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New York Mets Achieve Record Revenue and Income in 2024
The New York Mets recorded unprecedented financial success at Citi Field in 2024, generating $261 million in revenue and a net income of $125 million, as shown in unaudited financial statements accessed by CNBC.
These figures represent an increase of 9.7% in revenue and 1.1% in net income compared to the previous year, 2023. The record-setting revenue surpasses the Mets’ previous all-time high of $244 million set in 2022, which also marked a net income peak of $127 million, as detailed by Forbes.
CNBC’s findings were made possible through a request under the Freedom of Information Law, which allowed access to financial statements that the Mets’ wholly-owned subsidiary, Queens Ballpark LLC, is required to submit to the New York City Department of Parks & Recreation. This requirement comes as a result of the funding for Citi Field through PILOT bonds.
Opened in 2009, Citi Field is owned by the City of New York, with the Mets responsible for generating revenue from the venue while covering all operational and maintenance costs. The team’s ownership changed hands in 2020 when Steve Cohen purchased the Mets and the ballpark for a record $2.4 billion, setting a benchmark for Major League Baseball franchise sales.
In a recent report, Fitch Ratings confirmed a BBB rating for the Mets’ PILOT bonds, stating a stable outlook. A BBB rating signifies a low expectation of default risk, as indicated by Fitch. The agency noted the steady financial environment of Major League Baseball and the Mets’ historical franchise resilience as contributing factors to this rating. However, it also acknowledged that ticket and luxury suite revenues may fluctuate based on team performance and fan attendance. For context, nearby Yankee Stadium holds a BBB+ rating.
The largest portion of Citi Field’s revenue in the past season came from net admissions, contributing $137 million, followed by advertising at $53 million, concessions at $25 million, and luxury suites along with club premiums at $21 million. On the expense side, the biggest operational costs stemmed from ballpark operations, ticketing, and maintenance amounting to $57 million, alongside PILOT bond payments of $32 million and depreciation and amortization of $23 million.
In the 2024 season, the Mets, who faced elimination in the National League Championship Series against the Los Angeles Dodgers, welcomed approximately 2.33 million attendees to Citi Field, placing them at 17th in attendance across the league. This figure reflects a 9% decrease from 2023. For historical reference, paid attendance peaked at 3.15 million in 2009, marking the highest figure for the ballpark and placing the Mets 7th among all Major League Baseball teams.
As for Citi Field’s financial health, the balance sheet shows assets totaling $210 million against liabilities of $255 million, resulting in a members’ deficit of $45 million.
Source
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