Atlanta Braves Post Record Revenue, But Profit Falls

A year removed from winning the World Series, the Atlanta Braves still managed to have a banner 2022 by some yardsticks, according to Wednesday’s earnings announcement.

Braves Holdings, indirectly owned by Liberty Media, posted record revenue of $588 million last year, of which $535 million was generated by the Atlanta Braves baseball team and $53 million from The Battery Atlanta, a mixed-used real estate development. Baseball revenue per home game increased to $6.4 million in 2022 from $6 million in 2021.

The announcement credited “increased capacity and ticket demand at regular season and spring training games, World Series-related retail revenue and additional special events held at the ballpark, including concerts.” The increase was partially offset by the Braves missing the postseason, the statement said, meaning fewer tickets, hot dogs and ball caps sold.

Braves Holdings operating income (earnings before depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and other related costs and impairment charges) came in at $71 million, 36% below last year. The decline in profitability was the result of higher player salaries, higher variable concession and retail operating costs, increased expenses under MLB’s revenue sharing plan and higher SG&A expenses — selling, general and administrative expenses — due to increased advertising initiatives for the 2022 season.

Meanwhile, debt declined to $546 million from $602 million in 2001 due to repayment under the Braves team revolver. Cash and equivalents stand at $151 million, $9 million more than 2021.

There was no mention in the announcement about the potential bankruptcy of Diamond Sports Group, which owns the Bally Sports Regional Sports Networks. Braves games are shown on Ballys Sports South, one of Diamond’s networks.