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What changed in Atlanta Braves Holdings, Inc.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Atlanta Braves Holdings, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+240 added−269 removedSource: 10-K (2026-02-26) vs 10-K (2025-03-03)

Top changes in Atlanta Braves Holdings, Inc.'s 2025 10-K

240 paragraphs added · 269 removed · 201 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

57 edited+8 added−7 removed95 unchanged
Biggest changeThe following include some, but not all of the factors that could cause actual results or events to differ materially from those anticipated: ● the Company’s historical financial information is not necessarily representative of its future financial position, future results of operations or future cash flows; ● the Company’s ability to recognize anticipated benefits from the Split-Off; ● the incurrence of costs as a standalone public company following the Split-Off; ● the ability of the Company to successfully transition responsibilities for various matters from Liberty to Company or third-party personnel; ● the Company’s ownership, management and board of directors structure; ● the Company’s ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations; ● the Company’s indebtedness could adversely affect operations and could limit its ability to react to changes in the economy or its industry; ● the Company’s ability to realize the benefits of acquisitions or other strategic investments; ● the impact of inflation and weak economic conditions on consumer demand for products, services and events offered by the Company; ● the outcome of pending or future litigation or investigations; ● the operational risks of the Company and its business affiliates with operations outside of the United States; ● the Company’s ability to use net operating loss and disallowed business interest carryforwards to reduce future tax payments; ● the ability of the Company and its affiliates to comply with government regulations, including, without limitation, consumer protection laws and competition laws, and adverse outcomes from regulatory proceedings; ● the regulatory and competitive environment of the industries in which the Company operates; ● changes in the nature of key strategic relationships with business partners, vendors and joint venturers; ● the achievement of on-field success; I-2 Table of Contents ● the Company’s ability to develop, obtain and retain talented players; ● the impact of organized labor on the Company; ● the impact of the structure or an expansion of Major League Baseball (“MLB”); ● the level of broadcasting revenue that Braves Holdings receives; ● the impact of data loss or breaches or disruptions of the Company’s information systems and information system security; ● the Company’s processing, storage, sharing, use, disclosure and protection of personal data could give rise to liabilities; ● the Company’s ability to attract and retain qualified key personnel; ● the inherent risks in the real estate business, including, but not limited to, tenant defaults, potential liability relating to environmental matters and liquidity of real estate investments; ● the Company’s stock price has and may continue to fluctuate; ● the Company’s common stock and organizational structure; and ● geopolitical incidents, accidents, terrorist acts, pandemics or epidemics, natural disasters, including the effects of climate change, or other events that cause one or more events to be cancelled or postponed, are not covered by insurance, or cause reputational damage to the Company and its affiliates.
Biggest changeThe following include some, but not all of the factors that could cause actual results or events to differ materially from those anticipated: ● the level of broadcasting revenue that Braves Holdings generates; ● the achievement of on-field success; ● the Company’s ability to develop, obtain and retain talented players; ● the regulatory and competitive environment of the industries in which the Company operates; ● the impact of organized labor on the Company, including any potential Major League Baseball (“MLB”) work stoppages such as strikes, protests or management lockouts; ● the impact of the structure or an expansion of MLB; ● changes in the nature of key strategic relationships with business partners, vendors and joint venturers; ● the Company’s ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations; ● the Company’s indebtedness could adversely affect operations and could limit its ability to react to changes in the economy or its industry; ● the Company’s ownership, management and board of directors structure; ● the Company’s ability to realize the benefits of acquisitions or other strategic investments; ● the inherent risks in the real estate business, including, but not limited to, tenant defaults, potential liability relating to environmental matters and liquidity of real estate investments; ● the outcome of pending or future litigation or investigations; ● the Company’s ability to attract and retain qualified key personnel; ● geopolitical incidents, accidents, terrorist acts, pandemics or epidemics, natural disasters, including the effects of climate change, or other events that cause one or more events to be cancelled or postponed, are not covered by insurance, or cause reputational damage to the Company and its affiliates; I-2 Table of Contents ● the impact of data loss or breaches or disruptions of the Company’s information systems and information system security; ● the Company’s processing, storage, sharing, use, disclosure and protection of personal data could give rise to liabilities; ● the Company’s ability to use net operating loss and disallowed business interest carryforwards to reduce future tax payments; ● the operational risks of the Company and its business affiliates with operations outside of the United States; ● the Company’s common stock and organizational structure; ● the Company’s stock price has and may continue to fluctuate; ● the impact of inflation and weak economic conditions on consumer demand for products, services and events offered by the Company; and ● the ability of the Company and its affiliates to comply with government regulations, including, without limitation, consumer protection laws and competition laws and adverse outcomes from regulatory proceedings.
The Clubs are bound by the terms and provisions of the Major League Constitution and all rules and regulations promulgated thereunder as well as a series of other agreements and arrangements that govern the I-3 Table of Contents operation and management of each Club (the “MLB Rules and Regulations”), which among other things, require each Club to comply with limitations on the amount of debt a Club can incur, revenue sharing arrangements with the other Clubs, commercial arrangements with regard to the national broadcasting of its games and other programming and commercial arrangements relating to the use of its intellectual property.
The Clubs are bound by the terms and provisions of the Major League Constitution and all rules and regulations promulgated thereunder as well as a series of other agreements and arrangements that govern the operation and management of each Club (the “MLB Rules and Regulations”), which among other things, require each Club to comply with limitations on the amount of debt a Club can incur, revenue sharing arrangements with the other Clubs, I-3 Table of Contents commercial arrangements with regard to the national broadcasting of its games and other programming and commercial arrangements relating to the use of its intellectual property.
Braves Holdings and its subsidiary operate the Stadium pursuant to the Stadium Operating Agreement entered into as of May 2014 (the “Stadium Operating Agreement”), which expires May 2046 and may be extended through December 2051 at the option of Braves Holdings, through its wholly-owned subsidiary party thereto.
Braves Holdings and its subsidiary operate the Stadium pursuant to the Stadium Operating Agreement entered into as of May 2014 (the “Stadium Operating Agreement”), which expires December 2046 and may be extended through December 2051 at the option of Braves Holdings, through its wholly-owned subsidiary party thereto.
The Battery Atlanta The Battery Atlanta is an approximately 2.25 million square-foot mixed-use development, located around Truist Park at the intersection of I-75 and I-285, and offers an expansive mix of market-exclusive entertainment experiences, chef-driven restaurants, boutique shopping, the Omni and Aloft Hotels, The Coca-Cola Roxy Music Venue and apartment residences.
Mixed-Use Development Facilities The Battery Atlanta is an approximately 2.25 million square-foot mixed-use development, located around Truist Park at the intersection of I-75 and I-285, and offers an expansive mix of market-exclusive entertainment experiences, chef-driven restaurants, boutique shopping, the Omni and Aloft Hotels, The Coca-Cola Roxy Music Venue and apartment residences.
Malone (“Malone”), pursuant to which Malone granted McGuirk a proxy (the “Malone Voting Agreement”) to vote 887,079 shares of the Company’s Series B Common Stock owned by Malone, representing 44% of the Company’s outstanding voting power, on director elections, the approval or authorization of executive compensation and other routine matters.
Malone (“Malone”), pursuant to which Malone granted McGuirk a proxy (the “Malone Voting Agreement”) to vote 887,079 shares of the Company’s Series B Common Stock owned by Malone, representing 44% of the Company’s then outstanding voting power, on director elections, the approval or authorization of executive compensation and other routine matters.
Under the CBA (defined below) and the MLB Rules and Regulations, each team is permitted to have 40 players under reserve to the MLB Club, but is allowed to maintain only 26 players on its active roster (subject to limited exceptions) from the Opening Day of the season through August 31 of each year and the postseason.
Under the CBA (as defined below) and the MLB Rules and Regulations, each team is permitted to have 40 players under reserve to the MLB Club, but is allowed to maintain only 26 players on its active roster (subject to limited exceptions) from the Opening Day of the season through August 31 of each year and the postseason.
The tax sharing agreement provides for the allocation and indemnification of tax liabilities and benefits between Liberty and Atlanta Braves Holdings and other agreements related to tax matters. Pursuant to the services agreement, Liberty provides Atlanta Braves Holdings with general and administrative services including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support.
The tax sharing agreement provides for the allocation and indemnification of tax liabilities and benefits between Liberty and Atlanta Braves Holdings and other agreements related to tax matters. Pursuant to the services agreement, Liberty provided Atlanta Braves Holdings with general and administrative services including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support.
The Braves’ marketing department works closely with the Braves’ sponsors to offer marketing opportunities, including contests, sweepstakes and additional entertainment and promotional opportunities during Braves home games, and the Braves allows its name and logo to be used in connection with certain local promotional activities throughout its home marketing territory.
The Braves’ marketing department works closely with the Braves’ sponsors to offer marketing opportunities, including contests, sweepstakes and additional entertainment and promotional opportunities during Braves home games, and the Braves allows its name and logo to be used in connection with certain local promotional activities throughout its home marketing territory. Seasonality.
Braves Holdings, through affiliated entities and third-party development partners, developed a significant portion of the land around Truist Park for a mixed-use development that features retail, office, hotel and entertainment opportunities (the “Mixed-Use Development”). The Braves and 29 other Major League Baseball (“MLB”) clubs are collectively referred to as the Clubs or the MLB Clubs.
Braves Holdings, through affiliated entities and third-party development partners, purchased and developed a significant portion of the land around and adjacent to Truist Park for a mixed-use development that features retail, office, hotel and entertainment opportunities (the “Mixed-Use Development”). The Braves and 29 other Major League Baseball (“MLB”) clubs are collectively referred to as the Clubs or the MLB Clubs.
Braves Holdings and its subsidiaries aim to provide attractive compensation and benefits programs for their employees. In addition to salaries, these programs may include, among other items, bonuses, 401(k) plans, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, paid parental leave, advocacy resources, and work life assistance programs.
Braves Holdings and its subsidiaries aim to provide attractive compensation and benefits programs for their employees. In addition to salaries, these programs may include, among other items, bonuses, 401(k) plans, stock-based compensation, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, paid parental leave, advocacy resources, and work life assistance programs.
In particular, each MLB Club is generally required to keep outstanding indebtedness minus a certain amount of excludable indebtedness at or below 8.0x available cash flow (or in the case of MLB Clubs which have a new stadium, at or below 12.0x available cash flow), with the amount of excludable indebtedness for fiscal years 2024 through 2026 set at $100 million.
In particular, each MLB Club is generally required to keep outstanding indebtedness minus a certain amount of excludable indebtedness at or below 8.0x available cash flow (or in the case of MLB Clubs which have a new stadium, at or below 12.0x available cash flow), with the amount of excludable indebtedness for fiscal years 2025 through 2026 set at $100 million.
Advertising space is available in The Battery Atlanta and throughout the Stadium, including on the main scoreboard, outfield walls behind home plate, and in programs sold at each game. The Braves also enter into long-term licensing agreements for use of various suites, premium seating and hospitality spaces.
Advertising space is available in The Battery Atlanta and throughout the Stadium, including on the main scoreboard, outfield walls behind home plate, digital boards, and in programs sold at each game. The Braves also enter into long-term licensing agreements for use of various suites, premium seating and hospitality spaces.
Each MLB Club also has the right to authorize radio broadcasts, within the United States (or Canada, in the case of the Toronto Blue Jays), of its games, subject to certain restrictions. The Braves also have the largest radio affiliate network in MLB, with 177 local radio station affiliates broadcasting Braves games across the Southeast United States. Advertising Sponsorship.
Each MLB Club also has the right to authorize radio broadcasts, within the United States (or Canada, in the case of the Toronto Blue Jays), of its games, subject to certain restrictions. The Braves have the largest radio affiliate network in MLB, with 170 local radio station affiliates broadcasting Braves games across the southeast United States. Advertising Sponsorship.
Management of Braves Holdings focuses on making operational and business decisions that enhance the on-field performance of the Braves and this may sometimes require implementing strategies and making investments that may negatively impact short-term profitability for the sake of immediate on-field success. Attendance Volume; Ticket Sales.
Management of Braves Holdings focuses on making operational and business decisions that enhance the on-field performance of the Braves, which may sometimes require implementing strategies and making investments that may negatively impact short-term profitability for the sake of immediate on-field success. Attendance Volume; Ticket Sales.
We believe that the continued development and operations of The Battery Atlanta will result in increased game attendance as well as office and retail rental income (including overage rent and tenant reimbursements), and income from parking and corporate sponsorships throughout the year.
We believe that the continued development and operations of The Battery Atlanta and the surrounding area will result in increased game attendance as well as office and retail rental income (including overage rent and tenant reimbursements), and income from parking and corporate sponsorships throughout the year.
The reorganization agreement provides for, among other things, the principal corporate transactions (including the internal restructuring) required to affect the Split-Off, certain conditions to the Split-Off and provisions governing the relationship between Atlanta Braves Holdings and Liberty with respect to and resulting from the Split-Off.
The reorganization agreement provides for, among other things, the principal corporate transactions (including the internal restructuring) required to effect the Split-Off, certain conditions to the Split-Off and provisions governing the relationship between Atlanta Braves Holdings and Liberty with respect to and resulting from the Split-Off.
The Stadium Operating Lease also provides Cobb County, Georgia the right to conduct up to three special events per year at Truist Park, excluding concerts or sporting events which are events exclusively reserved to Braves Holdings and its subsidiary.
The Stadium Operating Agreement also provides Cobb County, Georgia the right to conduct up to three special events per year at Truist Park, excluding concerts or sporting events which are events exclusively reserved to Braves Holdings and its subsidiary.
The Rule 5 Draft allows MLB Clubs to select eligible players from other MLB Clubs. Team Rosters . An MLB Club’s 26-man roster is its full roster of active MLB players from Opening Day through August 31, and during the postseason.
The Rule 5 Draft allows MLB Clubs to select eligible players from other MLB Clubs. Team Rosters . An MLB Club’s 26-man roster is its full roster of active Major League players from Opening Day through August 31, and during the postseason.
The Braves have a long-term local television broadcasting agreement with SportSouth Network II, LLC, a subsidiary of Main Street Sports Group, LLC (formerly known as Diamond Sports Group), granting its regional cable networks the right to broadcast substantially all of the Braves games not otherwise selected for broadcast within the home television territory of the Braves (such agreement, as amended , the “Braves Broadcast Agreement”).
The Braves had a long-term local television broadcasting agreement with SportSouth Network II, LLC (“SportSouth”), a subsidiary of Main Street Sports Group, LLC (formerly known as Diamond Sports Group), granting its regional cable networks the right to broadcast substantially all of the Braves games not otherwise selected for broadcast within the home television territory of the Braves (such agreement, as amended , the “Braves Broadcast Agreement”).
