Terry McGuirk and the Atlanta Braves in connection with McGuirk’s proxy and voting agreement with John Malone

On August 23, 2024, Atlanta Braves Holdings, Inc. (Nasdaq: BATRA; BATRK) announced that Terry McGuirk, Chairman and CEO of the Atlanta Braves operating subsidiary, has entered into a proxy and voting agreement with the Company’s largest stockholder, Dr. John Malone.  Under the terms of the agreement, Malone granted McGuirk the exclusive power to vote Malone’s Series B shares representing 44% of the Company’s outstanding voting power on director elections and certain other matters.  Malone also granted McGuirk a right of first refusal with respect to future transfers of the Company shares Malone beneficially owns and certain appreciation rights with respect to the value of Malone’s Series B shares.

Atlanta Braves Holdings was split off from Liberty Media in 2023 and is the only independent publicly traded Major League Baseball team.  In connection with announcing the McGuirk-Malone transactions, the Company also announced that the current officer slate of the Company (comprised of Liberty Media employees) will be stepping down at the end of August and that the Company and Liberty Media will be transitioning the general and administrative services currently provided by Liberty Media to the Company’s management.  The current officers of the Braves operating team, including Terry McGuirk, will become the officers of Atlanta Braves Holdings.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Terry McGuirk and the Atlanta Braves.