Braves’ finances hit hard: 95% drop in revenue; employee pay cuts

Posted 45 days ago

From WWW.AJC.COM

Braves owner Liberty Media disclosed the team’s second-quarter financial results Monday, revealing dramatic losses that underscore the impact of the coronavirus pandemic on the sports and live-events industries.

The Braves’ revenue plunged 95% in the April-through-June quarter, compared with the same period a year ago, falling from $208 million to $11 million. The team posted an operating loss before amortization and depreciation of $26 million for the quarter, compared with a profit of $62 million in the same period last year.

The Braves have taken aggressive steps to reduce costs in recent months, team president and CEO Derek Schiller said in an interview with The Atlanta Journal-Constitution.

All Braves employees making more than $50,000 per year, including those in baseball operations and across the front office, have had their pay reduced, Schiller said. He declined to disclose the percentages by which salaries were cut.... (Read more)