Written by Maury Brown
Friday, 27 April 2007 01:17
Mark this on your calendars... Liberty Media will be approved as the new owners of the Atlanta Braves by May 17th.
The complex tax-free transaction between Liberty Media and Time Warner that involves $1 billion in cash, $1.27 billion worth of shares of Time Warner, CBS television stations, News Corp and DirecTV, other assets such as QVC shopping network, and Starz movie channel, and the Braves. The club is being valued at $461 million with the approval of the Braves sale coming at the owners meetings on May 16-17.
The deal will be completed by May 17th for two reasons:
- If not completed by the date, the tax-free component, reported to be at $700 million, would be removed as the changes in the tax laws take effect at that time.
- MLB has scheduled owners meetings on May 16-17
Terry McGuirk, the current president of the Braves, and manager Bobby Cox will remain on to keep business operations. The move is seen as a crucial piece in the approval process as it lends continuity to the organization. Commissioner Selig mentioned to the AP yesterday:
"We're having intense discussions with all parties," Selig said Thursday during a meeting in New York with the Associated Press Sports Editors. "There are some open items yet, but I think we're moving. We're moving hopefully toward a resolution."
Biz of Baseball