The Braves’ latest financial results show an increase in revenue, an increase in expenses and a decrease in profits for the July-through-September quarter.
Atlanta Braves Holdings Inc., the publicly traded company that includes the baseball team and mixed-use development The Battery Atlanta, disclosed Wednesday that it generated total revenue of $290.7 million during the quarter, up 7% from the same period last year.
That increase was more than offset by a jump in expenses, however, resulting in a 22% drop in operating profit before depreciation and amortization to $31.4 million for the quarter.
Profits “decreased in the third quarter due to increased baseball operating costs,” the company said. “Baseball operating costs increased due to higher major league player salaries as well as increases in MLB’s revenue sharing plan, minor league team and player expenses and concert related expenses.”
Of the $290.7 million in revenue during the quarter, the Braves said $273.3 million came from “baseball revenue” (ticket sales, concession sales, advertising sponsorships, suite rentals, broadcast rights, etc.) and $17.4 million from The Battery (primarily rental income).
“Baseball event revenue increased primarily due to new sponsorship agreements and contractual rate increases on season tickets and existing sponsorship contracts,” Braves Holdings said. “This was partially offset by reduced attendance at regular season home games.”
Also, the team had four more home games in the third quarter of 2024 (41) than in the same period of 2023 (37).
Braves Holdings was split off from Liberty Media as a separate public company last year. The Braves are one of the few pro sports franchises with publicly traded stock, requiring the disclosure of financial information that most teams keep secret.
Combined with results previously disclosed for the first and second quarters, Braves Holdings’ revenue through the first three quarters of the year total $610.6 million, up 7% from $572.9 million through the first nine months of last year.
The Braves said they brought in $144 million in broadcasting revenue through the first nine months of this year, up 4% from the same period last year.
Along with revenue, operating income before depreciation and amortization (OIBDA) is the most commonly cited metric for measuring the financial performance of pro sports franchises. The Braves’ adjusted OIBDA for the third quarter fell from a profit of $40.3 million in 2023 to $31.4 million in 2024.
After deductions for depreciation and amortization ($18.7 million) and stock-based compensation ($6.3 million), the Braves showed operating income of $6.4 million for the third quarter, down from $15.7 million in the same period last year.
The latest financial disclosures also show Braves Holdings carried total debt of $640 million as of Sept. 30.
This is a developing story. Check back for updates.
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