Nice arbitrary endpoint. The Cardinals didn't claim a $100m loss in the third quarter. They didn't claim a $100m loss at all. That's the average based on MLB's claim that it had an operating loss, as a whole, of around $3 billion, or $3.1 billion. Evan Drellich, a writer at The Athletic, further clarified that the earnings before interest, etc., (EBITDA) were down $2.7 billion.
The Cardinals were likely slightly above average. Likely.
You write, "I know you are reporting what the Cardinals say." What the Cardinals say is nothing about this at all. I asked. They declined to discuss their losses in specifics or disclose whether I was close or not or whether the MLB average was close. I had to ask others. I had to do additional research and reporting. And I would have done that anyway to confirm what they did say, if they did.
I think what's happening here is somewhat semantics, and I could do a better job of drawing a thick line as we talk about revenue and expenses. Baseball is talking about a loss in REVENUE. That's not profits. That's REVENUE. The Braves, in the third quarter of 2020, had "Baseball Revenue" of $102 million. In the third quarter of 2019, they had a baseball revenue of $203 million. So, you want to talk specific losses.
They're not talking one-quarter losses. According to the Liberty Media filings, here are the quarter by quarter operating income losses for the Braves in 2020:
1st quarter (no games) -- $43 million
2nd quarter (no games) -- $30 million
3rd quarter (2020 season) -- $15 million
That's an operating loss reported of $88 million through the first three quarters of the year. It's not $100 million. It's also not a complete year. In the fourth quarter, teams don't have games to play or broadcast fees rolling in from TV outlets, so the fourth quarter is mostly expenses -- mostly -- and in the fourth quarter of 2019, the Braves had an operating income report of negative $44 million.
So, in the past 12 months their operating income on the Braves, based on publicly available numbers is $132 million.
Well, that sounds familiar.
(You can check my math here:
Liberty Media Corporation