Braves post record revenues in 2022

Franchise reported losses in annual operating income

The Braves posted franchise-best annual revenues of $588 million in 2022, according to full-year financial results posted by the team’s owners, Liberty Media, on Wednesday.

The revenues surpass previous record totals of $568 million, generated in 2021 when the Braves won the World Series.

The team was eliminated by the Phillies in the National League Division Series last season.

Liberty Media attributed the 4% increase in revenues to increased capacity at Truist Park, ticket demand at regular season and exhibition games, World Series-related retail revenue and other events held at the ballpark.

The team’s fourth-quarter revenues decreased from $102 million generated from Oct. 31-Dec. 31 in 2021 to $53 million, a 48% difference, during the same period in 2022. Liberty Media partially attributed the decrease to fewer home games. The team played four home games in the fourth quarter of 2022, compared with 11 in 2021. For the 2022 season, the team sold 3.1 million tickets and it led MLB with 94% of inventory sold, Liberty Media President and CEO Greg Maffei said Wednesday.

“Demand for tickets remains high in 2023,” he said.

Braves’ Holdings 2022 operating profit before depreciation and amortization (adjusted OIBDA) – the most common metric, along with revenue, for assessing a pro sports franchise’s economic performance – was $71 million, a 36% decrease from 2021, according to Liberty Media.

Braves’ Holdings 2022 fourth-quarter OIBDA was a loss of $10 million, compared with revenues of $19 million in 2021, according to Liberty Media.

Though per-game revenues increased from $6 million in 2021 to $6.4 million in 2022, the team’s operating income in 2022 showed a loss of $15 million, compared with revenues of $31 million in 2021. Stock-based compensation and impairment and acquisition costs totaled annual losses of $15 million.

Liberty Media attributed the decrease in operating income before depreciation and amortization (OIBDA) and operating income partially to increased player salaries and increased expenses under the league’s revenue-sharing plan.

Maffei said Liberty Media’s plan to split Braves Holdings into a new stock is on schedule to be completed in the second quarter of this year.

Maffei said the franchise was happy to extend manager Brian Snitker’s contract through 2025, and that Braves General Manager Alex Anthopoulos invested smartly in the offseason and that the team is positioned for long-term success after giving long-term contracts to several younger players.

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