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Former Ticketmaster CEO Defends $5,000 LA28 Olympic Tickets as ‘Fair Value’
TL;DR
Former Ticketmaster CEO Fred Rosen defends the high prices of LA28 Olympic tickets, stating they reflect fair value and prevent taxpayer subsidies. He argues that the prices are justified as they help fund the Games without city financial support.
Key points
- Fred Rosen defends high LA28 Olympic ticket prices.
- Prices exceed $5,000 to avoid taxpayer subsidies.
- Fair value is based on consumer willingness to pay.
Mentioned in this story
TicketmasterLos Angeles
LA28 Olympics
The former head of a controversial ticketing company has weighed in on the prices to see events at the 2028 Summer Olympics in Los Angeles, saying the criticism of high costs is incorrect.
Fred Rosen, the former CEO of Ticketmaster, told James Rainey of the Los Angeles Times that the prices, which many people say are too high at more than $5,000 in some cases, are set at that level so that taxpayers don’t have to “subsidize” the Games.
“The L.A. Olympic [Organizing] Committee has every right to sell assets. It has to do that to make sure the city doesn’t pay any money,” Rosen told Rainey. “And the fair value is determined by whether people pay for the tickets or not.”
Jul 18, 2011; Los Angeles, CA, USA; General view of the exterior of the peristyle end of the Los Angeles Memorial Coliseum and Olympic torch. Mandatory Credit: Kirby Lee/Image of Sport-Imagn Images
It’s similar to the position taken by the organizers of LA28.
“The response to our initial on-sale was nothing short of historic. Fans from near and far have spoken: the world wants to be part of the LA28 Games,” LA28 chief executive officer Reynold Hoover said in a statement. “The success of Drop 1 is about more than momentum — it reflects LA28’s commitment to delivering a fiscally responsible Games that create a lasting legacy for Los Angeles and its communities.”
Q&A
Why are LA28 Olympic tickets priced over $5,000?
LA28 Olympic tickets are priced over $5,000 to ensure that taxpayers do not have to subsidize the Games, according to former Ticketmaster CEO Fred Rosen.
What did Fred Rosen say about the criticism of Olympic ticket prices?
Fred Rosen stated that the criticism of high ticket prices is incorrect and that fair value is determined by whether people are willing to pay for the tickets.
How does the LA Olympic Organizing Committee justify ticket sales?
The LA Olympic Organizing Committee justifies ticket sales at high prices as necessary to avoid financial burdens on the city and to sell assets responsibly.
