Braves owner Liberty Media said early Tuesday that the team’s revenue dropped by $10 million in the third quarter this year to $109 million, compared to the same period last year.
The Braves’ operating profit before depreciation and amortization decreased by $14 million in the July-through-September quarter to $16 million, Liberty said.
The company attributed the decreases to “a decline in ticket sales and broadcast revenue as a result of having … 35 home games in (the third quarter of) 2016 versus 42 home games during the same period in 2015.”
The third-quarter declines came after Liberty previously reported improved financial results for the second quarter, when there were more home games.
For the full season, the Braves’ announced home attendance of 2,020,914 was up very slightly from the year before (2,001,392) but was still the team’s second lowest in 26 years. The Braves will move next season to their new Cobb County stadium, SunTrust Park.
Liberty Media disclosed Tuesday that the Braves’ debt increased by $75 million in the third quarter “primarily as a result of additional borrowings … for funding the ballpark and mixed-use development.”
Liberty said that, as of Sept. 30, $496 million had been spent on the stadium, “of which approximately $373 million of funding was provided by Cobb County and related entities and $123 million provided by the Braves.”
In addition, Liberty said $238 million had been spent on the adjacent mixed-use development as of Sept. 30, “of which approximately $27 million was provided by (joint-venture) partners’ equity” and the rest by the Braves.
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