Braves' Revenue Already Up $104M This Year As New Ballpark Continues To Pay Dividends
The Braves have taken in $366M in revenue during the first nine months of '17 -- already $104M more than in all of '16 and more than $100M "higher than in any of the previous three seasons," according to Mark Meltzer of the ATLANTA BUSINESS CHRONICLE. Braves Owner Liberty Media took in $185M in revenue in Q3, an increase of $76M from the period last year, when the team was playing at Turner Field. After expenses, that produced a profit of $48M for Q3. The Braves' profits for the first three months of '17 is $46M. That is $75M for the six months from April through September, minus a $29M loss from January-March. The Q3 figures "included revenue and expenses from 41 home games, compared to 35 home games" last year (BIZJOURNALS.com, 11/9). Liberty Media said the increase was "primarily ... driven by the Braves' move to their new ballpark." Ticket sales, concessions, corporate sales, suites and premium-seat fees "all increased during the third quarter." Liberty Media President & CEO Greg Maffei said SunTrust Park is "living up to its potential." In Atlanta, Tim Tucker noted while SunTrust Park and the adjacent mixed-use development, The Battery Atlanta, are "driving the Braves' revenue and franchise value, the organization has taken on considerable debt for construction." Liberty Media CFO Mark Carleton yesterday said that the Braves carried debt of $585M as of Sept. 30, up $74M since June 30, which Liberty Media said was "primarily a result of additional borrowings for funding the ballpark and mixed-use development" (AJC.com, 11/9).