Further, the Commissioner of Baseball interprets the MLB Rules and Regulations, and each of Atlanta Braves Holdings and Braves Holdings (and certain of its affiliates) has agreed to submit any and all disputes related to the MLB Rules and Regulations, or disputes involving another MLB Club, to the Commissioner of Baseball as sole arbitrator.
Further, the Commissioner of Baseball interprets the MLB Rules and Regulations, and each of Atlanta Braves Holdings and Braves Holdings (and certain of its affiliates) has agreed to submit certain disputes related to the MLB Rules and Regulations, or disputes involving another MLB Club, to the Commissioner of Baseball as sole arbitrator.
The four Professional Development League clubs affiliated with the Braves are the Gwinnett Stripers, Columbus Clingstones (formerly the Mississippi Braves), Rome Emperors (formerly the Rome Braves), and the Augusta GreenJackets. The Braves operate a baseball academy in the Dominican Republic and participate in the Dominican Summer League.
The four Professional Development League clubs affiliated with the Braves are the Gwinnett Stripers, Columbus Clingstones, Rome Emperors, and the Augusta GreenJackets. The Braves operate a baseball academy in the Dominican Republic and participate in the Dominican Summer League.
During the 1990s, the Braves were the most successful Major League Baseball team of the decade, winning the National League pennant five times (1991, 1992, 1995, 1996 and 1999), including a World Series win in 1995. The Braves’ success continued into the 2000s, winning 14 consecutive division titles between 1991 and 2005.
During the 1990s, the Braves were the most successful MLB team of the decade, winning the National League pennant five times (1991, 1992, 1995, 1996 and 1999), including a World Series win in 1995. The Braves’ success continued into the 2000s, winning 14 consecutive division titles between 1991 and 2005.
Dominican players, and players from other Latin American countries, are an important source of talent for the Braves and other MLB Clubs, but these players may not participate in the first-year amateur draft process (which is limited to only I-6 Table of Contents residents of the United States, United States territories, and Canada, including international players who are enrolled in a high school or college in such locations).
Dominican players, and players from other Latin American countries, are an important source of talent for the Braves and other MLB Clubs, but these players may not participate in the first-year amateur draft process (which is limited to only residents of the United States, United States territories, and Canada, including international players who are enrolled in a high school or college in such locations).
MLB Clubs may continue to add and remove players from this 26-man roster throughout the season to account for injuries and player performance. Teams are limited to carrying 13 pitchers during this time. From September 1 through the end of the regular season, all MLB Clubs must carry 28 players, with a limit of 14 pitchers.
MLB Clubs may continue to add and remove players from this 26-man roster I-8 Table of Contents throughout the season to account for injuries and player performance. Teams are limited to carrying 13 pitchers during this time. From September 1 through the end of the regular season, all MLB Clubs must carry 28 players, with a limit of 14 pitchers.
If no settlement can be reached by the hearing date, the case is brought before a panel of arbitrators. After hearing arguments from both sides, the I-9 Table of Contents panel selects the salary figure of either the player or the MLB Club (but not one in between) as the player’s salary for the upcoming season. MLB Free Agency .
If no settlement can be reached by the hearing date, the case is brought before a panel of arbitrators. After hearing arguments from both sides, the panel selects the salary figure of either the player or the MLB Club (but not one in between) as the player’s salary for the upcoming season. MLB Free Agency .
For the Assessment Period ended December 31, 2023, the Braves were not subject to any remedial measures under the Debt Service Rule. Control Person.
For the Assessment Period ended December 31, 2024, the Braves were not subject to any remedial measures under the Debt Service Rule. Control Person.
The Braves operate and maintain an 8,200 capacity stadium and clubhouse facilities for major and minor league players and staff, six practice fields, a half-sized field, agility field and batting cages. The park also features an academy for housing players, coaches and staff throughout the year. The academy opened in February 2020 and includes dining, meeting and auditorium spaces.
The Braves operate and maintain an 8,200 capacity stadium and clubhouse facilities for major and minor league players and staff, six practice fields, a half-sized field, agility field and batting cages. The park also features an academy for housing players, coaches and staff throughout the year, and includes dining, meeting and auditorium spaces.
Nationally, the Braves participate in the revenue generated from the national television, digital, and radio broadcasting arrangements negotiated by MLB on behalf of the 30 MLB Clubs, which included ESPN, TBS, Fox, Sirius XM Holdings, Apple, NBC/Peacock and Roku for the periods presented (the “National Broadcast Rights”).
Nationally, the Braves participate in the revenue generated from the national television, digital, and radio broadcasting arrangements negotiated by MLB on behalf of the 30 MLB Clubs, which included, without limitation, ESPN, TBS, Fox, NBC Universal, Sirius XM Holdings, Apple, and Roku for the periods presented (the “National Broadcast Rights”).
BELP is an investment fund formed by the Clubs principally for the purpose of investing, on a long-term basis, assets on their behalf intended to provide a competitive market rate investment return while minimizing investment volatility. Braves Holdings has 50% interests in three joint ventures that were formed to develop, own and operate hotels under the Mixed-Use Development.
BELP is an investment fund formed by the MLB Clubs principally for the purpose of investing, on a long-term basis, assets on their behalf intended to provide a competitive market rate investment return while minimizing investment volatility. Braves Holdings has 50% interests in various joint ventures that were formed to develop, own and operate hotels within the Mixed-Use Development.
Funding for ballpark initiatives by Braves Holdings has come from cash on hand and various debt instruments, as detailed in note 6 to the accompanying consolidated financial statements. We believe Truist Park is an industry-leading sports complex spanning approximately 1.1 million square feet, with 41,100 seats, including 63 suites and 4,700-premium seats, multiple hospitality clubs and retail merchandise venues.
Funding for ballpark initiatives by Braves Holdings has come from cash on hand and various debt instruments, as detailed in note 6 to the accompanying consolidated financial statements. We believe Truist Park is an industry-leading sports complex spanning approximately 1.1 million square feet, with 40,700 seats, including 63 suites and 5,600 premium seats, multiple hospitality clubs and retail merchandise venues.
Braves Holdings (or its affiliates) has exclusive operating rights to the facility via a 30-year Stadium Operating Agreement with Cobb County and the Cobb-Marietta Coliseum and Exhibit Hall Authority (the “Authority”).
Braves Holdings (or its affiliates) has exclusive operating rights to the facility via a 30-year Stadium Operating Agreement (as defined below) with Cobb County and the Cobb-Marietta Coliseum and Exhibit Hall Authority (the “Authority”).
Braves Holdings fosters a strong learning culture by investing in its employees and empowering them to participate in opportunities for personal and professional growth. Braves Holdings focuses on the I-10 Table of Contents development, attraction, and retention of employees, recognizing that these areas are a critical success factor.
Braves Holdings fosters a strong learning culture by investing in its employees and empowering them to participate in opportunities for personal and professional growth. Braves Holdings focuses on the development, attraction, and retention of employees, recognizing that these areas are a critical success factor.
The CBA also contains limitations on the amounts an MLB Club can spend on signing bonuses for players selected in the Rule 4 Draft without incurring a penalty tax on the overage.
The CBA also contains limitations on the amounts an MLB Club can spend on signing bonuses for players selected in the Rule 4 Draft during a given year without incurring a penalty tax on the overage.
MLBAM was formed in January 2000 pursuant to a vote of the 30 owners of the Clubs, whereby each Club agreed to cede substantially all of its individual Club internet and interactive media rights to MLBAM for an indirect 3.3% interest in MLBAM.
I-7 Table of Contents MLBAM was formed in January 2000 pursuant to a vote of the 30 owners of the Clubs, whereby each Club agreed to cede substantially all of its individual Club internet and interactive media rights to MLBAM for an indirect 3.3% interest in MLBAM.
Braves Holdings strives to create diverse, inclusive, and supportive workplaces, with opportunities for employees to grow and develop in their careers, supported by competitive compensation, benefits and health and wellness programs, and by programs that build connections between employees and their communities. We believe that these employee relations are good. Talent Development .
Braves Holdings strives to create diverse, inclusive, and supportive workplaces, with opportunities for employees to grow and develop in their careers, supported by competitive compensation, benefits and health and wellness programs, and by programs that build connections between employees and their communities. Through this, we are confident employee relations are good. Talent Development .
Generally, once a player is a free agent, he has the right to negotiate and contract with any MLB Club. Revenue Sharing . Each MLB Club is required to share locally derived revenue with the other MLB Clubs through MLB’s revenue sharing plan. Debt Service Rule .
Generally, once a player is a free agent, he has the right to negotiate and contract with any MLB Club. I-9 Table of Contents Revenue Sharing . Each MLB Club is required to share locally derived revenue with the other MLB Clubs through MLB’s revenue sharing plan. Debt Service Rule .
Braves Holdings leverages both formal programs, like the Trainee and Fellowship programs, and informal programs, like on site lunch and learn educational meetings, presentations on industry topics, and paid membership in professional organizations, to help train and develop its talent. Workplace Engagement.
Braves Holdings leverages both formal programs, like the Trainee and Fellowship programs, and informal programs, like on site lunch and learn educational meetings, presentations on industry topics, and paid membership in professional organizations, to help train and develop its talent. I-10 Table of Contents Workplace Engagement.
Additionally, Atlanta Braves Holdings and Liberty have begun transitioning various general and administrative services provided by Liberty to the management of Atlanta Braves Holdings, including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support.
Additionally, Atlanta Braves Holdings and Liberty transitioned various general and administrative services provided by Liberty to the management of Atlanta Braves Holdings, including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support.
In addition, a draft (the “Rule 5 Draft”) is held I-8 Table of Contents each December for players who have not been placed on an MLB Club’s MLB team roster after four or five years after the player signed his first contract, depending on the player’s age at the time he is drafted.
In addition, a draft (the “Rule 5 Draft”) is held each December for players who have not been placed on an MLB Club’s Major League team roster after four or five years after the player signed his first contract, depending on the player’s age at the time he is drafted.
Under the services agreement, Atlanta Braves Holdings is not responsible for the hiring, retention and compensation of these individuals (except that Atlanta Braves Holdings does grant equity incentive awards to these individuals). However, Atlanta Braves Holdings directly benefit from the efforts undertaken by Liberty to attract and retain talented employees.
Under the services agreement, Atlanta Braves Holdings was not responsible for the hiring, retention and compensation of these individuals (except that Atlanta Braves Holdings did grant equity incentive awards to these individuals). However, Atlanta Braves Holdings directly benefited from the efforts undertaken by Liberty to attract and retain talented employees.
Professional baseball conducts an annual draft of first year players referred to as the Rule 4 Draft (the “Rule 4 Draft”). Eligible players are limited to those players who reside in the United States, Canada, Puerto Rico and other United States territories or possessions and who have not previously contracted with a major league or minor league club.
Professional baseball conducts an annual draft of first year players referred to as the Rule 4 Draft (the “Rule 4 Draft”). Eligible players are limited to those players are residents of the United States, United States territories, and Canada and who have not previously contracted with a major league or minor league club.
The minimum Major League contract salary under the CBA for players during the 2024 season was $740,000 and increases in each year during the term of the current CBA.
The minimum Major League contract salary under the CBA for players during the 2025 season was $760,000 and increases in each year during the term of the current CBA.
The predetermined payroll thresholds are $241 million for 2025 and $244 million for 2026. The aggregate average payroll is calculated at the end of each season by aggregating the average annual value of each player’s contract on the 40-man roster, plus any additional player benefits.
The predetermined payroll threshold is $244 million for 2026. The aggregate average payroll is calculated at the end of each season by aggregating the average annual value of each player’s contract on the 40-man roster, plus any additional player benefits.
As of December 31, 2024, Braves Holdings and its consolidated subsidiaries had an aggregate of approximately 1,450 full time, seasonal, and part-time employees.
As of December 31, 2025, Braves Holdings and its consolidated subsidiaries had an aggregate of approximately 1,610 full time, seasonal, and part-time employees.
The Battery Atlanta derives revenue primarily from office and retail rental income (including overage rent and tenant reimbursements) and, to a lesser extent, parking and advertising sponsorships throughout the year.
Revenue is derived primarily from office and retail rental income (including overage rent and tenant reimbursements) and, to a lesser extent, parking and advertising sponsorships throughout the year.
However, the Braves may enter into contracts with Latin American players, subject to the rules and regulations contained in the CBA and the Major League Baseball Players Association (the “MLBPA”). Braves Facilities Truist Park. In 2017, the Braves relocated to a new ballpark in Cobb County, Georgia.
However, the Braves may enter into contracts with Latin American players, subject to the rules and regulations contained in the CBA (as defined below) with the Major League Baseball Players Association (the “MLBPA”). I-6 Table of Contents Braves Facilities Truist Park. In 2017, the Braves relocated to a new ballpark in Cobb County, Georgia.
Ticket sales, concessions, broadcasting rights and advertising sponsorship sales are the Baseball segment’s primary revenue drivers. The financial results of Braves Holdings depend in large part on the ability of the Braves to achieve on-field success.
Ticket sales, concessions, broadcasting rights and advertising sponsorship sales are the Baseball segment’s primary revenue drivers and are recognized primarily during the MLB baseball season. The financial results of Braves Holdings depends in large part on the ability of the Braves to achieve on-field success.
Atlanta Braves Holdings reimburses Liberty for direct, out-of-pocket expenses and pays a services fee to Liberty under the services agreement that is subject to adjustment quarterly, as necessary.
Atlanta Braves Holdings reimbursed Liberty for direct, out-of-pocket expenses and paid a services fee to Liberty under the services agreement that was subject to adjustment quarterly, as necessary.
Braves Holdings, affiliated entities and third-party development partners, developed a significant portion of the land around Truist Park, creating a 2.25 million square-foot mixed-use complex that features retail, residential, office, hotel and entertainment I-5 Table of Contents opportunities, known as The Battery Atlanta.
Braves Holdings, affiliated entities and third-party development partners, developed a significant portion of the land around Truist Park, creating a mixed-use complex that features retail, residential, office, hotel and entertainment opportunities, known as The Battery Atlanta.
As described above, Atlanta Braves Holdings is party to a services agreement with Liberty, pursuant to which, during 2024, 84 Liberty corporate employees provided certain management services to Atlanta Braves Holdings for a determined fee.
As described above, Atlanta Braves Holdings was party to a services agreement with Liberty, pursuant to which various Liberty corporate employees provided certain management services to Atlanta Braves Holdings for a determined fee.
The allocation percentage was 7% for Atlanta Braves Holdings during the period from July 18, 2023 to December 31, 2023 and was 8% during the period from January 1, 2024 to August 31, 2024, when the Corporate Governance Transition (as defined below) occurred. On August 21, 2024, Terence F. McGuirk (“McGuirk”) entered into certain shareholder arrangements with Dr. John C.
