Brand loyalty is important to sport teams for two broad reasons. First, brand loyalty ensures a more stable following even when the core product's performance falters (i.e. the team has a losing season). As a result of such loyalty, a price premium can be charged .... In many cases, teams have been able to leverage this price premium to increase revenues and help offset areas where expenses are increasing (e.g. player salaries and debt obligation on new stadiums or arenas). Brand loyalty also ensures a more stable following through the broadcast media .... Second, brand loyalty creates opportunities for product extensions beyond the core product. ... New products such as team-related merchandise stores and restaurants in close proximity to the venue enable the team to create additional revenue streams by owning and operating the ventures or sharing in profits through licensing agreements. Similarly, admission is now being charged to prac­tice facilities of professional teams. High brand loyalty also allows the team to offer these brand extensions across geographic boundaries ....