The Atlanta Braves‘ upcoming move to SunTrust Park should yield a revenue increase, according to the latest financial report from owner Liberty Media.
Liberty Media recently presented its third quarter financial report, which revealed a revenue decrease from the same period in 2015–a decrease attributed to a smaller number of home games (35 as compared to 42) over that period. Within that report, the company also said that it expects a revenue surge to take place in 2017 as the result of SunTrust Park.
The new facility, which is set to open next spring, will be attached to a mixed-use development. That will present additional outlets for revenue, though Liberty Media is also expecting more ballpark-related debt. More from the Atlanta Journal-Constitution:
The organization expects revenue to increase significantly at the new ballpark, but the move also comes with increased debt.
Liberty Media disclosed Tuesday that the Braves’ debt increased by $75 million in the third quarter “primarily as a result of additional borrowings … for funding the ballpark and mixed-use development.”
The Braves’ total debt at the end of September was $220 million, Liberty chief financial officer Mark Carleton said.
Liberty said that, as of Sept. 30, $496 million had been spent on the stadium, “of which approximately $373 million of funding was provided by Cobb County and related entities and $123 million provided by the Braves.”
In addition, Liberty said $238 million had been spent on the adjacent mixed-use development, “of which approximately $27 million was provided by (joint-venture) partners’ equity” and the rest by the Braves.
A revenue increase as the result of a new ballpark would not be surprising to see, and it will be interesting to see if the Braves can build a more competitive team next season. The first game at SunTrust Park will be an exhibition game against the New York Yankees on March 31. The regular season opener is scheduled for April 14 against the San Diego Padres.
RELATED STORIES: Terrapin Beer Taproom / Microbrewery on Tap for SunTrust Park; SunTrust Park to Open March 31, 2017; Topping-Out Milestone at SunTrust Park; New for SunTrust Park: The Battery Atlanta; Braves Unveil SunTrust Park Chop House; Braves unveil new SunTrust Park renderings, sales center; Braves add Omni Hotel to SunTrust Park mix; Comcast joins SunTrust Park lineup; Braves add more land for SunTrust Park parking; Braves unveil new ballpark, development renderings