The allocation percentage was 7% for Atlanta Braves Holdings during the period from July 18, 2023 to December 31, 2023, and was 8% during the period from January 1, 2024 to August 31, 2024, when the Corporate Governance Transition (as defined below) occurred.
The retail leases generally provide for fixed rental fees over the duration of the lease and each lease contains customary clauses permitting extension or termination at the option of the tenant and the Braves Holdings subsidiary party thereto. Team Player Personnel. The success of the Braves depends, in large part, on the ability to develop, obtain and retain talented players.
The retail leases generally I-5 Table of Contents provide for fixed rental fees over the duration of the lease and each lease contains customary clauses permitting extension or termination at the option of the tenant and the Braves Holdings subsidiary party thereto. Team Player Personnel.
I-1 Table of Contents * * * * * Cautionary Note Regarding Forward-Looking Statements Certain statements in this Annual Report on Form 10-K constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding business, product and marketing strategies; new service offerings; the recoverability of our goodwill and other long-lived assets; our projected sources and uses of cash; and the anticipated impact of certain contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business.
As part of that transition, the then-current officers of the Company I-1 Table of Contents (with limited exceptions) stepped down from their officer positions, effective August 31, 2024, and members of the Atlanta Braves Holdings operating team assumed these roles effective September 1, 2024 (the “Corporate Governance Transition”). * * * * * Cautionary Note Regarding Forward-Looking Statements Certain statements in this Annual Report on Form 10-K constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding business, product and marketing strategies; new service offerings; the recoverability of our goodwill and other long-lived assets; our projected sources and uses of cash; and the anticipated impact of certain contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business.
The complex also includes offices One Ballpark Center, Comcast’s regional headquarters; Two Ballpark Center, home to SPACES; Three Ballpark Center, which serves as the global headquarters of Papa John’s International, Inc. and the North American headquarters of TK Elevator; Four Ballpark Center, home to Southwire and DCO Commercial Floors; and Five Ballpark Center, a 0.25 million square-foot office building immediately behind Truist Park and approximately 300 feet from home plate and the future site for the Truist Tower, which will become Truist Securities’ new headquarters.
The complex also includes offices One Ballpark Center, Comcast’s regional headquarters; Two Ballpark Center, home to SPACES and a Shake Shack Support Center; Three Ballpark Center, which serves as the global headquarters of Papa John’s International, Inc. and the North American headquarters of TK Elevator; Four Ballpark Center, home to Southwire and DCO Commercial Floors; and Five Ballpark Center, which serves as Truist Securities’ headquarters.
Baseball revenue is seasonal, with the majority of revenue historically recognized during the second and third quarters, which aligns with a normal baseball regular season, consisting of 162 games. Mixed-Use Development. Braves Holdings’ Mixed-Use Development segment includes retail, office, hotel and entertainment operations within The Battery Atlanta as well as land under development adjacent to CoolToday Park (as defined below).
Baseball revenue is seasonal, with the majority of revenue historically recognized during the second and third quarters, which aligns with a normal baseball regular season, consisting of 162 games. Mixed-Use Development.
The Braves’ ballpark (“Truist Park” or the “Stadium”) is located in Cobb County, a suburb of Atlanta, and is leased from Cobb County, Cobb-Marietta Coliseum and Exhibit Hall Authority.
(“BELP”) Braves Holdings Braves Holdings (collectively with its subsidiaries) indirectly owns and operates the Atlanta Braves Major League Baseball Club (“ANLBC,” the “Atlanta Braves,” the “Braves,” the “club,” or the “team”). The Braves’ ballpark (“Truist Park” or the “Stadium”) is located in Cobb County, a suburb of Atlanta, and is leased from Cobb County, Cobb-Marietta Coliseum and Exhibit Hall Authority.
Development has continued through current day, including a 0.25 million square-foot office building immediately behind Truist Park which commenced construction in the second half of 2022.
Development has continued through current day, including a 0.25 million square-foot office building immediately behind Truist Park, which became operational in July 2025. Additionally, Braves Holdings acquired a 0.8 million square-foot office park at a location adjacent to The Battery Atlanta.
Removed
As part of that transition, the then-current officers of the Company (with limited exceptions) stepped down from their officer positions, effective August 31, 2024, and members of the Atlanta Braves Holdings operating team assumed these roles effective September 1, 2024 (the “Corporate Governance Transition”).
Added
On October 31, 2025, Atlanta Braves Holdings and Liberty mutually agreed to terminate the services agreement, as Atlanta Braves Holdings has fully assumed responsibility for the functions previously provided thereunder. On August 21, 2024, Terence F. McGuirk (“McGuirk”) entered into certain shareholder arrangements with Dr. John C.
Removed
(“BELP”) Braves Holdings Braves Holdings (collectively with its subsidiaries) is the indirect owner and operator of the Atlanta Braves Major League Baseball Club (“ANLBC,” the “Atlanta Braves,” the “Braves,” the “club,” or the “team”).
Added
Beginning with the 2025 season, SportSouth was provided with additional streaming rights and Braves Holdings had the ability to simulcast certain games within the home television territory with other providers. The Braves terminated the Braves Broadcast Agreement in January 2026, due to SportSouth’s failure to make their scheduled contractual payment for the 2026 season.
Removed
In March 2023, Diamond Sports Group, along with certain affiliates filed voluntary petitions for relief under Chapter 11 (the “Chapter 11 Proceedings”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). In November 2024, the Bankruptcy Court entered an order approving Diamond Sports Group’s plan of reorganization (the “Plan”).
Added
In Februray 2026, the Braves announced BravesVision, a multimedia platform owned and operated by the Braves that will become the official local television home of the Braves beginning with the 2026 season.
Removed
Diamond Sports Group exited bankruptcy upon the Plan becoming effective in January 2025 and is now operating as Main Street Sports Group, LLC. Throughout the Chapter 11 Proceedings, Braves Holdings received all scheduled payments in accordance with the Braves Broadcast Agreement.
Added
Braves Holdings’ Mixed-Use Development segment includes retail, office, hotel and entertainment operations within The Battery Atlanta and the surrounding area as well as land under development adjacent to CoolToday Park (as defined below).
Removed
The Braves work closely with the local television broadcasters and have a cross-promotional sponsorship and marketing agreement with SportSouth Network II, LLC’s regional cable networks, FanDuel Sports Network South and FanDuel Sports Network Southeast (formerly known as Bally Sport South or Fox Sports South and Bally Sports Southeast or Fox Sports Southeast, respectively). Seasonality.
Added
The success of the Braves depends, in large part, on the ability to develop, obtain and retain talented players.
Removed
The Battery Atlanta is powered by Comcast’s all-fiber network, delivering multi-terabit capabilities to the Mixed-Use Development. The apartment residences were subsequently sold in 2018. I-7 Table of Contents Investments Braves Holdings or certain of its subsidiaries maintain investments in various entities, including MLBAM and BELP, which are both MLB affiliates.
Added
The Battery Atlanta is powered by Comcast’s all-fiber network, delivering multi-terabit capabilities to each of our tenants. The apartment residences were subsequently sold in 2018. Pennant Park, which was acquired in April 2025, is a six-building office park located adjacent to The Battery Atlanta that is home to the corporate offices for a variety of tenants.
Removed
In connection with the Corporate Governance Transition described above, many of the services provided under the services agreement have been transferred to Company employees. As of December 31, 2024, limited support was provided to the Company under this agreement.
Added
Investments Braves Holdings or certain of its subsidiaries maintain investments in various entities, including MLB Advanced Media, L.P. (“MLBAM”) and Baseball Endowment, L.P. (“BELP”), which are both MLB affiliates.
Added
These services began to transition to Atlanta Braves Holdings in conjunction with the Corporate Governance Transition. Effective October 31, 2025 Atlanta Braves Holdings and Liberty mutually agreed to terminate the services agreement, and Atlanta Braves Holdings has now fully assumed responsibility for these functions.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

75 edited+23 added−52 removed117 unchanged
Biggest changeFactors Relating to Ownership of Our Common Stock and the Securities Market Our multi-series structure may depress the trading price of the shares of our common stock. Our multi-series structure may result in a lower or more volatile market price of the shares of our common stock or in adverse publicity or other adverse consequences.
Biggest changeOur multi-series structure may result in a lower or more volatile market price of the shares of our common stock or in adverse publicity or other adverse consequences. For example, certain index providers have announced restrictions on including companies with multi-series share structures in certain of their indexes.
The process for determining whether an acquisition is part of a plan under these rules is complex, inherently factual in nature, and subject to a comprehensive analysis of the facts and circumstances of the particular case. Prior to the Split-Off, we entered into a tax sharing agreement with Liberty Media.
The process for determining whether an acquisition is part of a plan under these rules is complex, inherently factual in nature, and subject to a comprehensive analysis of the facts and circumstances of the particular case. Prior to the Split-Off, we entered into a tax sharing agreement with Liberty.
In addition, security breaches, incidents or the inability to protect information could lead to ticketing fraud and counterfeit tickets. Additionally, we rely on technology, such as our information systems, content distribution systems, ticketing systems, and payment processing systems, as well as technology and information systems of third-party vendors, to conduct our business.
In addition, security incidents or the inability to protect information could lead to ticketing fraud and counterfeit tickets. Additionally, we rely on technology, such as our information systems, content distribution systems, ticketing systems, and payment processing systems, as well as technology and information systems of third-party vendors, to conduct our business.
Malone, or any person approved by MLB as the Control Person of the Braves and certain related persons of the foregoing); ● authorizing a capital structure with multiple series of common stock: a Series B that entitles the holders to ten votes per share, a Series A that entitles the holders to one vote per share, and a Series C that, except as otherwise required by applicable law, entitles the holders to no voting rights; ● classifying our board of directors with staggered three-year terms, which may lengthen the time required to gain control of our board of directors; ● limiting who may call special meetings of stockholders; ● prohibiting stockholder action by written consent (subject to certain exceptions), thereby requiring stockholder action to be taken at a meeting of the stockholders; ● requiring stockholder approval by holders of at least 66⅔% of our voting power with respect to certain extraordinary matters, such as a merger or consolidation of us, a sale of all or substantially all of our assets or an amendment to our restated charter (except in the event approved by at least 75% of our board of directors); I-23 Table of Contents ● establishing advance notice requirements for nominations of candidates for election to our board of directors or for proposing matters that can be acted upon by stockholders at stockholder meetings; and ● the existence of authorized and unissued stock, including “blank check” preferred stock, which could be issued by our board of directors to persons friendly to our then current management, thereby protecting the continuity of our management, or which could be used to dilute the stock ownership of persons seeking to obtain control of us.
Malone, or any person approved by MLB as the Control Person of the Braves and certain related persons of the foregoing); ● authorizing a capital structure with multiple series of common stock: a Series B that entitles the holders to ten votes per share, a Series A that entitles the holders to one vote per share, and a Series C that, except as otherwise required by applicable law, entitles the holders to no voting rights; ● classifying our board of directors with staggered three-year terms, which may lengthen the time required to gain control of our board of directors; ● limiting who may call special meetings of stockholders; ● prohibiting stockholder action by written consent (subject to certain exceptions), thereby requiring stockholder action to be taken at a meeting of the stockholders; ● requiring stockholder approval by holders of at least 66⅔% of our voting power with respect to certain extraordinary matters, such as a merger or consolidation of us, a sale of all or substantially all of our assets or an amendment to our restated charter (except in the event approved by at least 75% of our board of directors); ● establishing advance notice requirements for nominations of candidates for election to our board of directors or for proposing matters that can be acted upon by stockholders at stockholder meetings; and ● the existence of authorized and unissued stock, including “blank check” preferred stock, which could be issued by our board of directors to persons friendly to our then current management, thereby protecting the continuity of our management, or which could be used to dilute the stock ownership of persons seeking to obtain control of us.
The techniques used to access, disable or degrade service or sabotage systems change frequently and continue to become more sophisticated and targeted, and the increasing use of artificial intelligence may intensify cybersecurity risks.
The techniques used to access, disable or degrade service, or to sabotage information systems change frequently and continue to become more sophisticated and targeted, and the increasing use of artificial intelligence may intensify cybersecurity risks.
While the characterization of the Split-Off and certain related transactions (the “Split-Off Transactions”) as tax-free to the holders of Liberty Braves common stock was agreed to by the Internal Revenue Service, the Split-Off would result in a significant U.S. federal income tax liability to Liberty Media (but not to former holders of Liberty Braves common stock or holders of Liberty Formula One common stock) under Section 355(e) of the Internal Revenue Code of 1986 (the “Code”) if one or more persons acquire, directly or indirectly, a 50% or greater interest (measured by either vote or value) in the stock of Liberty Media or in the stock of our Company (or any successor corporation) (excluding, for this purpose, acquisitions of our common stock meeting statutory exceptions) as part of a plan or series of related transactions that includes the Split-Off Transactions.
While the characterization of the Split-Off and certain related transactions (the “Split-Off Transactions”) as tax-free to the holders of Liberty Braves common stock was agreed to by the Internal Revenue Service, the Split-Off would result in a significant U.S. federal income tax liability to Liberty (but not to former holders of Liberty Braves common stock or holders of Liberty Formula One common stock) under Section 355(e) of the Code if one or more persons acquire, directly or indirectly, a 50% or greater interest (measured by either vote or value) in the stock of Liberty or in the stock of our Company (or any successor corporation) (excluding, for this purpose, acquisitions of our common stock meeting statutory exceptions) as part of a plan or series of related transactions that includes the Split-Off Transactions.
In the future, we may be deemed a “controlled company” under The Nasdaq Stock Market listing standards, and our stockholders may not have certain corporate governance protections that are available to stockholders of companies that are not controlled companies. ​ If more than 50% of the voting power for the election of directors of the Company is held by an individual, a group, or another company, we may qualify as a “controlled company” under The Nasdaq Stock Market listing requirements.
In the future, we may qualify as a “controlled company” under The Nasdaq Stock Market listing standards, and our stockholders may not have certain corporate governance protections that are available to stockholders of companies that are not controlled companies. ​ If more than 50% of the voting power for the election of directors of the Company is held by an individual, a group, or another company, we may qualify as a “controlled company” under The Nasdaq Stock Market listing requirements.
Under this agreement, we are required to indemnify Liberty Media, its subsidiaries and certain related persons for any such taxes and losses arising from the Split-Off Transactions that (i) result primarily from, individually or in the aggregate, the breach of certain covenants we made (applicable to actions or failures to act by us and our subsidiaries), or (ii) result from a 50% or greater interest (measured I-13 Table of Contents by vote or value) in the stock of our Company (or any successor corporation) being sold as part of a plan or series of related transactions that includes the Split-Off Transaction, or (iii) result from any excess loss account (within the meaning of applicable U.S.
