Atlanta Braves CEO gains proxy to vote 44% of company's stock

By Tamara Parker • Friday, August 23 15:15 • Permanent Link

Atlanta Braves Holdings, Inc. (NASDAQ: BATRA, BATRK) has recently announced significant updates to its corporate governance and voting arrangements. Terry McGuirk, the Chairman and CEO of Braves Holdings, LLC, has entered into shareholder arrangements with Dr. John Malone, which grant 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 various matters including director elections and executive compensation.

As of July 31, 2024, Malone beneficially owns approximately 96 thousand shares of Series A common stock, 946 thousand shares of Series B common stock, and 3.0 million shares of Series C common stock in Atlanta Braves Holdings, representing approximately 47.5% of the company’s voting power.

In addition to the governance updates, Atlanta Braves Holdings and Liberty Media Corporation (Liberty Media) are set to transition various general and administrative services currently provided by Liberty Media to the management of Atlanta Braves Holdings. This transition will include services such as legal, tax, accounting, treasury, information technology, cybersecurity, and investor relations support. Furthermore, the current officers of the company, including Mr. Maffei, will be stepping down, with the current officers of the Braves operating team assuming these roles at the end of August.

Greg Maffei, President and CEO of Atlanta Braves Holdings, expressed confidence in the Atlanta-based management team's ability to take on full operations and drive long-term returns for shareholders, highlighting the benefits of the large and loyal fan base, a talented young team, and a solid financial profile.

These recent developments mark a significant shift in the corporate governance and operational structure of Atlanta Braves Holdings, as the company continues to evolve as a standalone public entity. The market has reacted to these announcements by moving the company's shares 1.1% to a price of $46.45. For more information, read the company's full 8-K submission here.

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