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The Margin: Over budget and still under construction, the Golden State Warriors’ new arena is already profitable

San Francisco’s new basketball arena hasn’t even opened yet, and at a cost of around $1.3 billion is 30% over budget — yet it’s apparently already profitable.

That’s because the arena has already sold $2 billion in tickets, luxury suites and sponsorships, according to Rick Welts, president of the NBA champion Golden State Warriors, on Bloomberg News’s Business of Sports podcast.

“The perfect market, perfect time — the Bay Area is on fire,” Welts told Bloomberg, referring to the area’s booming tech-based economy. “Couldn’t be a better economic time. Couldn’t be a better basketball team.”

The Warriors are scheduled to move into the new 18,000-seat arena — dubbed the Chase Center, thanks to a naming-rights deal worth a reported $300 million with JPMorgan Chase & Co.

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