Under this agreement, we are required to indemnify Liberty Media, its subsidiaries and certain related persons for any such taxes and losses arising from the Split-Off Transactions that (i) result primarily from, individually or in the aggregate, the breach of certain covenants we made (applicable to actions or failures to act by us and our subsidiaries), or (ii) result from a 50% or greater interest (measured by vote or value) in the stock of our Company (or any successor corporation) being sold as part of a plan or series of related transactions that includes the Split-Off Transaction, or (iii) result from any excess loss account (within the meaning of applicable U.S.
While the Braves have made the MLB postseason during nine of the past thirteen seasons, and were the 2021 World Series Champions, there can be no assurance that the team will perform well or qualify for postseason play during the next season or any season thereafter. Poor on-field performance by the Braves is likely to adversely affect our financial performance.
While the Braves have made the MLB postseason during nine of the past fourteen seasons, and were the 2021 World Series Champions, there can be no assurance that the team will perform well or qualify for postseason play during the next season or any season thereafter. Poor on-field performance by the Braves is likely to adversely affect our financial performance.
The processing, storage, sharing, use, disclosure and protection of personal data could give rise to liabilities as a result of governmental regulation, conflicting legal requirements or differing views of personal privacy rights. Through the Company’s operations, sales and marketing activities, it collects and stores certain non-public personal information related to its customers.
The processing, storage, sharing, use, disclosure and protection of personal data could give rise to liabilities as a result of governmental regulation, conflicting legal requirements or differing views of personal privacy rights. Through the Company’s operations, sales and marketing activities, it collects and stores certain personal information related to its customers.
In addition, weak or uncertain economic conditions and reductions in discretionary spending may adversely impact the demand for products and services of our Mixed-Use Development lessees which may weaken the financial condition of such lessees. As a result, such lessees may delay lease commencement, fail to make rental payments or become insolvent.
In addition, weak or uncertain economic conditions, including tariffs and reductions in discretionary spending, may adversely impact the demand for products and services of our Mixed-Use Development lessees which may weaken the financial condition of such lessees. As a result, such lessees may delay lease commencement, fail to make rental payments or become insolvent.
Penetration of our information systems or other misappropriation or misuse of personal or sensitive information and data, including credit card information and other personally identifiable information, could subject us to increased costs, litigation, actions from governmental authorities, reputational harm (which could negatively impact future revenues), and financial or other liabilities.
Compromises of our information systems or other misappropriation or misuse of personal or sensitive information and data, including credit card information and other personally identifiable information, could subject us to increased costs, litigation, actions from governmental authorities, reputational harm (which could negatively impact future revenues), and financial or other liabilities.
Any significant interruption or failure of the technology upon which we rely, or any significant breach of security, could result in decreased performance and increased operating costs (including refunds to impacted end users), adversely affecting our business, financial condition, reputation and results of operations.
Any significant interruption or failure of the technology upon which we rely, or any significant compromise of security, could result in decreased performance and increased operating costs (including refunds to impacted end users), adversely affecting our business, financial condition, reputation and results of operations.
In the event that a holder attempts to acquire shares of our common stock in violation of these restrictions, the applicable excess shares will automatically be transferred to a trust whereby such shares shall be held for the benefit of the excess share transferor, and subject to the ownership or control thresholds described in the above clauses (ii), (iii) and (iv) which is purported to be breached, such excess shares may be sold for cash, on the open market, in privately negotiated transactions or otherwise, except that to the extent the purported transfer is in violation of clause (iv)(B), then such excess shares that are shares of BATRB will first be converted to shares of BATRA.
In the event that a holder attempts to I-21 Table of Contents acquire shares of our common stock in violation of these restrictions, the applicable excess shares will automatically be transferred to a trust whereby such shares shall be held for the benefit of the excess share transferor, and subject to the ownership or control thresholds described in the above clauses (ii), (iii) and (iv) which is purported to be breached, such excess shares may be sold for cash, on the open market, in privately negotiated transactions or otherwise, except that to the extent the purported transfer is in violation of clause (iv)(B), then such excess shares that are shares of BATRB will first be converted to shares of BATRA.
Business – MLB Rules and Regulations – Collective Bargaining Agreement” and “Business – MLB Rules and Regulations – Debt Service Rule.” Following our separation from Liberty Media, we do not have access to Liberty Media’s capital or credit and our ability to obtain significant financing on favorable terms, or at all, may be more limited as a standalone company than as a subsidiary of Liberty Media.
Business – MLB Rules and Regulations – Collective Bargaining Agreement” and “Business – MLB Rules and Regulations – Debt Service Rule.” Following our separation from Liberty, we do not have access to Liberty’s capital or credit and our ability to obtain significant financing on favorable terms, or at all, may be more limited as a standalone company than as a subsidiary of Liberty.
The frequency and severity of such adverse weather conditions could increase as a result of climate change. Data loss or other breaches or disruptions of our information systems and information system security could materially harm our business and results of operations.
The frequency and severity of such adverse weather conditions could increase as a result of climate change. Data loss or other incidents or disruptions of our information systems and information system security could materially harm our business and results of operations.
Specifically, personally identifiable information is increasingly subject to changing legislation and regulations, in numerous jurisdictions around the world, which are intended to protect the privacy of personal information that is collected, processed and transmitted in or from the governing jurisdiction.
Specifically, personal information is increasingly subject to changing legislation and regulations, in numerous jurisdictions around the world, which are intended to protect the privacy of personal information that is collected, processed and transmitted in or from the governing jurisdiction.
Viewership, and interest in baseball generally, may fluctuate due to factors outside of our control. Viewership of professional baseball has experienced declines in recent years and, although recent declines have seen some recovery, any future decline in television ratings or attendance for MLB as a whole could have an adverse effect on our financial results.
Viewership, and interest in baseball generally, may fluctuate due to factors outside of our control. Viewership of professional baseball has experienced declines in certain years and, although previous declines have seen some recovery, any future decline in television ratings or attendance for MLB as a whole could have an adverse effect on our financial results.
For example, Diamond Sports Group, a subsidiary of Sinclair Broadcasting Group which licenses and distributes sports content in various regional markets including the Braves games (other than nationally televised games), filed voluntary petitions for relief under Chapter 11 in the United States Bankruptcy Court for the Southern District of Texas.
For example, in 2023 Diamond Sports Group, a subsidiary of Sinclair Broadcasting Group and parent of SportSouth which licenses and distributes sports content in various regional markets including the Braves games (other than nationally televised games), filed voluntary petitions for relief under Chapter 11 in the United States Bankruptcy Court for the Southern District of Texas.
Our financial results depend in large part on the ability of the Braves to achieve on-field success. The team’s successes generate significant fan enthusiasm, resulting in sustained ticket, premium seating, concession and merchandise sales, and greater shares of local television and radio audiences during that period.
Our business’ financial success depends, in large part, on the Braves achieving on-field success. Our financial results depend in large part on the ability of the Braves to achieve on-field success. The team’s successes generate significant fan enthusiasm, resulting in sustained ticket, premium seating, concession and merchandise sales, and greater shares of local television and radio audiences during that period.
We could be adversely affected by various facts and events over which we have limited or no control, such as: • lack of or loss of demand for the amount of commercial and retail space developed and being developed at The Battery Atlanta; • effects of events outside of our or our lessees’ control affecting demand for commercial and retail space or our lessees’ ability to pay rent, such as a future pandemic or epidemic; • inability to retain existing lessees and attract new lessees; • changes in market rental rates; • declines in lessees’ creditworthiness and ability to pay rent, which may be affected by their operations, economic downturns and competition within their industries from other operators; • defaults by and bankruptcies of lessees, failure of lessees to pay rent on a timely basis, or failure of lessees to comply with their contractual obligations; • economic or physical decline of the areas around Truist Park and the Mixed-Use Development; and • deterioration of physical condition of properties in the Mixed-Use Development.
We could be adversely affected by various facts and events over which we have limited or no control, such as: • lack of or loss of demand for the amount of commercial and retail space developed and being developed within the Mixed-Use Development; • effects of events outside of our or our lessees’ control affecting demand for commercial and retail space or our lessees’ ability to pay rent, such as a future pandemic or epidemic; • inability to retain existing lessees and attract new lessees; • changes in market rental rates; • declines in lessees’ creditworthiness and ability to pay rent, which may be affected by their operations, economic downturns and competition within their industries from other operators; I-17 Table of Contents • defaults by and bankruptcies of lessees, failure of lessees to pay rent on a timely basis, or failure of lessees to comply with their contractual obligations; • economic or physical decline of the areas around Truist Park and the Mixed-Use Development; and • deterioration of physical condition of properties in the Mixed-Use Development.
Development activities also involve the risk that construction may not be completed within budget or on schedule because of cost overruns, work stoppages, shortages of building materials, the inability of contractors to perform their obligations under construction contracts, defects in plans and specifications or various other factors, including natural disasters, which may be exacerbated by climate change.
Development I-16 Table of Contents activities also involve the risk that construction may not be completed within budget or on schedule because of cost overruns, work stoppages, shortages of building materials, the inability of contractors to perform their obligations under construction contracts, defects in plans and specifications or various other factors, including natural disasters, which may be exacerbated by climate change.
If Mixed-Use Development lessees do not renew their leases as they expire, we may not be able to re-lease that space in the Mixed-Use Development.
If Mixed-Use Development lessees do not renew their leases as they expire, we may not be able to re-lease that space within the Mixed-Use Development.
For example, in order to improve the short-term performance of the team, management may decide to make trades for highly compensated players and sign free agents or current players to high value contracts, which could significantly increase operating expenses for a given year, and which could adversely impact the trading price of our common stock.
For example, in order to improve the short- I-13 Table of Contents term performance of the team, management may decide to make trades for highly compensated players and sign free agents or current players to high value contracts, which could significantly increase operating expenses for a given year, and which could adversely impact the trading price of our common stock.
I-14 Table of Contents The success of the Braves depends largely on their ability to develop, obtain and retain talented players. The success of the Braves depends, in large part, on the ability to develop, obtain and retain talented players.
I-12 Table of Contents The success of the Braves depends largely on their ability to develop, obtain and retain talented players. The success of the Braves depends, in large part, on the ability to develop, obtain and retain talented players.
As a result, we may be deemed a “controlled company” and would not be subject to the I-24 Table of Contents requirements that would otherwise require us to have: (i) a majority of independent directors; (ii) a nominating committee comprised solely of independent directors; (iii) compensation of our executive officers determined by a majority of the independent directors or a compensation committee comprised solely of independent directors; and (iv) director nominees selected, or recommended for the Board’s selection, either by a majority of the independent directors or a nominating committee comprised solely of independent directors. ​ Our multi-series voting structure may limit your ability to influence corporate matters and future issuances of BATRB may further dilute voting power of shares of BATRA.
As a result, we may become a “controlled company” and would not be subject to the requirements that would otherwise require us to have: (i) a majority of independent directors; (ii) a nominating committee comprised solely of independent directors; (iii) compensation of our executive officers determined by a majority of the independent directors or a compensation committee comprised solely of independent directors; and (iv) director I-22 Table of Contents nominees selected, or recommended for the Board’s selection, either by a majority of the independent directors or a nominating committee comprised solely of independent directors. ​ Our multi-series voting structure may limit our stockholders’ ability to influence corporate matters and future issuances of BATRB may further dilute voting power of shares of BATRA.
The Braves compete for entertainment and advertising dollars with other sports and entertainment activities. During parts of the MLB regular season, the Braves experience competition from college football, professional basketball (the Atlanta Hawks), professional football (the Atlanta Falcons) and professional soccer (the Atlanta United FC).
The Braves compete for entertainment and advertising dollars with other sports and entertainment activities. During parts of the MLB regular season, the Braves experience competition from college football, professional basketball (the Atlanta Hawks), professional football (the Atlanta Falcons) and professional soccer (the Atlanta United FC) as well as other sports and entertainment events.
Further, our ability to receive dividends or payments or advances from our subsidiaries’ businesses depends on their individual operating results, any statutory, regulatory or contractual restrictions to which they are or may become subject and the terms of their indebtedness and any additional debt they may incur in the future.
Further, our ability to receive dividends or payments or advances from our subsidiaries’ businesses depends on their individual operating results, any statutory, regulatory or contractual restrictions to which they are or may become subject and the terms of their I-15 Table of Contents indebtedness and any additional debt they may incur in the future.
McGuirk, our Chairman, President and Chief Executive Officer, Gregory B. Maffei, John C. Malone, or any person approved by MLB as the Control Person of the Braves and certain related persons of each of the foregoing).
McGuirk, our Chairman, President and Chief Executive Officer, John C. Malone, or any person approved by MLB as the Control Person of the Braves and certain related persons of each of the foregoing).
Accordingly, our ability to increase or maintain revenue and earnings could be adversely affected to the extent that relevant economic environments decline. Furthermore, during periods of high inflation, our operational costs (including labor costs) I-25 Table of Contents may increase, or our customers’ discretionary income may be adversely impacted.
Accordingly, our ability to increase or maintain revenue and earnings could be adversely affected to the extent that relevant economic environments decline. Furthermore, during periods of high inflation, our operational costs (including labor costs) may increase, or our customers’ discretionary income may be adversely impacted.
These choice of forum provisions may otherwise limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, employees or agents, which may discourage such lawsuits against us and our directors, officers, employees and agents.
I-24 Table of Contents These choice of forum provisions may otherwise limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, employees or agents, which may discourage such lawsuits against us and our directors, officers, employees and agents.
Treasury Regulations) in our common stock, or gain recognized under Section 361(b) of the Code due to the application of the basis limitation in the last sentence of Section 361(b)(3) of the Code. Our indemnification obligations to Liberty Media, its subsidiaries and certain related persons are not limited in amount or subject to any cap.
Treasury Regulations) in our common stock, or gain recognized under Section 361(b) of the Code due to the application of the basis limitation in the last sentence of Section 361(b)(3) of the Code. Our indemnification obligations to I-23 Table of Contents Liberty, its subsidiaries and certain related persons are not limited in amount or subject to any cap.
A substantial portion of our revenue is derived from discretionary spending by individuals on tickets, including postseason games, concessions, merchandise, suites and premium seat fees, which typically falls during times of economic instability.
A substantial portion of our revenue is derived from discretionary spending by individuals and corporate sponsors on tickets, including postseason games, concessions, merchandise, advertising sponsorships, suites and premium seat fees, which typically falls during times of economic instability.
In addition, in connection with securing lease renewals or re-leasing properties, we may agree to terms that are less economically favorable than expiring lease terms, or we may be required to incur significant costs, such as renovations and improvements on behalf of the lessee.
