Liberty Media Corporation, the principal owner of the Atlanta Braves, announced its plans to split-off the Major League Baseball franchise and its associated real-estate development project into a publicly traded company on Thursday (November 17).
“We plan to split off the Atlanta Braves into an asset-backed stock to better highlight its strong value. Additionally, post Split-Off, we plan to recapitalize all of Liberty Media’s remaining common stock into three tracking stock groups,” said Greg Maffei, Liberty Media President and CEO, in a company news release. “These actions will provide greater investor choice and enable targeted investment and capital-raising through more focused currencies, while maintaining an optimal capital structure for Liberty Media and preserving optionality with respect to our subsidiary SiriusXM and our Live Nation stake.”
Liberty Media said it plans to redeem its existing Liberty Braves common stock "in exchange for common stock of a newly formed company to be called Atlanta Braves Holdings, Inc," according to the news release.
The newly formed Atlanta Braves Holdings "would hold all of the businesses, assets and liabilities currently attributed to the Braves Group," the company confirmed.
The Braves will join the Green Bay Packers as the only major American sports franchise to be a publicly traded company.
Several international football (soccer) clubs are also publicly traded including Manchester United F.C., F.C. Copenhagen and Juventus FC.
The Braves are coming off their fifth consecutive National League Division title, which includes winning the 2021 World Series.
Atlanta was eliminated in the playoffs by the eventual National League champion Philadelphia Phillies in four games during the National League Division Series last month.