Liberty Media said that $8M in revenue during Q1 came from The Battery AtlantaGETTY IMAGES
An earlier start to the season and operations at The Battery Atlanta "fueled an increase" in the Braves’ Q1 revenue, but as usual, the team also "posted large operating losses," according to Tim Tucker of the ATLANTA JOURNAL-CONSTITUTION. The Braves generated revenue of $28M in Q1, compared to $5M in the "same period a year ago." Club owner Liberty Media said that $20M in revenue "came from baseball" and $8M from The Battery. Q1 financial results "generally aren’t significant for an MLB team because the vast majority of revenue -- and profit -- is generated" in Q2 and Q3. Liberty said that the Braves had an operating loss "before depreciation and amortization" of $33M in Q1 and a "loss after depreciation and amortization" of $49M. In the "same period last year," those losses were $28M and $32M, respectively. Liberty "partly attributed the larger losses to 'the acceleration of player salary expense as a result of released and injured players' and increased depreciation and amortization expense associated with The Battery and SunTrust Park" (AJC.com, 5/9). In Atlanta, Mark Meltzer noted the Braves traded LF Matt Kemp to the Dodgers in the offseason, acquiring 1B Adrian Gonzalez and P Scott Kazmir, two "high-salaried players that they released." The deal "lightened the team's salary load" for '19, when the team "expected to contend for a division title, but increased it substantially" for '18. The Braves continue to "carry a significant amount of debt, primarily from construction of SunTrust Park and The Battery, but the total was lower than a year ago." Liberty said that "debt attributed to the Braves Group" was $603M, down from $667M in Q1 of '17 (BIZJOURNALS.com, 5/9).
CHARGED UP: Liberty CFO Mark Carleton said that The Battery is "performing 'well above projections' and that the club will consider selling other pieces of it if that makes sense." The ATLANTA BUSINESS CHRONICLE's Meltzer noted the Braves "own part of the Omni Hotel and the Comcast building at The Battery." Carleton said that being able to "maintain the look and feel of SunTrust Park and The Battery the experience for fans is key." Carleton: "We’ll be opportunistic as some of these projects get closer to completion and fully online" (BIZJOURNALS.com, 5/9). The AJC's Tucker noted The Battery "includes shops, restaurants, offices, apartments, a hotel and a music venue." Only the residential portion "has been announced as for sale, with the Braves saying last month they would seek to sell the 531 apartments in three communities" (AJC.com, 5/9).
