Want a useful economic indicator more valuable than any of the jargon-filled nonsense that comes out of mainstream financial news? Keep a close eye on how much money will flow through the boxing ring, how much people will pay to see two people beat the crap out of each other.
For the third time, Floyd Mayweather will be involved in the highest grossing boxing fight in world history. In May 2007 it was Mayweather vs. De La Hoya, which raked in $136M. Then it was Mayweather vs. Alvarez in September 2013 at $150M, considered the most profitable single sporting event ever. Now it will be Mayweather vs. Pacquaio in May 2015. Forbes has a piece out detailing the mindblowing insanity surrounding the pricing of this event.
Here are a few snippets, the first a quote from Bob Arum, the fight’s promoter:
“Because of the price of the tickets, MGM, for example, will only give ringside tickets to its customers who have a $250,000 line of credit.”The cheapest seat listed for the fight is $4,116 with a median price of $9,218. Floor seats start at $22,441. This compares to an average secondary price of $2,168 for Mayweather-Alvarez. Gregoire expects tickets for Mayweather-Pacquiao to eventual settle in at least twice as high The One.