Michael Russo has covered the National Hockey League since 1995. He has covered the Minnesota Wild for the Star Tribune since 2005, after 10 years of covering the Florida Panthers for the Sun-Sentinel. He uses “Russo’s Rants” to feed a wide-ranging hockey-centric discussion with readers, and can be heard weekly on KFAN (100.3 FM) radio and seen weekly on Fox Sports North.

Also find Russo on Facebook.

Email Michael to talk about hockey.

Wild offers season-ticket holders 10% APR interest to keep money in accounts

Posted by: Michael Russo under Wild off-season news Updated: September 17, 2012 - 11:40 AM

A few minutes ago, the Wild emailed a letter to all season-ticket holders explaining their options once games are canceled during the NHL lockout.

I haven't seen the letter, but Chief Operating Officer Matt Majka explained it to me.

1. If a season-ticket holder is willing to keep their money in their account during the lockout, they will receive 10% APR interest (so annualized interest computed over 360 days; not 365) on their money for the games canceled and not rescheduled.

That interest can be used as a credit in their account.

When a game is at least postponed or canceled, from that moment, if a season-ticket holder keeps their money in their account, the STH would receive 10% APR interest for each day it remains canceled or postponed and last until the NHL announces a new schedule.

So obviously that's better than putting your money in the bank. The last lockout, the Wild offered 5%.

2. The other option is a refund. For any game canceled and confirmed by the league will not be rescheduled, 10 days to two weeks subsequent to the month that the games were in, a refund will be issued for the value of the tickets.

Basically, Majka says the Wild is trying to give strong incentives for season-ticket holders to keep their money in their accounts.

"We're hopeful for a quick settlement and that no games will be canceled frankly," said Majka. 

So far it sounds like the Wild's interest level for keeping money with the team is as high as it gets in the NHL.

To give you a sample, Anaheim and Los Angeles is offering 5%, Buffalo and Columbus are at 4, Winnipeg is at 3, Chicago is at 2.

Wild full season-ticket holders buy 44 games, including three exhibition home games that will start to be canceled in a matter of days. The Wild has sold over 4,000 full season-ticket equivalents since the July 4 signings of Zach Parise and Ryan Suter, and from what I hear, are back up significantly over 12,000 season-ticket holders (Wild don't release the actual figure) but are short of their peak of 16,500 ("but heading in that direction," Majka said.).

Players were supposed to report for training camp Friday and be on the ice Saturday. That has been delayed.

The Wild has an all-staff meeting at 2 p.m. to announce its transition plan. I hear no layoffs though.


Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters