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Atlanta Braves Holdings Provides Corporate Governance Update
ATLANTA--(BUSINESS WIRE)-- Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings” or the “Company”) (Nasdaq: BATRA, BATRK) announced today updates to
About this update from Atlanta Braves Holdings, Inc. - Series A
[{"type":"text","content":" ATLANTA--(BUSINESS WIRE)--\nAtlanta Braves Holdings, Inc. (“Atlanta Braves Holdings” or the “Company”) (Nasdaq: BATRA, BATRK) announced today updates to voting and governance arrangements at the Company.\n\n\nTerry 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.\n\n\n“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.”\n\n\n“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.”\n\n\n“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 publi...