PEORIA, Ariz. -- Despite struggling on the field in 2010, the Mariners turned a $1.7 million profit during the fiscal year ending Oct. 31, according to the club's annual report to the Washington State Major League Baseball Stadium Public Facilities District.
The Public Facilities District owns and oversees Safeco Field on the state's behalf, and the club will present its annual report to the PFD board at its quarterly meeting on March 28.
The Mariners have made a profit every year except 2008 since Safeco Field opened in mid-1999. In 2009 they reported a $3.2 million profit.
Because of a profit-sharing provision in the team's 20-year lease with the PFD, the Mariners are required to provide an annual report of the team's financial performance. Once the club reaches $200 million in profits over the course of the lease, the team will share 10 percent of its annual profits with the PFD.
Using the special calculation agreed upon in the lease, the team will deduct $1.79 million from that figure for 2010, leaving the remaining balance at $38 million. The original $200 million is the amount of money lost by the current ownership group from the time it purchased the franchise in 1995 until Safeco Field opened in 1999.
"We keep pecking away at that cumulative net loss," said Mariners public information director Rebecca Hale. "It's been reducing at a pretty healthy pace every year, which brings us closer to that day when we are going to have profit sharing with the public."
The team's lease at Safeco Field runs through 2018.
Greg Johns is a reporter for MLB.com. 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.