Atlanta Braves Morning Chop: 1 inning, 1 price, 1 plan
Seattle Mariners $1.4 Billion Sale Makes Atlanta Braves Owners Richer
MIKE OZANIAN / FORBES SPORTS MONEY
An American League team on the West coast may have just bailed out an East coast National League team–at least for a day.
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News of a pending $1.4 billion sale of the Seattle Mariners and the MLB team’s 71% in Root Sports has been a blessing for owners of the Atlanta Braves.
Liberty Media LMCA -0.91% issued a tracking stock, Liberty Braves, last week for its baseball team. The stock had been a big whiff, dropping from its IPO price of $36 to $14.50. But today the stock is up almost 7% and seems to have settled in at around $15.50.
Shareholders of Liberty Braves care about the sale price of the Mariners because the two teams are, by my count, very close in their valuations and the hoped-for home run for Liberty Braves shareholders would be a fat sale price when Liberty boss John Malone sells the baseball team.
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Ed. Note: after bottoming out at $13.51 a share last week, BATRK is currently sitting at $15.00 a share as I write this morning. I would still say that long-term investors might want to take a look at this stock. If you believe in the farm system, then this Braves’ tracking stock truly has nowhere to go but up… and 2X or 3X of the current price is not at all out of the question within 2-3 years… which would still be a heckuva nice return.
(No – we’re not trying to give investment advice here – you’re on your own for that!!)
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