The MLB-leading Atlanta Braves are bringing in more revenue than last year, but profits are slightly declining this season, thanks in part to an increased payroll.
In the team’s first earnings report since being spun off by parent organization Liberty Media into its own publicly traded company, the Braves said revenue grew to $270 million in the second quarter and to $301 million in the first half of 2023 — respective increases of 8% and 11% over last year.
According to Spotrac, the Braves’ active payroll sits at $211 million, which would be $20 million more than their final 2022 payroll. In Q2, baseball operating costs are up 15% over last year to $195 million and up 19% to $232 million through the first six months of 2023.
The Braves’ broadcasting revenue was up 8% to $68 million in Q2, helping total baseball event revenue grow 12% to $162 million.
All told, the Braves reported an adjusted profit of $42 million in Q2, down 13% from 2022, and $11 million on the year, down 52% from last year.
Around The Grid
Liberty Media also reported Q2 earnings for Formula 1. Revenue was down just 3% to $724 million, and the racing series’ adjusted profit was relatively flat, increasing by 1% to $155 million.
F1 is expecting a financial windfall from the debut Las Vegas Grand Prix in November, having already spent $500 million on infrastructure and charging millions for some ticket packages.
