A new financial filing by Braves owner Liberty Media includes an update on the team’s large debt load, now $676 million.
The Braves’ debt consists of $286 million from the construction of Truist Park, $245 million from the construction of The Battery Atlanta mixed-use complex adjacent to the stadium, $30 million from the construction of a spring-training facility and $115 million from operating credit facilities, according to a filing with the Securities and Exchange Commission.
The Braves’ total debt, as of March 31, is up slightly from $674 million at the end of 2020 and up considerably from $559 million at the end of 2019.
The increased debt taken on since the end of 2019 stems mostly from the continuing construction of the second phase of The Battery and operating expenses amid the pandemic. The second phase of The Battery, including office building Three Ballpark Center (slated to open this summer), is “on-time and on-budget” at a cost of approximately $200 million, with about $50 million in additional debt funding remaining, Liberty Media said.
Liberty last week disclosed the Braves’ financial results for the January-through-March quarter, showing a $6 million decline in revenue and an $11 million decrease in operating expenses from the same period a year ago. The Braves had an operating loss before depreciation and amortization of $20 million for the quarter, compared with a loss of $25 million in the same period last year.
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