M's: Profit report off

Mariners officials used heated words last night to denounce a Forbes Magazine report that said the team had the highest profit in the major leagues last season at $23.3 million.

The Mariners don't dispute they made a profit, but place it at $10.7 million, a figure backed up by an audited report sent to the Public Facilities District charged with overseeing operations at Safeco Field.

"The article is nuts," said Howard Lincoln, chairman and CEO of the Mariners.

"We have not spoken to Forbes. We have never provided them with any financial information, nor has Major League Baseball provided them with any financial information," Lincoln added. "Where they came up with $23 million is pulling it right out of the air."

According to Forbes, the New York Yankees were next at $16.1 million, followed by the San Francisco Giants ($13.9 million), Baltimore Orioles ($12.4 million), Chicago Cubs ($11.9 million) and New York Mets ($11.6 million).

The magazine said the Dodgers were the biggest losers, with an operating deficit of $25 million. The Texas Rangers were next, Forbes reported, losing $24.5 million, followed by the Toronto Blue Jays ($23.9 million), Arizona Diamondbacks ($22.2 million) and Florida Marlins ($14 million).

The Mariners disputed the same report last year, when team profits were listed at $15.4 million. "As an example, they say we made $20 million in 1997, and we lost money in 1997," said Chuck Armstrong, club president and chief operation officer. "That's a big swing."

Lincoln and Armstrong didn't dispute there is a huge disparity when comparing teams that lost money and teams that made money, and they aren't surprised the gap is in the tens of millions of dollars. But they aren't sure what other teams make because MLB, unlike the NFL, does not share revenue.

"I know what we made, but I have no idea what any other team made or lost," Lincoln said. "Major League Baseball knows, but we don't know. That information is sent to Major League Baseball and shared with the players union, but individual team performance is not shared between teams."

The numbers are sensitive to the Mariners, with a team payroll of about $93 million and record-setting attendance since moving into Safeco Field in mid-1999.

"First of all, whatever net income we have made last year and in years past has all been plowed back into the franchise. There has been no distribution to the owners," Lincoln said. "But I think a lot of times a fan or a person might think net incomes equates to cash, but it doesn't. This is not cash flow, it's net income."

The money was used to help bolster the payroll and pay for expenses that are up $11 million this year, improve scouting operations in Japan and make improvements at Safeco Field and the minor-league complex in Peoria, Ariz., the executives said. The Mariners used some of that revenue to help pay down debt from the team's portion of construction costs at the $517 million stadium.

"It's disappointing when you have an article that is so completely baseless, and yet they just keep putting this stuff out," Lincoln said. "Maybe they think that people are easily fooled."

Regardless of the figures, Lincoln doesn't dispute the team is becoming a financial success after losing money at the Kingdome.

"It's in the fans' interest here for the club to be successful off the field, because it enables us to be successful on the field," Lincoln said.

"Making this money is a means to an end to be able to continue to field a competitive team."

One figure Lincoln don't care for is the valuation placed by Forbes on the team.

"We have no desire to sell," Lincoln said, "so it's meaningless."

P-I reporter Angelo Bruscas can be reached at 206-448-8010 or angelobruscas@seattlepi.com

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