SBD/Issue 141/Franchises

Change In Tax Code Adds Twist To Pending Sale Of Braves

Many Feel White Sox’ Reinsdorf
Will Have Influence In Cubs Sale

MLB could vote on Time Warner’s sale of the Braves to Liberty Media on May 16, the “last day before a change in the portion of the federal tax code that governs transactions such as the proposed tax-free” deal, according to Tim Tucker of the ATLANTA CONSTITUTION. For the deal “to be governed by current law it would have to close by 11:59pm on May 16.” After that time, the amount of cash and stock in the deal “likely would have to be reduced to meet the new requirements for a tax-free swap” (ATLANTA CONSTITUTION, 4/15).

CUBS: In Chicago, Neil Hayes writes MLB Commissioner Bud Selig and his “close advisors ultimately will decide who buys the Cubs, and nobody in Selig’s inner circle is said to be more influential” than White Sox Owner Jerry Reinsdorf. Sources said that “even though he is not on the ownership committee, and even if he recused himself from the executive council to eliminate the appearance of a conflict,” Reinsdorf could “wield his influence behind the scenes.” A former baseball exec said, “He doesn’t have to be on a committee to talk to Bud” (CHICAGO SUN-TIMES, 4/17).

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