In addition, in connection with securing lease renewals or re-leasing properties, we may agree to terms that are less economically favorable than expiring lease terms, or we may be required to incur significant costs, such as renovations and improvements on behalf of the lessee, in particular as it relates to newly acquired properties.
Due to weather conditions, we may be required to cancel or reschedule one or more baseball games to another available day, which could increase our costs and could negatively impact attendance, as well as concession and merchandise sales, which could negatively impact our financial performance.
Due to weather conditions, we may be required to cancel or reschedule one or more baseball games to another available day, which could increase our costs and could negatively impact attendance, as well as concession and merchandise I-18 Table of Contents sales, which could negatively impact our financial performance.
Disruptions, such as computer hacking and phishing, theft, computer viruses, ransomware, worms or other destructive software, process breakdowns, potential disruptions from software updates (including due to inadequate testing of updates), denial of service attacks or other malicious activities, as well as power outages, natural or other disasters (including extreme weather), terrorist activities or human error, may affect the information systems and services we utilize and could result in disruption of our services, misappropriation, misuse, alteration, theft, loss, leakage, falsification, and accidental or premature release or improper disclosure of confidential or other information, including intellectual property and personal data (of third parties or employees) contained on such systems.
Disruptions, such as computer intrusion and phishing, theft, computer malware, ransomware or other malicious software, software vulnerabilities (including zero-day exploits), process breakdowns, potential disruptions from software updates (including due to inadequate testing of updates), denial of service attacks or other malicious activities, as well as power outages, natural or other disasters (including extreme weather), criminal and/or terrorist activities or human error, may affect the information systems and services we utilize and could result in disruption of our services and the misappropriation, misuse, alteration, theft, loss, leakage, falsification, and accidental or premature release or improper disclosure of confidential or other information, including intellectual property and personal data (of third parties or employees) contained on such systems.
The possibility of MLB expansion could create increased competition. The most recent MLB expansion occurred in 1998. MLB continues to evaluate opportunities to expand into new markets across North America.
I-14 Table of Contents The possibility of MLB expansion could create increased competition. The most recent MLB expansion occurred in 1998. MLB continues to evaluate opportunities to expand into new markets across North America.
The Stadium Operating Agreement provides that any termination of the agreement will not be effective until I-18 Table of Contents the conclusion of the then current MLB season, including any applicable postseason games.
The Stadium Operating Agreement provides that any termination of the agreement will not be effective until the conclusion of the then current MLB season, including any applicable postseason games.
I-22 Table of Contents The Company’s ability to use net operating loss and disallowed business interest carryforwards to reduce future tax payments could be negatively impacted. ​ At December 31, 2024, we had a deferred tax asset attributable to state net operating losses and federal and state disallowed business interest carryforwards of $22.2 million and we may carry forward our state net operating losses and federal and state disallowed business interest deductions in certain circumstances to offset current and future taxable income and reduce our income tax liability, subject to certain requirements and restrictions.
The Company’s ability to use net operating loss and disallowed business interest carryforwards to reduce future tax payments could be negatively impacted. ​ At December 31, 2025, we had a deferred tax asset attributable to state net operating losses and federal and state disallowed business interest carryforwards of $18.3 million and we may carry forward our state net operating losses and federal and state disallowed business interest deductions in certain circumstances to offset current and future taxable income and reduce our income tax liability, subject to certain requirements and restrictions.
Net revenue from postseason play (after reduction for allocable postseason share payments) was approximately $2.0 million, $11.3 million, and $8.4 million in 2024, 2023 and 2022, respectively.
Revenue from postseason play (after reduction for allocable postseason share payments) was approximately $2.0 million and $11.3 million in 2024 and 2023, respectively.
Under Nevada law, the board of directors has the duty to exercise its powers in good faith and with a view to the interests of the corporation.
Under Nevada law, the board of directors has the duty to exercise its powers in good faith, on an informed basis and with a view to the interests of the corporation.
Management of Braves Holdings focuses on making operational and business decisions that enhance the on-field performance of the Braves and this may sometimes require implementing strategies and making investments that may negatively impact short-term profit for the sake of immediate on-field success.
Focus on team performance, and decisions by management, may negatively impact financial results in the short-term. Management of Braves Holdings focuses on making operational and business decisions that enhance the on-field performance of the Braves and this may sometimes require implementing strategies and making investments that may negatively impact short-term profit for the sake of immediate on-field success.
Personal injuries and accidents involving fans attending professional baseball games have occurred, and may in the future occur, which could subject us to claims and liabilities for personal injuries which could increase expenses.
Fans attending professional baseball games risk personal injury or accident, which could subject us to personal injury or other claims and could increase our expenses. Personal injuries and accidents involving fans attending professional baseball games have occurred, and may in the future occur, which could subject us to claims and liabilities for personal injuries which could increase expenses.
Our restated charter does not provide for cumulative voting in the election of directors and permits future issuances of BATRA, BATRB and BATRK. Any future issuances of BATRA, BATRB or BATRK may dilute your interest in the Company.
Our restated charter does not provide for cumulative voting in the election of directors and permits future issuances of BATRA, BATRB and BATRK. Any future issuances of BATRA, BATRB or BATRK may dilute our stockholders’ relative ownership interests in the Company.
Our failure, and/or the failure by the various third-party vendors and service providers with which we do business, to comply with applicable privacy policies or federal or state laws or changes in applicable laws and regulations, or any compromise of security that results in the unauthorized release of personally identifiable information or other user data could damage our reputation and the reputation of their third-party vendors and service providers, discourage potential users from trying their products and services and/or result in fines and/or proceedings by governmental agencies and/or consumers, any one or all of which could adversely affect our business, financial condition and results of operations.
Our failure, and/or the failure by the various third-party vendors and service providers with which we do business, to comply with applicable privacy policies, federal or state laws or changes in applicable laws and regulations, or to prevent any compromise of security that results in the unauthorized release of personal information or other user data could (i) damage our reputation and the reputation of our third-party vendors and service providers, (ii) discourage potential users from trying our products and services, or those of our third party vendors and service providers, and/or (iii) result in fines and/or I-19 Table of Contents proceedings by governmental agencies, or in civil litigation or actions by consumers, any one or all of which could adversely affect our business, financial condition and results of operations.
Furthermore, participation in MLB’s postseason provides the franchise with additional revenue and income, primarily derived from games played at the Braves’ home stadium. The Braves appeared in 2 out of 18 potential postseason games in 2024, 4 out of 18 potential postseason games in 2023 and 4 out of 17 potential postseason games in 2022.
Furthermore, participation in MLB’s postseason provides the franchise with additional revenue and income, primarily derived from games played at the Braves’ home stadium. While the Braves did not make the postseason in 2025, the team appeared in 2 out of 18 potential postseason games in 2024 and 4 out of 18 potential postseason games in 2023.
In addition, to the extent higher salaries must be paid in order to retain talented players, the Braves may be subject to the Competitive Balance Tax imposed by the CBA if the Braves’ aggregate average payroll exceeds the predetermined thresholds contained in the CBA. The Braves were required to pay the Competitive Balance Tax for the 2024 and 2023 seasons.
In addition, to the extent higher salaries must be paid in order to retain talented players, the Braves may be subject to the Competitive Balance Tax imposed by the CBA if the Braves’ aggregate average payroll exceeds the predetermined thresholds contained in the CBA.
Solvency and business disruptions impacting our broadcasting partners, as well as any decline in television ratings, carriage disputes, popularity of the Braves specifically, or even MLB as a whole, could adversely affect the revenue that can be derived from the sale of these broadcasting rights. ​ In recent years, certain regional sports networks have experienced financial difficulties.
Solvency and business disruptions impacting our broadcasting partners, as well as any decline in television ratings, carriage disputes, popularity of the Braves specifically, or even MLB as a whole, could adversely affect the revenue that can be derived from the sale of these broadcasting rights.
Our business is dependent upon the efforts of unionized workers. MLB players are covered by the CBA. MLB has experienced labor difficulties in the past and may have labor issues in the future. Labor difficulties may include players’ strikes or protests or management lockouts.
Organized labor matters could have an adverse effect on our financial results. Our business is dependent upon the efforts of unionized workers. MLB players are covered by the CBA. MLB has experienced labor difficulties in the past and may have labor issues in the future. Labor difficulties may include players’ strikes or protests or management lockouts.
McGuirk, our Chairman, President and Chief Executive Officer, Gregory B. Maffei, John C.
McGuirk, our Chairman, President and Chief Executive Officer, John C.
No assurance can be given that any changes to the MLB Rules and Regulations, adoption of new MLB Rules and Regulations or decisions made by the Commissioner of Baseball will not adversely affect our business and our financial results and have a negative impact upon the value of our common stock. ​ I-16 Table of Contents Organized labor matters could have an adverse effect on our financial results.
No assurance can be given that any changes to the MLB Rules and Regulations, adoption of new MLB Rules and Regulations or decisions made by the Commissioner of Baseball will not adversely affect our business and our financial results and have a negative impact upon the value of our common stock.
Malone owns shares of our common stock representing approximately 48.3% of our aggregate voting power, based on the number of shares of our common stock outstanding as of January 31, 2025), which may be deemed to put him in a position to influence significant corporate actions and may discourage others from initiating a potential change of control transaction that may be beneficial to our stockholders.”), the share ownership limitations and MLB approvals required for certain transfers of shares of our common stock, in each case included in our restated charter, may have an anti-takeover effect, potentially discouraging third parties from making proposals for acquisitions of greater than 10% of our common stock or a change of control transaction.
McGuirk as proxy as a result of the Malone Voting Agreement, could exercise in respect of his voting power, which may be deemed to put him in a position to influence significant corporate actions and may discourage others from initiating a potential change of control transaction that may be beneficial to our stockholders, the share ownership limitations and MLB approvals required for certain transfers of shares of our common stock, in each case included in our restated charter, may have an anti-takeover effect, potentially discouraging third parties from making proposals for acquisitions of greater than 10% of our common stock or a change of control transaction.
If we are required to indemnify Liberty Media, its subsidiaries or such related persons under the circumstances set forth in the tax sharing agreement, we may be subject to substantial liabilities, which could materially adversely affect our financial position. We may not realize the potential benefits from the Split-Off in the near term or at all.
If we are required to indemnify Liberty, its subsidiaries or such related persons under the circumstances set forth in the tax sharing agreement, we may be subject to substantial liabilities, which could materially adversely affect our financial position.
As of December 31, 2024, Braves Holdings had approximately $197.9 million outstanding under various debt instruments for construction and other stadium-related costs, $392.2 million outstanding under various credit facilities and loans for the Mixed-Use Development and $30.0 million outstanding under a credit facility for the spring training facility.
As of December 31, 2025, Braves Holdings had approximately $223.8 million outstanding under various debt instruments for construction, other stadium-related costs, and ongoing operations costs, $487.3 million outstanding under various credit facilities and loans for the Mixed-Use Development and $30.0 million outstanding under a credit facility for the spring training facility.
Malone owns shares of our common stock representing approximately 48.3% of our aggregate voting power, which may be deemed to put him in a position to influence significant corporate actions and may discourage others from initiating a potential change of control transaction that may be beneficial to our stockholders. Dr.
John C. Malone owns shares of our common stock representing approximately 50.0% of our aggregate voting power, which puts him in a position to influence significant corporate actions and may discourage others from initiating a potential change of control transaction that may be beneficial to our stockholders. Following a transaction on February 5, 2026, Dr.
While we and our vendors and broadcasting partners continue to I-21 Table of Contents develop, implement and maintain security measures seeking to identify and mitigate cybersecurity risks, including unauthorized access or misuse, such efforts are costly, require ongoing monitoring and updating and may not be successful in preventing these events from occurring.
While we and our vendors and broadcasting partners continue to develop, implement and maintain security measures designed to identify, prevent and mitigate cybersecurity risks, including unauthorized access or misuse to our information systems, such efforts are costly, require ongoing monitoring and updating and may not be successful in preventing the disruptions described above from occurring.
The properties are subject to such laws and regulations relating to the use, storage, disposal, emission and release of hazardous and non-hazardous substances and employee health and safety as well as zoning restrictions.
Additionally, the Mixed-Use Development requires Braves Holdings to comply with various federal, state and local environmental, health, safety and land use laws and regulations. The properties are subject to such laws and regulations relating to the use, storage, disposal, emission and release of hazardous and non-hazardous substances and employee health and safety as well as zoning restrictions.
Pursuant to the Malone Voting Agreement, Terrence F. McGuirk was granted proxy rights to 887,079 BATRB shares held by Dr. John C. Malone (and directly by JCM AB LLC) and the right to exercise control over the voting of such shares on routine matters in August 2024. However, Dr.
However, pursuant to the Malone Voting Agreement, Mr. McGuirk was granted proxy rights to 887,079 BATRB shares held by Dr. Malone (and directly by JCM AB LLC) and the right to exercise control over the voting of such shares on certain matters, including director elections, the approval or authorization of executive compensation and other routine matters. Dr.
The collection, storage, sharing, use, disclosure and protection of this information are governed by the privacy and data security policies maintained by these businesses. Moreover, there are federal, state and international laws regarding privacy and the collection, storage, sharing, use, disclosure and protection of personally identifiable information and user data.
The collection, storage, sharing, use, disclosure and protection of this information are governed by the privacy and data security policies maintained by the Company and by the agreements we have with our vendors, contractors and other third-parties. Moreover, there are federal, state and international laws regarding privacy and the collection, storage, sharing, use, disclosure and protection of personal information.
For more information about the Competitive Balance Tax, see “Item 1. Business - MLB Rules and Regulations - Collective Bargaining Agreement” and “Item 1.
The Braves were not required to pay the Competitive Balance Tax for the 2025 season, but did for the 2024 and 2023 seasons. For more information about the Competitive Balance Tax, see “Item 1. Business - MLB Rules and Regulations - Collective Bargaining Agreement” and “Item 1.
Under the principles of Nevada law referred to above and Nevada’s codified business judgment rule (which provides that directors and officers, in deciding upon matters of business, are presumed to act in good faith, on an informed basis and with a view to the interests of the corporation), you may not be successful in challenging these decisions if a majority of our board of directors is disinterested, independent and adequately informed with respect to decisions of the board and acts in good faith and in the honest belief that the board is acting in the best interests of the corporation.
Under the principles of Nevada law referred to above and Nevada’s codified business judgment rule (which provides that directors and officers, in deciding upon matters of business, are presumed to act in good faith, on an informed basis and with a view to the interests of the corporation), you may not be successful in challenging these decisions unless such codified presumption is overcome and it is proven that the challenged act or omission constituted a breach of fiduciary duty under Nevada corporate law as described above, and such breach involved intentional misconduct, fraud or a knowing violation of law.
