be charged for it just asked your name once you got it. They then billed them WAY later on toward the end of the season.
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Re: what's the 100 club? 

Post#7 » by outerspacefella » Sat Jun 5, 2010 4:38 pm

Source: http://blogs.sltrib.com/jazz/index.php? ... &tb=1&pb=1

...The suit also notes that after the 100 Club members voiced their issues, the Jazz attempted to unilaterally change the club’s operating rules. There were some especially interesting items in this part of the suit.

For one thing, the suit notes that the amended operating rules eliminate any equity or rights to compensation for members should the Jazz be sold or move, which prompted some speculation as to the Millers’ future intentions.

“While club members genuinely hope that it will never happen, the timing and substance of this proposal has caused members concern that [Jazz ownership] is actually planning to sell or move the team,” the suit says....


If you ask me this is the most interesting part of it.... Sin City Jazz? :-? :roll:
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Re: what's the 100 club? 

Post#8 » by DelaneyRudd » Sat Jun 5, 2010 9:00 pm

Or worse, the downtown Lehi Jazz?
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Re: what's the 100 club? 

Post#9 » by gojazzgo » Sat Jun 5, 2010 9:29 pm

LjJazzman wrote:
If you spent close to a million dollars on something because it was the ONLY way to get it at the time, and the jazz had told you it would stay way and lied you would be pissed to.

So a million dollar investment is now worth 20,000 and most likely a lot less. Yes these people are rich, but we arent talking about billionaires here.

Aren't we talking about seats to a basketball game and a club membership? Not gold bars? Between the economy and supply and demand, you can't expect any investment to always go up. I got some stocks that aren't worth as much as they used to be. Plenty of other collectibles go up and down based on demand as well. They can be pissed all they want, but I don't think they should be expecting to make a giant profit on investment in basketball tickets.

The food thing is something else, and I can see where they are coming from on that.
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Re: what's the 100 club? 

Post#10 » by Neon Black » Sat Jun 5, 2010 10:08 pm

I'm close to a 100 club member and his family but I don't know anything about this. He isn't one to complain or participate in menial lawsuits though.
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Re: what's the 100 club? 

Post#11 » by DelaneyRudd » Sat Jun 5, 2010 11:04 pm

I think there's some merit to the suit. We don't know the contracts involved so it's hard for any of us to... wait what am I talking about? This is the internet, we are all experts in everything.
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Re: what's the 100 club? 

Post#12 » by outerspacefella » Sun Jun 6, 2010 12:43 am

DelaneyRudd wrote: ... wait what am I talking about? This is the internet, we are all experts in everything.



"Expert"? Don't be shy... in the era of googlers and wikipedians everyone's a "wise" human being! :roll:
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Re: what's the 100 club? 

Post#13 » by LjJazzman » Sun Jun 6, 2010 5:55 am

gojazzgo wrote:
LjJazzman wrote:
If you spent close to a million dollars on something because it was the ONLY way to get it at the time, and the jazz had told you it would stay way and lied you would be pissed to.

So a million dollar investment is now worth 20,000 and most likely a lot less. Yes these people are rich, but we arent talking about billionaires here.

Aren't we talking about seats to a basketball game and a club membership? Not gold bars? Between the economy and supply and demand, you can't expect any investment to always go up. I got some stocks that aren't worth as much as they used to be. Plenty of other collectibles go up and down based on demand as well. They can be pissed all they want, but I don't think they should be expecting to make a giant profit on investment in basketball tickets.

The food thing is something else, and I can see where they are coming from on that.


Wow, do you really not understand the issue here?

I'm sorry that your 3 shares of google arent worth what they were 3 years ago, but you can't compare that to this. We might as well be talking about gold bars since they are worth the same amount.

The fact is we are talking about 100,000 of thousands of dollars lost from these people and it was lost because of the team they were supporting. You can't understand how thats a **** deal and screwed up thing the Jazz did to these people?

So you say they expect not to make a giant profit on an investment on a basketball? How about trying not to lose close to a million dollars because of a basketball game?
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Re: what's the 100 club? 

