Liberty Media, the company that owns the Braves, said that revenue and operating profit for the club "declined last year, while the team borrowed" about $100M for its new stadium, according to Tim Tucker of the ATLANTA JOURNAL-CONSTITUTION. In a report filed with the SEC late last week, Liberty attributed the Braves’ $10M "revenue decline to a one-time TV rights payment recognized the year before and attributed an unspecified drop in operating profit largely" to P Ervin Santana and 2B Dan Uggla. Liberty "didn’t specifically name the players, but cited 'increased player payroll due to season ending injuries at key positions which required additional players to be added to the roster' and the release of other players whose 'full (remaining) contracts were recognized' during the year for accounting purposes." Liberty noted the revenue dip in '14 followed a $36M "increase in Braves revenue" in '13. The company "didn’t disclose the Braves’ total revenue" for '14, but "based on previous filings," revenue was calculated at $251M, down from $261M in '13. Another reason for the revenue drop, although "not specified in the report, likely was the attendance decline that accompanied a losing season." The "unspecified dip in operating profit (before depreciation, amortization and certain other charges)" followed a $20M increase to $42M in '13. The Braves had a $112M player payroll at the start of last season and, "barring additional acquisitions, appear likely to open this season at about" $100M (ATLANTA JOURNAL-CONSTITUTION, 3/3).
HERE COMES THE SUN: Liberty said that the Braves will spend $452M to "develop their new mixed-use project adjacent to SunTrust Park," putting the "total cost of the ballpark and mixed-use project" at $1.124B. In Atlanta, Mark Meltzer noted the ballpark by itself is "expected to cost" $672M. The Braves are "advancing money for the stadium's construction to the Cobb-Marietta Coliseum and Exhibit Hall Authority, until bonds are sold later this year." Liberty also said that the team "could borrow" up to $250M for the ballpark's construction (BIZJOURNALS.com, 3/2).
