The Braves posted an increase in first-quarter revenue this year, according to financial results released Friday by team owner Liberty Media.
The Braves had revenue of $31 million in the January-through-March quarter, compared with $22 million in the same period last year. The Braves played no home games at Truist Park during the quarter.
“We’ve seen incredible ticket demand proceeds, and we stopped selling season ticket sales for the first time in franchise history and started a waitlist before opening day,” Liberty Media CEO Greg Maffei said in a conference call Friday.
The Braves sold 3.1 million tickets last season. Maffei said Liberty expects the Braves to sell out more than half of their home games this season. He said they also are seeing “favorable” trends in concession sales.
The revenue growth in the first quarter resulted from more spring training home games and events held at Truist Park. The growth was offset in part by increased costs related to higher player salaries and expenses. Those weren’t recognized in the first quarter of 2022 because of the delayed start to the season.
For the first quarter, the Braves’ operating profit before depreciation and amortization – the most common metric, along with revenue, for assessing a pro sports franchise’s economic performance – was a deficit of $26 million, Liberty Media said. That was an increase of a $17 million deficit in the first quarter of 2022, or 53%.
After depreciation, amortization, stock-based compensation and restructuring and acquisition costs, the Braves reported an operating deficit in the first quarter of 2023 of $43 million, an increase of the deficit of $37 million, or 16%, in the first quarter of 2022.
Liberty Media also announced that its plan to split Atlanta Braves Holdings into a tracking stock is scheduled to be complete by the end of June.
Maffei also shared an update on the Braves’ contract with Bally Sports, whose parent company, Diamond Sports Group, filed for bankruptcy in March, saying that Liberty continues to receive payments, which he believes reflects the profitable regional television territory for the team.
If the bankruptcy were to affect Bally Sports’ ability to televise the Braves, Maffei said alternatives can be constructed and that Liberty is prepared if that’s required.