I-17 Table of Contents Our ability to incur indebtedness to fund our operations will be limited, which could negatively impact our operations. Braves Holdings generally funds its operating activities through cash flow from operations and two credit facilities, with a combined borrowing capacity of $275.0 million. As of December 31, 2024, there were no amounts outstanding under these credit facilities.
Braves Holdings generally funds its operating activities through cash flow from operations and two credit facilities, with a maximum combined borrowing capacity of $275.0 million. As of December 31, 2025, there was $35 million outstanding under these credit facilities.
As of December 31, 2024, amounts payable annually under such contracts aggregated to $221.1 million in 2025, $169.2 million in 2026, $120.9 million in 2027, $105.2 million in 2028, $63.1 million in 2029 and $83.2 million, combined, thereafter.
As of December 31, 2025, amounts payable annually under such contracts aggregated to $285.8 million in 2026, $171.4 million in 2027, $125.5 million in 2028, $63.3 million in 2029, $39.2 million in 2030 and $44.0 million, combined, thereafter.
Business - MLB Rules and Regulations - Collective Bargaining Agreement.” The CBA covers the 2022 through 2026 MLB seasons. Any labor disputes, such as players’ strikes, protests or lockouts, could postpone or cancel MLB games. No revenue will be recognized for cancelled games and the impact may have a material negative effect on our business and results of operations.
Business - MLB Rules and Regulations - Collective Bargaining Agreement.” The current CBA covers the 2022 through 2026 MLB seasons. Any labor disputes, such as players’ strikes, protests or lockouts as a result of the inability to enter into a new CBA before the expiration of the current CBA could postpone or cancel MLB games.
Malone may continue to be deemed to be in a position to influence significant corporate actions, including corporate transactions such as mergers, business combinations or dispositions of assets. This concentration of ownership could discourage others from initiating any potential merger, takeover or other change of control transaction that may otherwise be beneficial to our stockholders.
The concentration of ownership could discourage others from initiating any potential merger, takeover or other change of control transaction that may otherwise be beneficial to our stockholders.
For example, certain index providers have announced restrictions on including companies with multi-series share structures in certain of their indexes. S&P Dow Jones and FTSE Russell have announced changes to their eligibility criteria for inclusion of shares of public companies on certain indices, including the S&P 500.
S&P Dow Jones and FTSE Russell have announced changes to their eligibility criteria for inclusion of shares of public companies on certain indices, including the I-20 Table of Contents S&P 500. These changes exclude companies with multiple classes of shares of common stock from being added to these indices.
Braves Holdings derives revenue directly from the sale of their local broadcasting rights through an individually negotiated carriage or license agreement. The sale of their national broadcasting rights, together with those of all other MLB Clubs, is organized through MLB with all such revenue allocated consistent with the MLB Rules and Regulations.
The sale of their national broadcasting rights, together with those of all other MLB Clubs, is organized through MLB with all such revenue allocated consistent with the MLB Rules and Regulations. A majority of this revenue is reliant on a limited number of broadcasting partners.
Continued construction and development expenditures will increase our costs and indebtedness in the near term, which could have a negative impact on Braves Holdings’ credit worthiness and the value of our common stock. Our financial performance may be materially adversely affected if we do not experience the anticipated benefits of the Mixed-Use Development in the near term or at all.
Continued construction and development expenditures will increase our costs and indebtedness in the near term, which could have a negative impact on Braves Holdings’ credit worthiness and the value of our common stock. Development activities, such as those associated with the Mixed-Use Development, are subject to significant risks.
While Diamond Sports Group completed its financial restructuring and has emerged from bankruptcy effective January 2025 as Main Street Sports Group, and provided all payments to Braves Holdings during bankruptcy, any difficulties in connection with the reemergence from bankruptcy or any other continued financial difficulties may have a material unfavorable impact on our revenue or results from operations in the future.
Diamond Sports Group completed its financial restructuring and emerged from bankruptcy effective January 2025 as Main Street Sports Group and provided all payments to Braves Holdings during bankruptcy and throughout the 2025 season.
The organizational structure of MLB and its rules and regulations impose substantial restrictions on our and our subsidiaries’ operations.
No revenue will be recognized for cancelled games and the impact may have a material negative effect on our business and results of operations. The organizational structure of MLB and its rules and regulations impose substantial restrictions on our and our subsidiaries’ operations.
As sporting and entertainment trends change, fans may be drawn to other spectator sports and entertainment options, in spite of on-field success by the Braves. Broadcasting rights, both national and local, present an important source of revenue for us, and decreases in this broadcasting revenue could have an adverse effect on our financial results.
As sporting and entertainment trends change, fans may be drawn to other spectator sports and entertainment options, in spite of on-field success by the Braves. Our ability to incur indebtedness to fund our operations will be limited, which could negatively impact our operations.
Malone as of immediately following the Split-Off) and 23,666 additional shares of BATRA to control approval of general matters submitted to stockholders for approval, pursuant to which holders of shares of BATRA and BATRB would vote together as a single class. Dr.
Malone beneficially owns shares of our common stock representing the power to direct approximately 50.0% of the aggregate voting power of our common stock, and as a result, now has control over the approval of most matters required to be submitted to stockholders for approval, pursuant to which holders of shares of BATRA and BATRB would vote together as a single class.
In addition, we or our business affiliates may not have adequate insurance coverage to compensate for losses. We and our subsidiaries have operations outside of the United States that are subject to numerous operational risks. We and our subsidiaries operate in countries other than the United States, including the Dominican Republic.
In addition, we or our business affiliates may not have adequate insurance coverage to compensate for losses.
Compliance with these laws and regulations may be onerous and expensive and may be inconsistent from jurisdiction to jurisdiction, further increasing the cost of compliance. For example, California has enacted the California Consumer Privacy Act of 2018 (“CCPA”), which, among other things, allows California consumers to request that certain companies disclose the types of personal information collected by such companies.
Compliance with these laws and regulations may be onerous and expensive and may be inconsistent from jurisdiction to jurisdiction, further increasing the cost of compliance.
In the future, Dr. Malone, together with his affiliates, or any group members, may control a majority of the voting power of our outstanding stock (see “- Factors Relating to our Corporate History and the Split-Off - Dr.
Malone, together with his affiliates, or any group members, may control a majority of the voting power for the election of directors of the Company, including if Dr. Malone and Mr. McGuirk agree to act together as a group, which they have both currently expressly disclaimed in their respective Schedule 13D filings with the SEC.
Removed
Factors Relating to our Corporate History and the Split-Off The historical financial information included in this Annual Report on Form 10-K is not necessarily representative of our future financial position, future results of operations or future cash flows.
Added
Factors Relating to Our Business Broadcasting rights, both national and local, present an important source of revenue for us, and decreases in this broadcasting revenue could have an adverse effect on our financial results. Braves Holdings derives revenue directly from the sale of their local broadcasting rights through an individually negotiated carriage or license agreement.
Removed
In valuing shares of our common stock, investors should recognize that the historical financial information included in this Annual Report on Form 10-K with respect to the fiscal year ending December 31, 2022 and a portion of the fiscal year ending December 31, 2023 prior to the completion of the Split-Off has been extracted from Liberty Media’s historical consolidated financial statements and does not necessarily reflect what our results of operations, financial condition and cash flows would have been had we been a separate, stand-alone company pursuing independent strategies during those periods prior to the completion of the Split-Off.
Added
There can be no assurance that upon the completion of local or national contractual arrangements that Braves Holdings or MLB will be able to successfully negotiate extensions or replacement deals that would provide similar amounts of revenue for Braves Holdings. ​ In recent years, certain regional sports networks have experienced financial difficulties.
Removed
In addition, our historical financial results insofar as they relate to periods prior to the completion of the Split-Off reflect allocations of corporate expenses from Liberty Media for corporate functions from Liberty Media.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe CESC meets at least quarterly and has primary management oversight responsibility for assessing and managing information security, data protection and privacy, and cybersecurity risks. Our SVP and Head of Technology Services, together with the Director Cybersecurity and IT Infrastructure, is responsible for day-to-day management and oversight of our cybersecurity, including assessing, monitoring and mitigating cybersecurity risk.
Biggest changeThe CESC meets at least quarterly and has primary management oversight responsibility for assessing and managing information security, data protection and privacy, and cybersecurity risks.
These frameworks are a set of coordinated procedures and tasks that our incident response teams execute with the goal of ensuring timely and accurate identification, resolution and reporting of cybersecurity incidents both internally and externally, as necessary. To operate our business, we utilize certain third-party service providers to perform a variety of operational functions.
These frameworks are a set of coordinated procedures and tasks that our incident response teams execute with the goal of ensuring timely and accurate identification, response, resolution and reporting of cybersecurity incidents both internally and externally, as necessary. To operate our business, we utilize certain third-party service providers to perform a variety of operational functions.
For additional information on our cybersecurity risks, see “ Data loss or other breaches or disruptions of our information systems and information system security could materially harm our business and results of operations." in Part I, Item 1A – “Risk Factors” of this Annual Report on Form 10-K.
For additional information on our cybersecurity risks, see “ Data loss or other breaches or disruptions of our information systems and information system security could materially harm our business and results of operations.” in Part I, Item 1A – “Risk Factors” of this Annual Report on Form 10-K.
Accordingly, we have committed to protecting the security and integrity of our systems, networks, databases and applications and, as a result, have implemented processes designed to prevent, assess, identify, and manage material risks associated with cybersecurity threats .
Accordingly, we have committed to protecting the security, confidentiality, and integrity of our systems, networks, databases and applications and, as a result, have implemented processes designed to prevent, assess, identify, and manage material risks associated with cybersecurity threats .
These measures include risk assessments, incident detection and response, vulnerability management, disaster recovery and business continuity plans, internal controls within our IT, security and other departments, encryption of data, network security controls, access controls, physical security, asset management, system monitoring, vendor risk management program, employee cybersecurity awareness and training, phishing tests, and penetration testing.
These measures include risk assessments, incident detection and response, vulnerability management, disaster recovery and business continuity plans, internal controls within our IT, security and other departments, encryption of data, network security controls, access controls (including multifactor authentication), physical security, asset management, system monitoring, vendor risk management program, employee cybersecurity awareness and training, phishing tests, and penetration testing.
I-27 Table of Contents Governance Role of the Board of Directors Our board of directors has overall responsibility for risk oversight and has delegated to the Audit Committee primary enterprise risk oversight responsibility, including privacy and cybersecurity risk exposures, policies and practices, the steps management takes to detect, monitor and mitigate such risks and the potential impact of those exposures on our business, financial results, operations and reputation.
Governance Role of the Board of Directors Our board of directors has overall responsibility for risk oversight and has delegated to the Audit Committee primary enterprise risk oversight responsibility, including privacy and cybersecurity risk exposures, policies and practices, the steps management takes to detect, monitor and mitigate such risks and the potential impact of those exposures on our business, financial results, operations and reputation.
The Compliance Committee is composed of members of the CESC as well as the Braves Holdings executive leadership team, including the President and Chief Executive Officers of the Baseball and Development divisions, Chief Financial Officer and Chief Legal Officer.
The Compliance Committee is composed of members of the CESC as well as the Braves Holdings executive leadership team, including the President and Chief Executive Officers of the Baseball and Mixed-Use Development segments, Chief Financial Officer and Chief Legal Officer.
To manage and mitigate material risks from cybersecurity threats to our information systems and data, we implement and maintain various technical, physical and organizational measures, processes and policies.
I-25 Table of Contents To manage and mitigate material risks from cybersecurity threats to our information systems and data, we implement and maintain various technical, physical and organizational measures, processes and policies.
The SVP and Head of Technology Services provides regular reporting to Braves Holdings executive management, the CESC and the Audit Committee. A Compliance Committee has also been established and is responsible for overseeing and monitoring all corporate compliance initiatives at Braves Holdings, including cybersecurity.
A Compliance Committee has also been established and is responsible for overseeing and monitoring all corporate compliance initiatives at Braves Holdings, including cybersecurity.
Added
I-26 Table of Contents Our SVP and Head of Technology Services, together with the Director Cybersecurity and IT Infrastructure, is responsible for day-to-day management and oversight of our cybersecurity program, including assessing, monitoring and mitigating cybersecurity risk. The SVP and Head of Technology Services provides regular reporting to Braves Holdings executive management, the CESC and the Audit Committee.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeSubsequent to the Corporate Governance Transition, Atlanta Braves Holdings principal office facilities have been relocated to 755 Battery I-28 Table of Contents Avenue SE, Atlanta, Georgia, 30339. The principal office facilities are located within Truist Park, which is leased from Cobb County, Cobb-Marietta Coliseum and Exhibit Hall Authority.
Biggest changeItem 2. Properties Atlanta Braves Holdings principal office facilities are located at 755 Battery Avenue SE, Atlanta, Georgia, 30339. The principal office facilities are located within Truist Park, which is leased from Cobb County, Cobb-Marietta Coliseum and Exhibit Hall Authority. Baseball For a description of property used and operated in connection with the Baseball segment, see “Item 1.
For further description of the property used and operated in connection with the Mixed-Use Development segment, inclusive of the land under development adjacent to CoolToday Park, see “Item 1. Business—The Battery Atlanta.” Item 3. Legal Proceedings Refer to note 13 in the accompanying notes to the consolidated financial statements for information on our legal proceedings. Item 4.
For further description of the property used and operated in connection with the Mixed-Use Development segment, inclusive of Pennant Park and the land under development adjacent to CoolToday Park, see “Item 1. Business—The Battery Atlanta.” Item 3. Legal Proceedings Refer to note 13 in the accompanying notes to the consolidated financial statements for information on our legal proceedings. Item 4.
Business— Braves Facilities” Mixed-Use Development The Battery Atlanta is situated on 82 acres of land in Cobb County, Georgia, including the 16 acres that Truist Park resides on, and has been developed into 1.5 million square-feet of leasable area, not including 0.5 million square-feet associated with apartment residences sold in 2018.
Business— Braves Facilities.” Mixed-Use Development The Battery Atlanta is situated on 82 acres of land in Cobb County, Georgia, including the 16 acres that Truist Park resides on, and has been developed into 1.5 million square-feet of leasable area, not including 0.5 million square-feet associated with apartment residences sold in 2018.
Mine Safety Disclosures Not applicable. ​ ​ ​ I-29 Table of Contents PART II.
Mine Safety Disclosures Not applicable. ​ ​ I-27 Table of Contents PART II.
Removed
Item 2. Properties Prior to the Corporate Governance Transition and in connection with the Split-Off, a wholly-owned subsidiary of Liberty entered into a facilities sharing agreement with Atlanta Braves Holdings, pursuant to which Atlanta Braves Holdings shared principal office facilities with Liberty located at 12300 Liberty Boulevard, Englewood, Colorado, 80112.
