Lakers Prepare Refund Policy In Case Lockout Continues

Lakers Prepare Refund Policy In Case Lockout Continues

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Eric Pincus of HoopsWorld has reported that the Los Angeles Lakers are beginning to prepare a refund policy if the NBA lockout continues.

With another meeting scheduled for this afternoon, there is still a chance that the season begins on time. However, there is still a sinking suspicion that the two sides are far apart and that a deal won’t be reached until well into the scheduled NBA season.

Regardless of what happens with the lockout, some NBA teams are taking precautions. The Lakers have sent out a letter to their season ticket holders informing them of the possible cancellation of games.

“We appreciate your continued patience as the NBA and the NBA Players Association negotiate a new collective bargaining agreement. Since no agreement has been reached at this time, the league has postponed player training camps and canceled preseason games through October 15, 2011.”

This was part of a letter that the Lakers sent out to their season ticket holders. These are individuals that have already paid for their 2011-12 seats as well.

Tim Harris, Senior Vice President of Business Operations, has announced that the Lakers are offering two possible solution plans for season ticket holders. As Pincus reported earlier, Harris said the goal is to provide “two options from which to choose, and both of them will reward your faith in and support of the Lakers with interest on your financial commitment.”

The first option for current season ticket holders is to let the Lakers organization hold onto all paid funds with “a 5% annual interest rate beginning on October 1st, 2011.”

Option number two is a refund from the Lakers on “any missed games plus a 1% annual interest rate. Refunds will be issued monthly based on the number of games missed.”

The next meeting between league officials and the players association takes place this afternoon.