Free

No insider’s price?

One would hope that one of the perks of owning an NBA team would be free tickets, or at the very least some sort of discount. So it was a little bit confusing to read in Carnival Cruise Line’s (CCL) preliminary proxy that the bulk of Chairman and CEO Mickey Arison’s “other annual compensation” was related to “personal use of season tickets to Miami Heat home games”. Those tickets cost Carnival $178,211 in fiscal 2004. According to this page on the team’s website, Arison, who is the Heat’s managing general partner, has guided the team to “unprecedented heights”. So why is Carnival paying what seems like price-plus for the tickets? According to the site, tickets to Heat games top out at $220 a pop and there were approximately 40 home games in the 2003-2004 season (not including pre-season games) that loosely corresponds to fiscal 2004. A quick back-of-the-envelope calculation means that Carnival was springing for around 20 tickets for Arison (and presumably some friends) for each home game.