M’s make money, Safeco Field to repay city in 125 years
Jim Street, at mlb.com, writes on M’s reported a $17.8m profit last year.
Note that that’s reported profit, and subject to its own accounting hijinks. Still, yay money. As much as I may whine about the team’s spending habits and whatever else, as fans we’re obviously better off with a stable, financially viable team here and not playing in Jersey or something ridiculous.
“We had a good year, both on and off the field,” Mariners President Chuck Armstrong said. “The fan response to the team’s improved performance was outstanding. Our ownership has always invested all profits back into the team, the franchise and the ballpark, and did so again in 2007.”
Anyway, the fun part (besides Street repeating the M’s “we spent $113m on payroll last year, sixth-highest in baseball” line) is the profit sharing, where Street talks about how once the team’s $200m in losses (snort) since 1999 are paid off, the team starts to pay profit-sharing to the Public Facilities District. 10%, which is still absurdly low considering the sweetheart rent the M’s get, and amazingly low considering the role the city played — but it’s a better deal than some cities got.