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Baseball Primer Newsblog— The Best News Links from the Baseball Newsstand
Thursday, March 02, 2023
Liberty Media, the corporation which owns the Braves, is a publicly traded company. As a result, they’re one of two teams (the Blue Jays being the other) whose books are opened to the public. This morning, Liberty Media released 2022 financials. The full report is available courtesy of Investors Observer and chronicled by Doug Roberson of the Atlanta Journal-Constitution.
According to the report, Liberty Media collected a franchise-record $588MM in Braves-related revenue last year. That’s a $20MM jump over 2021’s previous franchise-record figure, which the corporation attributed to increased ticket demand and additional retail on the heels of Atlanta’s World Series championship.
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1. The Duke Posted: March 02, 2023 at 01:31 PM (#6119283)Tidbit from the article is that, once you bring in the other stuff covered, the Braves will actually be over the threshold. I'm not clear how as it also says that Braves' MLB payroll will be just under $200 M and I didn't think the other stuff added up to anything close to $40 M.
The article also notes that the $588 does not include revenue from the associated real estate deal.
Anyway, it would seem that, at worst, after all the common/shared revenue is sorted out the Braves are generating at least $530 M in revenue of which $240 goes to player expenses leaving them with a meager $290 M to run a ticket-selling business and concert venue. I know everybody's struggling to find staff but they really never shoulda signed that peanut vendor for $20 M a year.
That is because the luxury tax figure is not that year's raw payroll. Instead it uses the average annual value for all of the contracts. Since the Braves have locked up a number of their younger guys, the AAV for those backloaded deals boost up their luxury tax number.
On the revenue sharing, I didn't see anything disclosed about how much they put in. They generally describe "other operating expenses" of $434 million as including payroll, costs to run Truist Park during games and concerts (including that peanut vendor), and "increased expenses under MLB’s revenue sharing plan." Note that the $434 million is quite a bit higher than 2021 ($377 million), even though the 2022 figure doesn't count the minor league teams, which were sold off in January 2022.
One final observation - I knew Formula One was a big deal, but the F1 revenues were about 5X that of the Braves. Overall the Braves' revenue of $588 million was a sliver of Liberty's total revenue of $12.1 billion, most of of which was from Sirius XM. The Braves really are a small part of the Liberty empire.
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