Atlanta Braves Sold to Liberty Media

The sale of the Atlanta Braves to Liberty Media should have minimal effect on the on-field operation of the baseball club, according to league and team officials.

The unique deal allowed Liberty to dump its significant share of Time Warner stock while avoiding the capital gains taxes it would have otherwise paid. Tax laws passed last year allowed the swap to proceed tax-free because Liberty would receive a portion of Time Warner's assets -- most notably the Atlanta Braves. According to the Wall Street Journal, the two sides likely saved nearly a billion dollars in taxes.

The sale was approved by all 30 Major League Baseball teams on May 16, allowing the deal to finish before a midnight deadline. After that date, the tax law would change again and increase the amount of taxes owed.

More importantly for Atlanta Braves fans, the acquisition sparked questions about whether another absentee corporate owner would care about the product put on the field every night. Officials noted the deal protected baseball interests.

According to the Atlanta Journal-Constitution, Liberty committed to keeping the same personnel running the front office, including team president Terry McGuirk, longtime GM John Schuerholz, and similarly-tenured manager Bobby Cox. Any replacement for McGuirk would have to meet MLB approval.

Major League Baseball commissioner Bud Selig called the Braves "a model of consistency" and helped negotiate the sale agreement. Liberty Media agreed to largely defer decision-making to team management, one that led the team to fourteen straight division titles before faltering last season. This year's Atlanta Braves were tied for first place at the time Wednesday's sale was announced.

In an important item for baseball fans, Liberty committed to keep the Braves' payroll at or above current levels, about $80 million. Liberty also committed to keeping the team in its portfolio for at least four and a half years, preventing the quick turnaround some feared.