yes, you do. But you should consider also his effect on the number of tickets sold in your arena. You planned to decrease the prices of the cheapest category at the same time when you fire your PR manager. It will be difficult for you to understand what happened.
I just upgraded from lvl 2 to 4 which gave me also a modest increase in merchandise rvenue but 10.000 additional revenue from tickets. I am satisfied with the return on my investment. I do not know how much this effect depend on league level.