Mariners posted $11.6 million profit in 2014

Mariners posted $11.6 million profit in 2014

PEORIA, Ariz. -- The 2014 season turned out to be successful both on and off the field for the Mariners as the club showed an $11.6 million profit, according to financial figures submitted by the team Monday to the Public Facilities District that oversees Safeco Field's operation.

Bolstered by their best record since 2007, attendance pushed back above the 2 million mark and helped increase the revenues for a club that had shown a $3.6 million loss in '13.

The final attendance total of 2,063,624 -- an average of 25,477 per game -- was the Mariners' highest since 2010.

The Mariners are required to report their annual profit or loss to the PFD as part of the stadium lease agreement. The $11,648,000 operating profit for 2014 is the figure arrived at using generally accepted accounting principles.

The club's annual report states that there has never been a distribution of team profits to individual members of the ownership group in any year since Safeco Field opened, and there was not one in 2014, as the resources have always been reinvested in the franchise and the ballpark.

Regarding the unique profit-sharing arrangement in the lease, there is a "special calculation" figure specifically created to determine when the Mariners will begin sharing profits with the PFD. That calculation is different than the net income/loss and turned out to be $20,009,000 for 2014.

When Safeco Field opened in 1999, Mariners ownership had lost $200 million the previous four years. The lease provides that each year's "special calculation" profit at Safeco Field be subtracted from the original $200 million figure and once that number is erased, ownership will share 10 percent of any subsequent profits with the PFD.

The Mariners' cumulative net loss in that special calculation total is now down to $30,989,000. Once that number reaches zero, any future profits will be shared prior to the lease's expiration in 2018.

Greg Johns is a reporter for Follow him on Twitter @GregJohnsMLB as well as his Mariners Musings blog. This story was not subject to the approval of Major League Baseball or its clubs.