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Home Maury Brown Leaked Documents Show Rare Look at the Finances of Texas Rangers

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Leaked Documents Show Rare Look at the Finances of Texas Rangers PDF Print E-mail
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Written by Maury Brown   
Tuesday, 24 August 2010 13:11

Texas RangersUPDATE #2: Hidden columns unearth some interesting tidbits.

  • For merchandise: Revenue increased due to Josh Hamilton success story accounting for 10% of total merchandise sales in 2008.
  • 2008 parking pevenue reduced due to parking being comp'd to season ticket holders due to lot construction.

UPDATE #1: As more time is spent combing through the Rangers spreadsheet, it is becoming more and more clear that the workbook in question is rife with errors. As noted by Brandon Wilson in the comments section, the low $1.85 million for scouting in 2007 is actually an accounting error. A separate sheet shows this to be "ticket office expense". As we note throughout (and will continue to update as we find errors), there are odd inconsistancies, most notably TV and Radio (that has Central Fund money added), and the fact that Net Ticket Sales figures are exactly the same for both 2007 and 2008. This document may well have been a "scratch" workbook for someone, and clearly does not reflect the level of quality that the prior leaked docs show.


Yesterday, Deadspin released financial documents that rarely, if ever, make their way to the public. The Pirates info was leaked late Sunday by The AP, but complete info via screenshots were made available for the Rays, Pirates, Angels, Marlins, and later, the Seattle Mariners.

(See detailed analysis of the Rays, Pirates, Angels, Marlins and Mariners docs)

Today, Deadspin releases the final set of leaked documents; hits the web with information from 2007 and 2008 for the Texas Rangers.

With the prior documents released, the format was screenshots of PDFs. Today's release is screenshots of Excel spreadsheets, of which The Biz of Baseball has copies. There are several sheets detailing adjustments, etc. But the information below is really the bread and butter of them, the Consolidated Statement of Operations.

Here's what stands out:

  • As Net Income shows, the Rangers, via Hicks Sports Group, was running in the red and not profitable (this became patently obvious over the last year-and-half as HSG defaulted on $525 million in loans). Losses of nearly $38 million in 2007 and more than $10.4 million in 2007 show that the club was on uneven footing.
  • Television and radio revenues are striking, until we dug a bit deeper. At $62,583,031 for each year of the contract, TV and Radio appear as a considerable cash cow, eclipising gate. However, MLB's Central Funds are rolled into it; an odd bit of accounting (see supporting table below). Here's why it's odd... When adding in Central Funds for 2008 from a separate "Details" sheet, the figure showed for TV and Radio for 2008 aligns perfectly. However, Central Fund monies were higher in 2007 for the $23,921,288 as opposed to $19,807,000 for 2008. The difference throws the Consolidated table off.
  • What's odd in the sheet is that net ticket sales are identical for both 2008 and 2007 ($39,978,429)
  • The issue of land around the Ballpark was a key topic of discussion during the bankruptcy proceedings. The new ownership group headed by Chuck Greenberg and Nolan Ryan said that they will continue to collect parking revenues through the end of next season. How much are annual parking revenues? Just shy of $3.5 million ($3,496,729)
  • The Pirates, Marlins, and Rays leaked docs showed that sums in excess of $20 million annually might be spent on player development. But, during the Hicks tenure, the amounts were far less totalling $11,210,633 for 2008 and $11,374,366 for 2007.
  • On revenue-sharing, the Rangers received $5,005,398 in 2007 while paying $5,495,300 in 2008.
  • The sheet shows the Rangers spending just over $1.8 million on scouting in 2007, but in 2008 increased spending on scouting dramtically to $7,736,328. This is an error within the document. The $1.8 million points to a seperate sheet cell that is actually ticket office expense.
  • Marketing for the Rangers in 2007 was nearly non-existant with a budget of just over $1.1 million ($1,192,330), but skyrocketed in 2008 to $16,015,916
  • Showing the player contracts are amortized and therefore players are treated as "assets", the Rangers show $13,268,008 in depreciation on contracts for 2008

There's far more in the Excel workbook (here's other nugget noted by Deadspin)... Lots of minutia from the "DL Detail" sheet that gives a glimpse into some interesting nuggets

  • $22,844.58 in ticket exchange revenue in 2008
  • $19,807,000 in Central Fund revenues in 2008 and $23,921,288 in 2007
  • Valet parking pulled in revenues of $497,010 in 2008 and $426,330 in 2007
  • $601.44 was spent by the Rangers for car washes in 2008

 

Texas Rangers Consolidated Statement of Operations


2008 2007
Revenue:


Net ticket sales
$39,978,429 $39,978,429
Television and radio *

$62,583,031 $62,583,031
Concessions
$8,626,703 $8,626,703
Stadium suite rentals
$7,422,263 $4,766,061
Parking
$3,496,729 $3,496,729
Advertising
$14,073,586 $14,073,586
Merchandise sales
$5,817,498 $5,817,498
Other, net
$10,119,679 $10,119,679

Total
revenue
$152,117,917 $149,461,715




Operating expenses:


Player salaries
$76,055,840 $70,671,079
Trade settlement Costs
- $10,814,333
Other direct team costs
$18,097,905 $7,025,782
Player development
$11,210,633 $11,374,366
Scouting
$7,736,328 ** $1,852,136
Ballpark operations
$13,102,368 $7,791,649
Ticket Office
$2,383,508 $16,752,488
General and administrative
$10,505,449 $3,184,123
Marketing
$16,015,916 $1,192,330
Merchandise cost of sales
$4,318,913 ($23,128,925)
Parking
$1,726,479 $12,070,620
Revenue sharing, net
($5,495,300) $5,005,398
Amortization of player contracts
$13,268,008
Loss from player transactions, net
$206,595
Depreciation & amortization-non player
$12,459,069

Total operating
expenses
$181,591,710 $149,818,040





Operating
income (loss)
($29,473,794) ($356,325)
Other income (expense):


Income from unconsolidated entities, net
$1,783,050 $410,312
Gain/(loss) on sale of net assets
- -
Interest expense
($9,991,843) ($9,545,333)
Interest Income
($46,793) $24,049
Income tax benefit
($218,921) ($968,462)

Net income ($37,948,302) ($10,435,758)

** Accounting error. This is actually ticket office expense from a separate sheet in the workbook

 

* Rangers Add Central Fund Revenue to TV and Radio

2008 2007
CENTRAL FUND REVENUE (RGR) $19,807,000 $23,921,288
LOCAL TV-CABLE (RGR) $24,362,460 $15,280,960
Local TV - Fox STARS Cable (RGR) ($434,284) $1,945,593
LOCAL RADIO INCOME (RGR) $2,387,025 $2,317,500
RADIO AD SALES (RGR) $867,234 $952,669
LOCAL TV-OTA (RGR) $13,874,682 $21,712,684
Local TV - Fox STARS OTA (RGR) ($1,519,992) $2,765,809
LOCAL TV- RNGRS DFD PMT AMORT (RGR) $2,113,907 $166,667
Local TV-STARS Dfd Pmt Amort (RGR) $1,125,000 $166,667
TOTAL $62,583,031 $69,229,836

Source: Deadspin

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Maury BrownMaury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey, as well as a contributor to FanGraphs and Forbes SportsMoney. He is available for hire or freelance. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.

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