Yankees sign deal with StubHub to be official ticket resale partner

The New York Yankeesannounced Monday that they are transferring their resale business, Yankees Ticket Exchange, to StubHub, which will take over for Ticketmaster as the team's new fan-to-fan ticket exchange.

Financial terms of the deal were not disclosed, but the business is believed to be worth more than $100 million to the Yankees over the term of the contract.

StubHub's deal with the Yankees is the only partnership the company has with a Major League Baseball team using a mobile-only delivery service.

"Two-hundred, fifty-thousand mobile tickets have been used here at Yankee Stadium and are widely popular and more secure,'' Yankees president Randy Levine said at a news conference. "Incidents of fraud are way down, and we think with this great technology StubHub has, it's even going to get better.''

In addition, StubHub will become a major sponsor for the Yankees and will be one of the club's top-five marketing partners, according to Levine.

"We are thrilled to provide a mobile-only technology solution for customers that are coming through StubHub.com,'' StubHub president Scott Cutler said.

StubHub and Yankees officials met after an announcement in February that the Yankees were eliminating print-at-home tickets. The new policy has caused lines at the team's ticket office ahead of games.

"We both reached out and had a meeting, and I realized StubHub had changed,'' Levine said. "There was new leadership.''

The deal brings to an end a long battle between the team and StubHub, which began in 2012 when the Yankees were one of two teams -- along with the Los Angeles Angels -- to opt out of MLB's deal to renew StubHub's role as the official secondary ticket market.

Levine said generally the lowest price a seat can be advertised for resale will be 50 percent of what a ticket is sold for as a part of a full-season plan.

"This new product was the result of many productive discussions with StubHub, which will allow them to fully integrate into our ticket system,'' Levine said. "We are confident this collaboration will best protect our fans in the ticket resale marketplace.''

The ticket resale service through StubHub will be fully operational on July 7 for the Yankees' July 15 game and will be available for the rest of the season all through mobile-only. Fans who have resale tickets posted for the July 15 game will have to repost their tickets on StubHub in order for other fans to purchase those tickets.

Ticketmaster will still remain the primary ticket vendor for the Yankees.

The Associated Press contributed to this report.