Terry McGuirk will continue as the chairman of the Braves with the pending split-off of stock, he wrote in a letter to Braves staff that was contained in the Securities & Exchange Commission filing by Liberty Media.
Liberty Media announced the split-off on Thursday that will create a separate publicly traded company to be known as Atlanta Braves Holdings. The move is pending approval from the current Braves Group holding and MLB.
“For the most part, nothing will change in how the Atlanta Braves and The Battery Atlanta will operate every day,” McGuirk wrote: “My role as the “Control Person” of the Braves franchise under MLB rules and our executive management structure will remain the same.”
According to McGuirk’s letter, Liberty Media expects the deal to close in the first half of 2023. He stated at the “new structure will provide many benefits for us.”
“We all remain committed to demonstrating to our fans, guests, vendors, and other stakeholders the collective value of the Atlanta Braves and The Battery Atlanta and the important role each of us play in delivering the differentiated experience that our fans and guests have come to expect from us,” McGuirk wrote. “We will continue to focus on being the best in sports, entertainment, and real estate and most importantly to continue to focus on our annual goal of winning the World Series.”
Thursday’s move toward a split-off could increase the value of the stock and facilitate the possible eventual sale of the Braves by eliminating some complicated tax issues.
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