OptionIt Reaches Agreement With adidas Grand Prix Track Meet

By Eric Fisher, Staff Writer, SportsBusiness Journal

Grand Prix Event Scheduled To Feature Usain Bolt

Ticket futures start-up OptionIt Inc. has struck a partnership with the adidas Grand Prix outdoor track event this June in N.Y., adding to its developing suite of NFL, NBA and NHL clients. Much like its prior deals, the OptionIt options for the Grand Prix will seek to forge a niche between the primary and secondary ticket markets in which the options traded are good for the purchase of a face-value ticket to that game. The options are also available immediately, nearly two weeks before the general on-sale date of February 15, and OptionIt is also working on embedding experiential elements to the options, such as meet-and-greet events with competing athletes. The Grand Prix event is scheduled to feature Gold Medal-winning sprinter Usain Bolt. OptionIt CEO Mark Mastalir: "I believe this is a great example of where the options model really excels. If you primarily want to watch Usain Bolt run and he pulls out of the meet a few weeks in advance, you don't have to exercise your option. In this case, an option protects you in ways that buying a ticket up front does not."