It hasn't received much press anywhere except here in Chicago, and even here, the Tribune has been fairly quiet about it (gee, I wonder why).
I touched upon this in the Cubs-Red Sox thread here, but I didn't want to take that thread off into left field. So, after receiving a few PMs suggesting this, I decided to put it into its own thread to allow for comments related to it specifically.
Here's what I posted in the other thread:
Let me try to summarize it.
Illinois law permits tickets to an event to be sold above face value only by registered, state-licensed ticket brokers. (We're ignoring scalpers here.) Brokers, of course, turn around and sell them to the public. As you know, these brokers are not affiliated with the event originator. It is illegal to sell your own tickets above their printed and published value.
Well, right down the street from Wrigley Field sprung up a "broker" called Premium Tickets. Premium bought tons of Cubs tickets and sold them at a HUGE, and I mean a HUGE markup. For example: tickets for the Cubs-Yankees series this season were being sold for $1500 each. These were box seats, normally selling for $40 or so (I don't recall the exact price for Cubs box seat tickets).
Normally, this would just be looked upon by most as another typical shafting of the little guy who can't afford tickets. Most folks can't afford brokers' prices anyway. However, something fishy was going on.
It turned out that several Cubs executives founded Premium Tickets, but tried to do so very quietly and discreetly. In short, this so-called broker isn't a "broker," but is a front for the Cubs removing from public purchase regular tickets and reselling them at substantially higher profits--something blatantly illegal and not permitted by Major League Baseball, either. Of course, this means there are that much more tickets taken from the public realm availability-wise.
You see, part of the ticket price of each team's ticket goes to MLB and all other owners as well. By not selling these tickets normally, the Cubs bypassed the percentage that was supposed to have gone to MLB, depriving them of budgeted ticket revenue.
Premium Tickets, of course, didn't advertise as being affiliated with the Cubs. That was not legally permissible. Instead, they advertised as a new broker (who happened to be located within a few steps--literally--of Wrigley Field). A few figureheads were installed as the "officers" of the company, but soon, the beans were spilled.
Soon, some fans got wind of this and filed a class-action lawsuit against the Cubs.
Rather than go on, and I apologize if this is a rather cursory explanation, I've dug up some links. I'd recommend you read them in numerical order, as they're dated from least recent (#1) to most recent (#8).
1.) LINK #1
2.) LINK #2
3.) LINK #3
4.) LINK #4
5.) LINK #5
6.) LINK #6
7.) LINK #7
8.) LINK #8
[ September 27, 2003, 11:28 AM: Message edited by: MIB ]