Post#14 » by HammerDunk » Sun Jun 6, 2010 2:28 pm

An investment is just that. An investment. Sometimes they gain or hold value, other times they lose value. It sucks for them, but suing the Jazz over it sucks. That's 19 million the Jazz won't have to spend on a better team. I bet a lot of people wish they could sue a company just because the shiny toy they bought isn't so shiny anymore. That's the same sort of mentality that led to the bailouts, which will be a massive weight around this country's neck for decades to come...
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Re: what's the 100 club? 

Post#15 » by DelaneyRudd » Sun Jun 6, 2010 5:25 pm

So, you'd be fine if someone built a hog farm on their own property right next to your property?
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Re: what's the 100 club? 

Post#16 » by kamazilla » Sun Jun 6, 2010 5:33 pm

HammerDunk wrote:... I bet a lot of people wish they could sue a company just because the shiny toy they bought isn't so shiny anymore. That's the same sort of mentality that led to the bailouts, which will be a massive weight around this country's neck for decades to come...


Uuhh, really... What led to the bailouts was a corporate system based so much on institutional greed and power drunkenness run amok that the whole of the American economy finally met its its day of reckoning, as it had been unsustainable for a very long time. The huge financial institutions simply wrung every last cent out of a system based on production and consumption, while themselves providing nothing of inherent value. I see no analogy with the 100 Club at all.

If the Jazz intentionally created a market for premium season tickets by allowing privileges of exchange and liquidity to only an exclusive set of ticket holders, and further, if they intimated that those privileges would remain exclusive, then a commitment was indeed made to the ticket holders by the organization that the premium value of said tickets would remain viable. They shattered that commitment by allowing the same privileges to other ticket holders, thus dismantling the market they had created. If one insists on using investment parlance to explain this situation, then the equivalent of the Jazz's action in this case is blatant market manipulation.

Personally, as a Jazz fan, I am growing ever more uncomfortable with Greg Miller at the helm of this organization. In my eyes his brief tenure has been inauspicious and has hinted at priorities other than winning coming to the fore. Should the Jazz slip too much competitively during his tenure, the team may very well become financially unsustainable. He has already shown disdain for his most prominent season ticket holders and biggest supporters in the name of profit. I do hope he learns that in this business winning is the product which sells, but, as always, the customer must be treated with consideration and respect. Profit will accrue as a result of successfully satisfying those two endeavors, not as a result of the lustful pursuit of itself. That is the mentality which led to the bailouts.
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Re: what's the 100 club? 

Post#17 » by Neon Black » Sun Jun 6, 2010 5:44 pm

Go Jazz!
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Re: what's the 100 club? 

Post#18 » by DelaneyRudd » Sun Jun 6, 2010 5:45 pm

Mod note: Feel free to use analogies to describe the situation, but lets not get side tracked with a political debate. There's a Current Affairs board for that. No one has gone off track too far, but I can feel it coming on....
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Re: what's the 100 club? 

Post#19 » by gojazzgo » Sun Jun 6, 2010 6:25 pm

LjJazzman wrote:The fact is we are talking about 100,000 of thousands of dollars lost from these people and it was lost because of the team they were supporting. You can't understand how thats a **** deal and screwed up thing the Jazz did to these people?

So you say they expect not to make a giant profit on an investment on a basketball? How about trying not to lose close to a million dollars because of a basketball game?

Wait, what did they lose again? They still have their seats right? The jazz didn't take them away did they? They lost the perceived value of something? Sounds like a risk they probably knew could potentially happen from the beginning. Did the Jazz help lower the potential value? Maybe, but it sounds to me like they don't like the fact it's a lot easier to buy the tickets now than it used to be.

I obviously have no real numbers here, but what do you think the chances are that the people who bought these magical tickets from other members in 1996-98 paid a whole lot more than those that bought them in 2001? Should those people from 96-98 sue because the jazz got worse as a team and didn't win a championship and the perceived value of their seats dropped? I guarantee that the perceived/auction value of these tickets would skyrocket if the Jazz were winning championships instead of getting beatdown by the Lakers in the playoffs every year recently.
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Re: what's the 100 club? 

Post#20 » by DelaneyRudd » Sun Jun 6, 2010 6:44 pm

That's a good point. The issue here is what kind of contract the membership is. Was it presented as a security? If you present a sale as a security you are regulated by security law.

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