Liberty Media, which owns the Braves, said that it will "create a tracking stock that will provide a way to invest in the Braves’ financial performance separate from the rest of the conglomerate," according to a front-page piece by Trubey & Tucker of the ATLANTA JOURNAL-CONSTITUTION. The Colorado-based company "will continue to control the Braves under the plan, but the new stock -- expected to begin trading on the Nasdaq exchange in the first half of next year -- will make the Braves one of the few sports franchises with publicly listed shares allowing for direct investment." The tracking stock, designated as “Liberty Braves Group,” will "include the Braves and the team’s interests in the new SunTrust Park and adjacent mixed-use development in Cobb County." Liberty said that it also plans to raise $200M "from a rights offering of additional Braves shares." The company added that the money "will be used in large part to repay" approximately $165M "borrowed by the Braves from Liberty for the stadium project." Initial share prices "haven’t been determined." Trubey & Tucker note this will be the "first time the Braves have been a stand-alone stock, meaning more extensive financial disclosures about the team" will be made available to the public. The Knicks, NHL Rangers and EPL club Manchester United are among the "few publicly traded sports franchises." The Celtics, Indians and NHL Panthers "have been publicly traded in the past, but no longer are." In addition to the Braves stock, Liberty Media "plans a tracking stock tied to its 60-percent ownership stake in satellite radio provider Sirius XM and another tied to its stakes in Live Nation Entertainment and other assets" (ATLANTA JOURNAL-CONSTITUTION, 11/13).
