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...a first-place, major league baseball team, that's what. -SteveMLB owners approve Braves saleTime Warner to pass baton to Liberty MediaBy TIM TUCKERThe Atlanta Journal-ConstitutionPublished on: 05/16/07New York -- Major League Baseball owners Wednesday unanimously approved the sale of the Atlanta Braves from Time Warner to Liberty Media.The approval clears the way for the companies to close the transaction in time to beat a midnight change in the federal tax code that would adversly affect the deal.Efforts to complete the closing continued follwing the owners' approval."I'm pleased to welcome Liberty Media as the owner of the Atlanta Braves," baseball commissioner Bud Selig said in a statement. "I am also excited that [team president] Terry McGuirk will remain in his role with the club along with John Schuerlholz, Mike Plant, Derek Schiller, Bobby Cox and others. They have made the Braves a model of consistency. I also want to thank Turner Broadcasting and Time Warner for their years of successfully owning the club."Said McGuirk: "I look forward to staying on and continuing to lead this organization. . . . We will continue to strive for world championships for our fans and the city of Atlanta."Here are details of the deal presented to the MLB owners:-- Time Warner would swap the Braves, the Leisure Arts group of craft publications and cash to Time Warner for a huge block of Time Warner stock long held by Liberty.-- Liberty agreed that McGuirk would remain the chief executive of the team and would have control over the franchise's operations and its dealings with MLB. McGuirk would be an employee of Liberty, which would own 100 percent of the franchise, but his power would be set by the agreement between Liberty and MLB. If Liberty wanted to replace McGuirk, his successor also would be subject to the approval of MLB.-- Liberty pledged in writing not to cut the Braves' operating budget and player payroll below the levels of the past three seasons. That would mean a player payroll ?floor? of around $80 million. Whether to increase the payroll beyond that would be up to McGuirk. At some level of increase, approval of a Liberty-controlled board apparently would be required."It is important that baseball has been very supportive of the way this franchise has been operated," McGuirk said earlier this week, "and the commissioner [Bud Selig] himself was very supportive of making sure that under any conditions there would be no deterioration in this franchise."http://tinyurl.com/yqqjvl