Added
Pennant Park is a six-building office park situated on 34 acres of land adjacent to The Battery Atlanta acquired in April 2025, which includes 0.8 million square-feet of leasable area.
Removed
Baseball For a description of property used and operated in connection with the Baseball segment, see “Item 1.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeItem 4. ​ Mine Safety Disclosures ​ I-29 ​ ​ ​ ​ ​ ​ ​ Part II ​ ​ ​ ​ ​ ​ ​ Item 5. ​ Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ​ II-1
Biggest changeItem 4. ​ Mine Safety Disclosures ​ I-27 ​ ​ ​ ​ ​ ​ ​ Part II ​ ​ ​ ​ ​ ​ ​ Item 5. ​ Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ​ II-1

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeSuch over-the-counter market quotations reflect inter-dealer prices without retail mark-ups, mark-downs or commissions, and may not necessarily represent actual transactions. ​ ​ ​ ​ ​ ​ ​ ​ ​ Atlanta Braves Holdings, Inc. ​ ​ ​ Series B (BATRB) ​ ​ ​ High Low 2023 ​ ​ ​ ​ ​ ​ Third quarter (after July 18, 2023) ​ $ 63.00 ​ 59.00 ​ Fourth quarter ​ $ 51.50 ​ 45.00 ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ First quarter ​ $ 50.25 ​ 42.00 ​ Second quarter ​ $ 50.25 ​ 46.25 ​ Third quarter ​ $ 59.99 ​ 42.51 ​ Fourth quarter ​ $ 53.00 ​ 51.25 ​ Holders As of January 31, 2025, there were 5,051, 26 and 667 record holders of our Series A, Series B and Series C common stock, respectively.
Biggest changeSuch over-the-counter market quotations reflect inter-dealer prices without retail mark-ups, mark-downs or commissions, and may not necessarily represent actual transactions. ​ ​ ​ ​ ​ ​ ​ ​ ​ Atlanta Braves Holdings, Inc. ​ ​ ​ Series B (BATRB) ​ ​ ​ ​ ​ ​ High ​ ​ ​ Low ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ First quarter ​ $ 50.25 ​ 42.00 ​ Second quarter ​ $ 50.25 ​ 46.25 ​ Third quarter ​ $ 59.99 ​ 42.51 ​ Fourth quarter ​ $ 53.00 ​ 51.25 ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ First quarter ​ $ 62.50 ​ 51.50 ​ Second quarter ​ $ 62.50 ​ 45.04 ​ Third quarter ​ $ 62.75 ​ 51.75 ​ Fourth quarter ​ $ 59.00 ​ 52.50 ​ Holders As of January 31, 2026, there were 5,204, 26 and 633 record holders of our Series A, Series B and Series C common stock, respectively.
Payment of cash dividends, if any, in the future will be determined by our board of directors in light of our earnings, financial condition and other relevant considerations. Securities Authorized for Issuance Under Equity Compensation Plans Information required by this item is incorporated by reference to our definitive proxy statement for our 2025 Annual Meeting of Stockholders.
Payment of cash dividends, if any, in the future will be determined by our board of directors in light of our earnings, financial condition and other relevant considerations. Securities Authorized for Issuance Under Equity Compensation Plans Information required by this item is incorporated by reference to our definitive proxy statement for our 2026 Annual Meeting of Stockholders.
During the three months ended December 31, 2024, zero shares of Atlanta Braves Holdings Series A, Series B or Series C common stock were surrendered by our officers and employees to pay withholding taxes and other deductions in connection with the vesting or exercise of restricted stock. II-1 Table of Contents Item 6. [Reserved]
During the three months ended December 31, 2025, zero shares of Atlanta Braves Holdings Series A, Series B or Series C common stock were surrendered by our officers and employees to pay withholding taxes and other deductions in connection with the vesting or exercise of restricted stock. Item 6. [Reserved]
The following table sets forth the range of high and low sale prices of our Series B common stock for the periods they were outstanding during the year ended December 31, 2024. There is no established public trading market for our Series B common stock, which is quoted on the OTC Markets.
The following table sets forth the range of high and low sale prices of our Series B common stock for the years ended December 31, 2025 and 2024. There is no established public trading market for our Series B common stock, which is quoted on the OTC Markets.
Purchases of Equity Securities by the Issuer There were no repurchases of our common stock during the three months ended December 31, 2024.
II-1 Table of Contents Purchases of Equity Securities by the Issuer There were no repurchases of our common stock during the three months ended December 31, 2025.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

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Biggest changeItem 6. ​ [Reserved] ​ II-2 Item 7. ​ Management's Discussion and Analysis of Financial Condition and Results of Operations ​ II-2 Item 7A. ​ Quantitative and Qualitative Disclosures About Market Risk ​ II-10 Item 8. ​ Financial Statements and Supplementary Data ​ II-11
Biggest changeItem 6. ​ [Reserved] ​ II-2 Item 7. ​ Management's Discussion and Analysis of Financial Condition and Results of Operations ​ II-2 Item 7A. ​ Quantitative and Qualitative Disclosures About Market Risk ​ II-10 Item 8. ​ Financial Statements and Supplementary Data ​ II-10

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest change“Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 28, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2024 2023 ​ ​ ​ dollar amounts in thousands Baseball revenue ​ $ 595,430 581,671 ​ Mixed-Use Development revenue ​ 67,318 58,996 ​ Total revenue ​ 662,748 640,667 ​ Operating costs and expenses: ​ ​ Baseball operating costs ​ (504,146) (482,391) ​ Mixed-Use Development costs ​ (9,762) (8,834) ​ Selling, general and administrative, excluding stock-based compensation ​ ​ (109,157) ​ (111,681) ​ Stock-based compensation ​ ​ (16,519) ​ (13,221) ​ Impairment of long-lived assets and other related costs, net of insurance recoveries ​ ​ — ​ — ​ Depreciation and amortization ​ (62,829) (70,980) ​ Operating income (loss) ​ (39,665) (46,440) ​ Other income (expense): ​ ​ Interest expense ​ (38,789) (37,673) ​ Share of earnings (losses) of affiliates, net ​ 30,460 26,985 ​ Realized and unrealized gains (losses) on intergroup interests, net ​ ​ — ​ (83,178) ​ Realized and unrealized gains (losses) on financial instruments, net ​ 3,424 2,343 ​ Gains (losses) on dispositions, net ​ ​ — ​ 2,309 ​ Other, net ​ 8,629 6,496 ​ Earnings (loss) before income taxes ​ (35,941) (129,158) ​ Income tax benefit (expense) ​ 4,673 3,864 ​ Net earnings (loss) ​ $ (31,268) (125,294) ​ ​ ​ ​ ​ ​ ​ ​ Adjusted OIBDA (1) ​ $ 39,683 ​ 37,761 ​ ​ ​ ​ ​ ​ ​ ​ Regular season home games ​ ​ 81 ​ 81 ​ Postseason home games ​ ​ — ​ 2 ​ Average number of attendees per regular season home game ​ ​ 28,469 ​ 32,542 ​ (1) Adjusted OIBDA is a non-GAAP financial measure.
Biggest change“Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025. ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ 2025 ​ ​ ​ 2024 ​ dollar amounts in thousands Baseball revenue $ 635,060 595,430 ​ Mixed-Use Development revenue 97,432 67,318 ​ Total revenue 732,492 662,748 ​ Operating costs and expenses: ​ ​ ​ Baseball operating costs (496,987) (504,146) ​ Mixed-Use Development costs (14,363) (9,762) ​ Selling, general and administrative, excluding stock-based compensation ​ (113,329) ​ (109,157) ​ Impairment expense ​ (30,131) ​ — ​ Stock-based compensation ​ (15,575) ​ (16,519) ​ Depreciation and amortization (75,634) (62,829) ​ Operating income (loss) (13,527) (39,665) ​ Other income (expense): ​ ​ ​ Interest expense (46,440) (38,789) ​ Share of earnings (losses) of affiliates, net 29,433 30,460 ​ Realized and unrealized gains (losses) on financial instruments, net (1,001) 3,424 ​ Other, net 7,423 8,629 ​ Earnings (loss) before income taxes (24,112) (35,941) ​ Income tax benefit (expense) 831 4,673 ​ Net earnings (loss) $ (23,281) (31,268) ​ ​ ​ ​ ​ ​ ​ Adjusted OIBDA (1) ​ 107,813 ​ 39,683 ​ ​ ​ ​ ​ ​ ​ Regular season home games ​ 81 ​ 81 ​ Average number of attendees per regular season home game ​ 26,633 ​ 28,469 ​ (1) Adjusted OIBDA is a non-GAAP financial measure.
In September 2024, the then-current officers of the Company (with limited exceptions) stepped down from their officer positions and members of its wholly-owned subsidiary Braves Holdings, LLC (“Braves Holdings”) assumed these roles (the “Corporate Governance Transition”). The Company is comprised of the businesses, assets and liabilities of Braves Holdings and corporate cash.
In September 2024, the then-current officers of the Company (with limited exceptions) stepped down from their officer positions and members of its wholly-owned subsidiary Braves Holdings, LLC (“Braves Holdings”) assumed these roles (the “Corporate Governance Transition”). The Company is comprised of the businesses, assets and liabilities of its wholly-owned subsidiary Braves Holdings and corporate cash.
See “Non-GAAP” Adjusted OIBDA” in this Management’s Discussion and Analysis of Financial Condition and Results of Operations for a reconciliation to the most comparable GAAP measure. ​ II-4 Table of Contents Baseball revenue. Baseball revenue is derived from two primary sources: baseball event revenue (ticket sales, concessions, advertising sponsorships, suites and premium seat fees) and broadcasting revenue.
See “Non-GAAP Adjusted OIBDA” in this Management’s Discussion and Analysis of Financial Condition and Results of Operations for a reconciliation to the most comparable GAAP measure. ​ II-4 Table of Contents Baseball revenue. Baseball revenue is derived from two primary sources: baseball event revenue (ticket sales, concessions, advertising sponsorships, suites and premium seat fees) and broadcasting revenue.
Due to the judgment involved in Atlanta Braves Holdings’ estimation techniques, any value ultimately derived from Atlanta Braves Holdings’ long-lived assets may differ from its estimate of fair value. As of December 31, 2024, the Company had $175.8 million of goodwill and $123.7 million of franchise rights.
Due to the judgment involved in Atlanta Braves Holdings’ estimation techniques, any value ultimately derived from Atlanta Braves Holdings’ long-lived assets may differ from its estimate of fair value. As of December 31, 2025, the Company had $175.8 million of goodwill and $123.7 million of franchise rights.
Major League Baseball Trust then uses the proceeds of such borrowings to provide loans to the club trusts of the participating Clubs, including the Braves Club Trust (the “Club Trust”). The maximum amount available to the Club Trust under the LWCF was $125.0 million as of December 31, 2024 which remains undrawn.
Major League Baseball Trust then uses the proceeds of such borrowings to provide loans to the club trusts of the participating Clubs, including the Braves Club Trust (the “Club Trust”). The maximum amount available to the Club Trust under the LWCF was $125.0 million as of December 31, 2025 which remains undrawn.
The commitment termination date of the revolving credit facility under the LWCF, which is the repayment date for all amounts borrowed under such revolving credit facility, is July 10, 2026. MLB Facility Fund Revolver In December 2017, a subsidiary of Braves Holdings executed various agreements to enter into the MLB Facility Fund (the “MLBFF”).
The commitment termination date of the revolving credit facility under the LWCF, which is the repayment date for all amounts borrowed under such revolving credit facility, is July 10, 2030. MLB Facility Fund Revolver In December 2017, a subsidiary of Braves Holdings executed various agreements to enter into the MLB Facility Fund (the “MLBFF”).
The Mixed-Use Development segment includes retail, office, hotel and entertainment operations primarily within The Battery Atlanta. The Battery Atlanta derives revenue primarily from office and retail rental income (including overage rent and tenant reimbursements) and, to a lesser extent, parking and advertising sponsorships throughout the year.
The Mixed-Use Development segment includes retail, office, hotel and entertainment operations primarily within The Battery Atlanta and the surrounding area. The Mixed-Use Development segment derives revenue primarily from office and retail rental income (including overage rent and tenant reimbursements) and, to a lesser extent, parking and advertising sponsorships throughout the year.
(2) Amounts (i) are based on the Company’s outstanding debt at December 31, 2024, (ii) assume the interest rates on the Company’s variable rate debt remain constant at the December 31, 2024 rates, (iii) include any impacts of outstanding interest rate swaps and (iv) assume that its existing debt is repaid at maturity.
(2) Amounts (i) are based on the Company’s outstanding debt at December 31, 2025, (ii) assume the interest rates on the Company’s variable rate debt remain constant at the December 31, 2025 rates, (iii) include any impacts of outstanding interest rate swaps and (iv) assume that its existing debt is repaid at maturity.
Ticket sales, concessions, broadcasting rights and advertising sponsorship sales are the Baseball segment’s primary revenue drivers. The Mixed-Use Development segment includes retail, office, hotel and entertainment operations primarily within The Battery Atlanta (the “Mixed-Use Development”).
Ticket sales, concessions, broadcasting rights and advertising sponsorship sales are the Baseball segment’s primary revenue drivers. The Mixed-Use Development segment includes retail, office, hotel and entertainment operations primarily within The Battery Atlanta and the surrounding area (the “Mixed-Use Development”).
II-2 Table of Contents Braves Holdings, affiliated entities and third-party development partners, developed a significant portion of the land around Truist Park, the Braves’ stadium, creating a 2.25 million square-foot mixed-use complex that features retail, residential, office, hotel and entertainment opportunities, known as The Battery Atlanta.
Braves Holdings, affiliated entities and third-party development partners, developed a significant portion of the land around Truist Park, the Braves’ stadium, creating a 2.25 million square-foot mixed-use complex that features retail, residential, office, hotel and entertainment opportunities, known as The Battery Atlanta.
A discussion regarding our financial condition and results of operations for fiscal year 2024 compared to fiscal year 2023 is presented below. A discussion regarding our financial condition and results of operations for fiscal year 2023 compared to 2022 can be found in Part II, Item 7.
A discussion regarding our financial condition and results of operations for fiscal year 2025 compared to fiscal year 2024 is presented below. A discussion regarding our financial condition and results of operations for fiscal year 2024 compared to 2023 can be found in Part II, Item 7.
We believe that the continued development and operations of The Battery Atlanta will result in increased game attendance as well as office and retail rental income (including overage rent and tenant reimbursements), and income from parking and corporate sponsorships throughout the year.
