Venue Detail
Buffalo Sabres
Revenues From Sports Venues Pro Facilities Report
January, 2010
Buffalo Sabres
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1 Seymore H Knox III Plaza Buffalo, NY 14203-3007 Phone: 716-855-4100 Fax: 716-856-2104 URL: www.sabres.com Owner: B. Thomas Golisano League: National Hockey League Eastern, Northeast Division
Venue
HSBC Arena, 1 Main St, Buffalo, NY 14203-3001 Owner: Erie County and City of Buffalo Managed by: Centre Management Built: 1996 Capacity: 19,500 Permanent concession stands: 26 Concessionaire: Sportservice Suite caterer: Well Bread Catering Soft drink: Pepsi Cola Beer: Multiple
Naming rights
Sold to: Marine Midland Bank (HSBC Corp.) Price: $24, 000,000 Term: 30 years Expires: 2023
Ticket prices
Season tickets range from $820 to $3,075 Single tickets range from $47.00 to $132.00 2007 average attendance: 18,690 2008 average attendance: 19,950 2009 average attendance: 17,531
Luxury Suites
Quantity: 80 Term: 3 to 5 years Price: $70,500 to $160,000 Seats: 18 to 18 Includes: Tickets.
Club seats
Quantity: 2,500 Term: 1 to 1 years Price: $2,665 to $3,280 Includes: Tickets, parking, in-seat wait staff.
Financing
The $122 million arena was built with $67 million in private funds, $25 million from the state, $20 million from Erie County and $10 million from the city. Pct. public: 45
The arena is the home of the NHL Sabres. In addition to the 80 luxury suites there is also a party suite which holds up to 100 people and leases for $99 to $115 per person, depending upon the event.
Concession and signage revenue is shared between the Sabres and the building, but the Sabres would not disclose the percentage.
Erie County agreed to walk way from $100,000 in annual revenue and $300,000 in debt on the HSBC Arena as its part of a plan to keep the Buffalo Sabres in the venue. The county also gave up rights to any future building profits.
The concession allowed B. Thomas Golisano to buy the team. He offered the city $500,000 in annual rent and asked for forgiveness of $1.3 million in infrastructure expenditures already made by the city. The state was asked to forgive $25 million in arena construction costs.
The team agreed to retain the current lease that keeps the team in the arena until 2025.
Golisano also wanted to manage four city-owned parking lots near the building and control customer service at the venue. He promised to match other private offers the city might get for managing the parking structures.
Naming rights were originally purchased by Marine Midland Bank for 20 years at $15 million. In 1999, the bank was renamed for its parent corporation, HSBC, and the company paid an additional $9 million for the renaming and an extension of the term by 10 years.
As part of the county's original bid for the complex, it gave up ground rent on the HSBC Arena, put $7 million into a new parking garage and subsidized arena operations with $1 million a year. The county also gave up a 0.25 percent seat tax on arena events. (Facilities, Financial, Ice Hockey, Professional Sports, Venue)