Atlanta Braves Holdings Provides Corporate Governance Update
23 Agosto 2024 - 7:15AM
Business Wire
Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings” or the
“Company”) (Nasdaq: BATRA, BATRK) announced today updates to voting
and governance arrangements at the Company.
Terry McGuirk (“McGuirk”), Chairman and CEO of Braves Holdings,
LLC, the parent company of the Atlanta Braves and the Braves
Development Company, has entered into certain shareholder
arrangements with Dr. John Malone (“Malone”), pursuant to which
Malone has granted McGuirk a proxy to vote 887,079 shares of the
Company’s Series B Common Stock owned by Malone, representing 44%
of the Company’s outstanding voting power, on director elections,
the approval or authorization of executive compensation and other
routine matters. Malone has also granted McGuirk a right of first
refusal with respect to future transfers of the Company shares
beneficially owned by Malone as well as certain appreciation rights
with respect to the value of Malone’s Series B shares. These
arrangements, which have been approved by Major League Baseball,
will be described in further detail in filings to be made with the
SEC by Malone and McGuirk.
“Terry has done a phenomenal job running the Braves
organization, and I have tremendous faith in the work he and the
rest of the Braves management team are doing,” said John Malone. “I
want to thank Greg for his contributions to the Braves’ financial
and strategic growth since Liberty’s acquisition in 2007, including
the maturation of the business into a standalone public company.
These arrangements will better align the routine voting and
operational control of Atlanta Braves Holdings with the management
of the baseball franchise and give Terry the opportunity to share
in the value that he and the management team continue to create for
shareholders, fans and the local community.”
“I am incredibly grateful to John for this opportunity and for
the trust he has continuously placed in me and the Braves
management team,” McGuirk said. “This transaction is a testament to
the work our management team has been doing with the Braves
organization in Atlanta, and the belief that John has in us to keep
executing on our plan and driving shareholder value.”
“The Braves benefit from a large and loyal fan base, a talented
young team and a solid financial profile. The formation of Atlanta
Braves Holdings as a public company in July 2023 has enabled us to
better highlight the value of this strong asset. This action is the
final step in its progression as a standalone public company, and
the Atlanta-based management team is well-equipped to take on the
full operations and drive long-term returns for our shareholders,”
said Greg Maffei, President and CEO of Atlanta Braves Holdings.
Atlanta Braves Holdings and Liberty Media Corporation (“Liberty
Media”) intend to begin transitioning various general and
administrative services currently provided by Liberty Media to the
management of Atlanta Braves Holdings, including legal, tax,
accounting, treasury, information technology, cybersecurity and
investor relations support. As part of that transition, almost all
of the current officer slate of the Company, including Mr. Maffei,
will be stepping down, with the current officers of the Braves
operating team assuming these roles at the end of August.
As of July 31, 2024, Malone beneficially owns approximately 96
thousand shares of Series A common stock, 946 thousand shares of
Series B common stock and 3.0 million shares of Series C common
stock in Atlanta Braves Holdings, representing approximately 47.5%
of the Company’s voting power.
About Atlanta Braves Holdings,
Inc.
Atlanta Braves Holdings, Inc. (NASDAQ: BATRA, BATRK) consists of
100% of the ownership and voting interest in Braves Holdings, LLC,
which is the owner and operator of the Atlanta Braves Major League
Baseball Club and the mixed-use real estate development, The
Battery Atlanta, and is the operator of the Atlanta Braves Major
League Baseball Club’s stadium, Truist Park.
Forward-Looking Statements
This communication includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. All statements other than statements of historical fact
are “forward-looking statements” for purposes of federal and state
securities laws. These forward-looking statements generally can be
identified by phrases such as “possible,” “potential,” “intends” or
“expects” or other words or phrases of similar import or future or
conditional verbs such as “will,” “may,” “might,” “should,”
“would,” “could,” or similar variations. These forward-looking
statements involve many risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statements. These forward-looking statements speak only as
of the date of this communication, and Atlanta Braves Holdings
expressly disclaims any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statement contained
herein to reflect any change in Atlanta Braves Holdings’
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.
Please refer to the publicly filed documents of Atlanta Braves
Holdings, including in its Annual Report on Form 10-K for the
fiscal year ended December 31, 2023, as such risk factors may be
amended, supplemented or superseded from time to time by Atlanta
Braves Holdings’ subsequent filings with the SEC, for additional
information about Atlanta Braves Holdings and about the risks and
uncertainties related to Atlanta Braves Holdings’ business which
may affect the statements made in this communication.
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Atlanta Braves Holdings, Inc.
Investor Contact Shane Kleinstein
720-875-5432
Braves Media Contact Jennifer
Mastin Giglio 404-614-1336
Atlanta Braves (NASDAQ:BATRK)
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