Becoming "weary of people questioning the magnitude of his
losses," Astros Owner Drayton McLane Jr. produced a certified
audit indicating his team lost $61.3M during the first three
years of his ownership from '93-95, according to John Williams of
the HOUSTON CHRONICLE. Despite an increase in attendance of more
than 25% this season, the team expects to lose an additional $13M
in '96. McLane said he presented the audit to "dispel
suggestions he has not been telling the truth" in claiming the
team lost $65M. McLane has been trying to "build a case" for a
new ballpark. The audit was performed by Ernst & Young, however
the team would not provide any other details, citing MLB policy
and Williams notes "it is hard to determine exactly where the
Astros get their revenues and how they spend them." McLane said
he draws a $250,000 annual salary from the Astros, but "does not
charge the team for travel and other expenses." The audit
indicates the team "was hit hard" by the MLB strike, as team
revenues were roughly $20M lower than for '93 and as projected
for '96. The audit shows Astrodome USA made more than $5.5M in
profit from '93-95 and expects a $3.5M profit this year.
McLane's Astrodome USA manages the county-owned dome and gets
revenue from events held there and the Astros pay $1.5M in rent.
McLane said the audit shows the lease, "for which he pays the
county about $850,000 annually plus $125,000 in parking revenues,
does not make a huge profit." He also said the corporation and
team are independent and funds are not commingled. That
"counters" a previous claim that if the Oilers left the
Astrodome, it would hurt "his ability to pay Astros salaries"
(HOUSTON CHRONICLE, 8/15).
