Sharks Sports & Entertainment will be the first parent company of an NHL team to accept cryptocurrency for large and recurring payments.
As of June 15, as an experiment, the Haie will be accepting cryptocurrency for buying season tickets, leasing luxury boxes and sponsoring deals, an SSE spokesman confirmed. The Sports Business Journal first reported on details of the initiative.
Team President Jonathan Becher said the use of cryptocurrency for smaller purchases such as single game tickets, food and beverages and merchandise will be reviewed in the future.
In March, the Oakland A’s announced that they would be selling private suites for six in the Coliseum for the 2021 season for a bitcoin, which was worth around $ 60,000 at the time. On Monday, a bitcoin was worth just over $ 35,000.
“The price of a season suite can fluctuate based on the date of purchase, which adds to the excitement,” said A President Dave Kaval in a statement.
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Other professional sports teams that accept Bitcoin are the Dallas Mavericks and Sacramento Kings of the NBA and Southampton FC of the Premier League in England.
The Sharks will partner with Atlanta-based payment processor BitPay, which also has an office in San Francisco. The Sharks are already accepting PayPal, which started accepting cryptocurrencies last year.
“We accept PayPal, so by definition we accept cryptocurrency,” said Becher. “Why not accept it and make it more visible instead of just doing it through a third party?”
BitPay accepts Bitcoin, Dogecoin and Ethereum as payment options.
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According to a Sharks spokesman, the event prices for suites in the SAP Center range between US $ 6,500 in the penthouse and US $ 7,500 in the hall, depending on the size of the luxury box and the type of event. The cost of leasing a suite for a year ranges from $ 195,000 to $ 375,000.
SSE, which rents the SAP Center from the city of San Jose, has started planning concerts downtown, including Harry Styles and Guns’ N Roses in August. The NHL is targeting October 12 for the start of the 2021-2022 season.