The only MLB team to publicly state earnings, the Seattle Mariners made its annual accounting to the Washington State Major League Baseball Stadium Public Facilities District (PFD) and reported a $4.5 million loss for fiscal year 2008.
The only MLB team to publicly state earnings, the Seattle Mariners made its annual accounting to the Washington State Major League Baseball Stadium Public Facilities District (PFD) and reported a $4.5 million loss for fiscal year 2008.
The team’s lease at Safeco Field requires it reports revenues and a profit/loss statement. The team’s fiscal year ended Oct. 31, 2008.
It was the first loss for the Mariners since the team moved to Safeco Field in the middle of 1999. The loss was attributed to the team’s lowest attendance at Safeco Field for a full season, with the team drawing only 2.32 million last season (down from 2.67 million in the 2007 season).
Though the team’s lease at Safeco Field with the PFD requires profit-sharing, the first $200 million in profits earned by the team since the move to Safeco Field. is exempt. In addition, the Mariners and the PFD use a different formula to determine profit and loss, and by the PFD measure the team was required to share revenue on $1.924 million. This amount was applied to the $200 million, leaving $51 million in that pool — and probably means it will be many, many more years until the PFD sees a dime in profit sharing.
More bad news for the Mariners: suite sales are slowing down as well.
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