Braves Holdings, the parent company of the MLB team, posted revenues of $270 million in the second quarter in its first financial statement since being spun off by parent company Liberty Media.
Revenues from the team increased from the same three-month period ending June 30 last year by 8% to $255 million. Total revenue also increased by 8%. Baseball revenue is derived from events and broadcasting.
The remaining revenues were generated from The Battery Atlanta, the mixed-use development around Truist Park.
Baseball operating costs increased year-over-year by 15% to $195 million. Its operating income year-over-year decreased by 29% to $19 million. Its operating income before depreciation and amortization – the most common metric, along with revenue, for assessing a pro sports franchise’s economic performance – decreased by 13% year-over-year to $42 million.
Braves Holdings credited the increase in revenue to two more home games (43) in the three-month period this year compared with last year. Revenues increased from The Battery because of rent increases and new leases.
Braves Holdings reported the following revenues (rounded up or down) by category in the second quarter:
- Baseball events: $162 million (12% increase year-over-year).
- Broadcasting: $69 million (8% increase).
- Retail and licensing: $20 million (11% increase).
- Other: $4 million (59% increase).
- Mixed-used: $15 million (13% increase).
“Atlanta Braves Holdings is the first MLB team to trade publicly in 25 years,” said Greg Maffei, the CEO and president of Liberty Media as well as of Braves Holdings, in the financial report. “We believe our new structure will better highlight the value of the Braves and the associated mixed-use development for the benefit of our team, fans, employees and shareholders.
“The Braves are an iconic franchise with demonstrated on-field and financial success, and the Battery Atlanta development has become a model embraced and emulated by professional sports teams. Our leadership team will continue to support the Braves executives in Atlanta in their successful management of the club.”
Liberty Media reported in its second quarter statement of operations total revenues of $3.2 billion with an operating income of $523 million.
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