The mag also reports that while the absentee owners have cut payroll, the club’s revenue and profits have climbed, a lot.
Braves prez Terry McGuirk is shocked, shocked. He tells the local organ’s Jeff Schultz he has heard no such thing from Liberty. Schultz quotes McGuirk calling the Forbes report “amateurish,” even though he also tells Schultz he has not seen the report.
It is, of course, no revelation that Liberty might be looking to unload the Bravos. That was supposedly the plan from the start. Cash in on the tax benefit, then move along. Schultz notes that Liberty CEO Greg Maffei “earned” $87 million last year, more than the entire Braves roster.
Liberty would not be looking to sell our Bravos until 2012, according to Forbes. If the team fetches what Forbes says it is worth — about $480 million – that would be $80 million more than Liberty paid. So the absentee landlord would make a tidy profit on the sale as it’s making tidy profits operating the team, as it’s saving a shitload of money on taxes.
Pity the poor American corporation and the awful tax and regulatory burdens it must bear.