Touted as the first program of its kind, the Detroit Pistons and Flagstar Bank announced Wednesday a ticket promotion that will allow fans to place deposits on 2020-21 season ticket packages and earn 5% annual percentage yield through Dec. 31.
Called the “Pistons IPO: Initial Pistons Offering,” purchasers earn money back through interest paid on a Flagstar Bank certificate of deposit account. Packages may be purchased now through Oct. 31 and include full-season, half-season and 10-game packages.
“We are excited to work with our partners at Flagstar Bank in creating an innovative season ticket promotion that provides a money-making opportunity for Pistons fans purchasing new season tickets while accounting for the fluidity of today’s sports landscape,” Mike Zavodsky, chief business officer of the Detroit Pistons said in a statement Wednesday. “While we all eagerly await the safe return of fans to our games next season, your season ticket deposit will work for you and accrue funds that can be used at a later date.”
Here’s how the program works:
- Fans sign up for an eligible ticket package by contacting a Pistons ticket representative at 313-PISTONS. Season tickets must be paid in full.
- A Flagstar Bank branch representative will contact the purchaser to open a certificate of deposit and a Flagstar checking account.
- The Pistons will place the ticket purchase funds into the purchaser’s Flagstar account.
- Each month through Dec. 31 interest earned on the CD will be placed into the Flagstar checking account.
“It’s an opportunity for (fans) to get a lock on Pistons season tickets, while experiencing first-hand the value and benefits of being a Flagstar customer,” said Matt Allen, chief marketing officer for Flagstar Bank.
No additional funds can be deposited into the initial CD, officials said. Businesses are not eligible for the plan. For information, visit www.pistons.com/ipo
It is not clear when the 2020-21 National Basketball Association will be starting. The Pistons are done for the current season, and the NBA playoffs set to end by no later than Oct. 13 as teams play in a “bubble” at the Disney World facilities outside of Orlando, Florida.
Speculation has focused on the next basketball season beginning in January or later. The NBA hasn’t announced any details about allowing in-person attendance during the next season, but the Detroit Pistons have been surveying its season ticket holders on their feelings about attending games during the coronavirus pandemic.