NEW YORK (AP) -- The sale of the Atlanta Braves from Time Warner
to Liberty Media was approved by baseball owners today.
The sale was agreed to by the corporations in February, and
officials say the transaction values the team at 450 (m) million
dollars. The companies wanted the deal completed today because of
changes in tax laws that start tomorrow.
The baseball team, a group of craft magazines and approximately
one billion in cash are to be transferred to Liberty in
exchange for about 60 million shares of Time Warner.
Ted Turner took control of the Braves in 1976, and Time Warner
acquired the team in 1996 when it merged with Turner Broadcasting
At a New York News conference, commissioner Bud Seliz said from
Braves slugger Hank Aaron will take on an increased role with the
team. After his playing days, Aaron became a Braves vice president
and was director of player development for 13 years. He became a
senior vice president in December 1989 and is currently on the
club's board of directors.
Starting tomorrow, the Braves will be a self-governed subsidiary
of Liberty Media, with McGuirk reporting to the team's board in his
capacity as chairman and president. John Schuerholz remains as
general manager and Bobby Cox as manager.
McGuirk said the sale includes a provision that the Braves will
have a payroll at least as high as its current level -- about 90
million dollars at the start of the season. The ballpark will
continue to be known as Turner Field.