We believe that the continued development and operations of The Battery Atlanta, as well as transactions such as the Acquisition, will result in increased game attendance as well as office and retail rental income (including overage rent and tenant reimbursements), and income from parking and corporate sponsorships throughout the year.
The accounting guidance permits entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test.
The accounting guidance permits entities II-9 Table of Contents to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test.
Atlanta Braves Holdings may use quoted market prices, prices for similar assets, present value techniques and other valuation techniques to prepare these estimates. Atlanta Braves Holdings may need to make estimates of future cash II-9 Table of Contents flows and discount rates as well as other assumptions in order to implement these valuation techniques.
Atlanta Braves Holdings may use quoted market prices, prices for similar assets, present value techniques and other valuation techniques to prepare these estimates. Atlanta Braves Holdings may need to make estimates of future cash flows and discount rates as well as other assumptions in order to implement these valuation techniques.
Earnings (losses) before income taxes and income tax (expense) benefit are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2024 2023 ​ ​ ​ amounts in thousands ​ Earnings (loss) before income taxes ​ $ (35,941) (129,158) ​ Income tax benefit (expense) ​ 4,673 3,864 ​ ​ During the year ended December 31, 2024, the Company recognized a tax benefit less than the expected federal tax rate of 21% due primarily to executive compensation that is not deductible for tax purposes.
Earnings (losses) before income taxes and income tax (expense) benefit are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ amounts in thousands ​ Earnings (loss) before income taxes ​ $ (24,112) ​ (35,941) ​ Income tax (expense) benefit ​ 831 ​ 4,673 ​ ​ During the year ended December 31, 2025, the Company recognized a tax benefit less than the expected federal tax rate of 21% due primarily to executive compensation that is not deductible for tax purposes.
Mixed-Use Development Adjusted OIBDA increased $5.9 million during the year ended December 31, 2024 as compared to the prior year, primarily due to the increase in Mixed-Use Development revenue and costs, as described above.
Mixed-Use Development Adjusted OIBDA increased $23.1 million during the year ended December 31, 2025 as compared to the prior year, primarily due to the increase in Mixed-Use Development revenue and costs, as described above.
(3) The Braves have entered into long-term employment contracts with certain of their players (current and former), coaches and employees. Amounts due under such contracts as of December 31, 2024 aggregated $762.7 million. In addition, certain players, coaches and executives may earn incentive compensation under the terms of their employment contracts.
(3) The Braves have entered into long-term employment contracts with certain of their players (current and former) and other employees. Amounts due under such contracts as of December 31, 2025 aggregated $729.2 million. In addition, certain players and other employees may earn incentive compensation under the terms of their employment contracts.
During the year ended December 31, 2023, the Company recognized a tax benefit less than the expected federal tax rate of 21% due primarily to intergroup interest losses that are not deductible for tax purposes. Net earnings (loss). The Company had net losses of $31.3 million and $125.3 million for the years ended December 31, 2024 and 2023, respectively.
During the year ended December 31, 2024, the Company recognized a tax benefit less than the expected federal tax rate of 21% due primarily to executive compensation that is not deductible for tax purposes. Net earnings (loss). The Company had net losses of $23.3 million and $31.3 million for the years ended December 31, 2025 and 2024, respectively.
Mixed-Use Development revenue is derived from the mixed-use facilities and primarily includes rental income and to a lesser extent, parking revenue and sponsorships. For the year ended December 31, 2024, Mixed-Use Development revenue increased $8.3 million, as compared to the prior year, primarily due to a $5.0 million increase in rental income and a $3.0 million increase in parking revenue.
Mixed-Use Development revenue is derived from the mixed-use facilities and primarily includes rental income and to a lesser extent, parking revenue and sponsorships. For the year ended December 31, 2025, Mixed-Use Development revenue increased $30.1 million, as compared to the prior year, primarily due to a $27.1 million increase in rental income and a $2.0 million increase in sponsorship revenue.
While Atlanta Braves Holdings is currently unable to predict the extent of any of these potential adverse effects as of December 31, 2024, Atlanta Braves Holdings does not believe that its operations have been materially impacted by recent inflationary pressures. II-3 Table of Contents Results of Operations – Consolidated General.
While Atlanta Braves Holdings is currently unable to predict the extent of any of these potential adverse effects as of December 31, 2025, Atlanta Braves Holdings does not believe that its operations have been materially impacted by recent economic pressures.
Baseball Adjusted OIBDA decreased $14.0 million during the year ended December 31, 2024 as compared to the prior year, primarily due to the fluctuations in baseball revenue and operating costs, as described above.
Baseball Adjusted OIBDA increased $44.5 million during the year ended December 31, 2025 as compared to the prior year, primarily due to the fluctuations in baseball revenue and operating costs, as described above.
Retail and licensing revenue decreased $3.8 million during the year ended December 31, 2024, as compared to the prior year, due to a reduction in local revenue due to the decrease in regular season home game attendance and demand for City Connect and other apparel, partially offset by higher league-wide revenue.
Retail and licensing revenue decreased $1.3 million during the year ended December 31, 2025, as compared to the prior year, due to the decrease in regular season home game attendance, partially offset by higher league-wide revenue.
Increases in rental income for the year ended December 31, 2024, were primarily driven by $3.2 million in various new lease commencements and a $2.2 million increase in tenant recoveries, partially offset by a reduction in overage rent. Baseball operating costs. Baseball operating costs primarily include costs associated with baseball and stadium operations.
Increases in rental income for the year ended December 31, 2025, were primarily driven by new lease commencements and the in-place leases associated with the Acquisition, partially offset by various lease terminations. Baseball operating costs. Baseball operating costs primarily include costs associated with baseball and stadium operations.
During the years ended December 31, 2024 and 2023, the Company’s primary uses of cash were capital expenditures, working capital requirements and debt service, funded primarily by cash from operations, distributions from equity method affiliates and new borrowings on construction loans.
During the years ended December 31, 2025 and 2024, the Company’s primary uses of cash were payments to certain players and other employees pursuant to long-term employment agreements, capital expenditures including acquisitions, debt service and working capital requirements, funded primarily by cash from operations, distributions from equity method affiliates and new borrowings.
The following table presents Atlanta Braves Holdings’ share of earnings (losses) of affiliates, net: ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2024 2023 ​ ​ amounts in thousands MLB Advanced Media, L.P. ​ $ 20,015 19,747 ​ Baseball Endowment, L.P. ​ 5,147 2,114 ​ Other ​ 5,298 5,124 ​ Total ​ $ 30,460 26,985 ​ Realized and unrealized gains (losses) on intergroup interests, net.
The following table presents our share of earnings (losses) of affiliates, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ amounts in thousands MLB Advanced Media, L.P. ​ $ 20,531 20,015 ​ Baseball Endowment, L.P. ​ 4,287 5,147 ​ Other ​ 4,615 5,298 ​ Total ​ $ 29,433 30,460 ​ Realized and unrealized gains (losses) on financial instruments, net.
The following table disaggregates baseball revenue by source: ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2024 2023 ​ ​ ​ amounts in thousands ​ Baseball event $ 347,925 ​ 339,485 ​ Broadcasting 166,094 ​ 160,944 ​ Retail and licensing 47,754 ​ 51,533 ​ Other 33,657 ​ 29,709 ​ Total Baseball $ 595,430 ​ 581,671 ​ Baseball revenue increased $13.8 million during the year ended December 31, 2024, as compared to the prior year, due to new sponsorship agreements and contractual rate increases on season tickets and existing sponsorship contracts, partially offset by reduced attendance at regular season home games and a reduction in ticket sales and concession revenue due to fewer postseason games in 2024.
The following table disaggregates baseball revenue by source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ amounts in thousands ​ Baseball event $ 357,849 ​ 347,925 ​ Broadcasting 188,586 ​ 166,094 ​ Retail and licensing 46,489 ​ 47,754 ​ Other 42,136 ​ 33,657 ​ Total Baseball $ 635,060 ​ 595,430 ​ Baseball event revenue increased $9.9 million during the year ended December 31, 2025, as compared to the prior year, primarily due to contractual rate increases on season tickets and existing sponsorship contracts as well as new premium seating and sponsorship agreements, partially offset by reduced attendance at regular season home games.
Mixed-Use Development costs. Mixed-Use Development costs primarily include costs associated with maintaining and operating the mixed-use facilities. During the year ended December 31, 2024, Mixed-Use Development costs increased $0.9 million, as compared to the prior year, due to security and parking expenses and other various operating increases. Selling, general and administrative, excluding stock-based compensation.
Mixed-Use Development costs primarily include costs associated with maintaining and operating the mixed-use facilities. During the year ended December 31, 2025, Mixed-Use Development costs increased $4.6 million, as compared to the prior year, primarily as a result of increases in operating costs associated with the assets within the Acquisition. Selling, general and administrative, excluding stock-based compensation.
For the year ended December 31, 2024, baseball operating expenses increased $21.8 million, as compared to the prior year, primarily due to a $16.7 million increase under MLB’s revenue sharing plan and other shared expenses, a $6.3 million increase in minor league team and player expenses, and a $3.2 million increase in major league player salaries, partially offset by $3.0 million decrease in variable concession and retail operating expenses, due to reduced attendance at regular season home games during 2024.
For the year ended December 31, 2025, baseball operating expenses decreased $7.2 million, as compared to the prior year, primarily due to a $20.3 million decrease in major league player salaries and a $3.7 million decrease in variable concession and retail operating expenses, due to reduced attendance at regular season home games during 2025.
The maximum amount available to Braves Facility Fund LLC under the MLB facility fund – revolver was $39.1 million as of December 31, 2024 and was fully drawn as of December 31, 2024. ​ ​ II-8 Table of Contents TeamCo Revolver A subsidiary of Braves Holdings is party to a Revolving Credit Agreement (the “TeamCo Revolver”), which provides revolving commitments of $150.0 million and matures in August 2029.
TeamCo Revolver A subsidiary of Braves Holdings is party to a Revolving Credit Agreement (the “TeamCo Revolver”), which provides revolving commitments of $150.0 million and matures in August 2029. The availability under the TeamCo Revolver as of December 31, 2025 was $115.0 million, net of $35.0 million drawn as of December 31, 2025.
The following table provides a reconciliation of Operating income (loss) to Adjusted OIBDA: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 ​ ​ ​ amounts in thousands ​ Operating income (loss) ​ $ (39,665) (46,440) ​ Impairment of long-lived assets and other related costs, net of insurance recoveries ​ ​ — ​ — ​ Stock-based compensation ​ ​ 16,519 13,221 ​ Depreciation and amortization ​ ​ 62,829 70,980 ​ Adjusted OIBDA $ 39,683 37,761 ​ ​ Adjusted OIBDA is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ ​ amounts in thousands ​ Baseball ​ $ 6,625 20,661 ​ Mixed-Use Development ​ ​ 45,448 39,499 ​ Corporate and Other ​ ​ (12,390) (22,399) ​ Total ​ $ 39,683 37,761 ​ ​ Consolidated Adjusted OIBDA increased $1.9 million during the year ended December 31, 2024 as compared to the prior year.
The following table provides a reconciliation of Operating income (loss) to Adjusted OIBDA: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ amounts in thousands ​ Operating income (loss) ​ $ (13,527) (39,665) ​ Impairment expense ​ ​ 30,131 ​ — ​ Stock-based compensation ​ ​ 15,575 16,519 ​ Depreciation and amortization ​ ​ 75,634 62,829 ​ Adjusted OIBDA $ 107,813 39,683 ​ ​ Adjusted OIBDA is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ amounts in thousands ​ Baseball $ 51,104 6,625 ​ Mixed-Use Development ​ ​ 68,527 45,448 ​ Corporate and Other ​ ​ (11,818) (12,390) ​ Total $ 107,813 39,683 ​ ​ Consolidated Adjusted OIBDA increased $68.1 million during the year ended December 31, 2025 as compared to the prior year.
Substantially all of its cash and cash equivalents are invested in U.S. Treasury securities, other government securities or government guaranteed funds, AAA rated money market funds and other highly rated financial and corporate debt instruments.
Treasury securities, other government securities or government guaranteed funds, AAA rated money market funds and other highly rated financial and corporate debt instruments.
The change in net earnings (loss) was the result of the fluctuations in Atlanta Braves Holdings’ revenue, expenses and other gains and losses, as described above. II-7 Table of Contents Liquidity and Capital Resources As of December 31, 2024, the Company had $110.1 million of cash and cash equivalents.
The change in net earnings (loss) was the result of the above-described fluctuations in revenue, expenses and other gains and losses, as described above. Liquidity and Capital Resources As of December 31, 2025, the Company had $99.9 million of cash and cash equivalents. Substantially all of its cash and cash equivalents are invested in U.S.
Corporate and Other Adjusted OIBDA loss decreased $10.0 million during the year ended December 31, 2024 as compared to the prior year, primarily due to decreases in costs related to the Split-Off. Interest Expense.
Corporate and Other Adjusted OIBDA loss improved $0.6 million during the year ended December 31, 2025 as compared to the prior year, primarily due to decreased personnel costs and other professional fees. II-6 Table of Contents Interest Expense.
Interest expense increased $1.1 million during the year ended December 31, 2024 as compared to the prior year, primarily due to increased interest rates on the Company’s variable rate debt and an increase in outstanding debt. II-6 Table of Contents Share of earnings (losses) of affiliates, net.
Interest expense increased $7.7 million during the year ended December 31, 2025 as compared to the prior year, primarily due to new borrowings related to the Acquisition and on construction related loans partially offset by a reduction in interest rates on the Company’s variable rate debt. Share of earnings (losses) of affiliates, net.
Broadcasting revenue increased $5.2 million during the year ended December 31, 2024, as compared to the prior year, primarily due to contractual rate increases.
Broadcasting revenue increased $22.5 million during the year ended December 31, 2025, as compared to the prior year, primarily due to additional streaming rights granted to our regional broadcast partner and contractual rate increases to comparable broadcast obligations.
The availability under the TeamCo Revolver as of December 31, 2024 was $150.0 million. See note 6 to the accompanying consolidated financial statements for a description of all indebtedness obligations.
See note 6 to the accompanying consolidated financial statements for a description of all indebtedness obligations.
The Company’s uses of cash are expected to be payments to certain players, coaches and executives pursuant to long-term employment agreements, capital expenditures, investments in real estate ventures and debt service payments. The Company expects to fund its projected uses of cash with cash on hand, cash provided by operations and through borrowings under construction loans and revolvers.
The Company’s uses of cash are expected to be payments to certain players and other employees pursuant to long-term employment agreements, capital expenditures, investments in real estate ventures and debt service payments.
The team’s successes generate significant fan enthusiasm, resulting in sustained ticket, premium seating, concession and merchandise sales, and greater shares of local broadcasting audiences.
II-2 Table of Contents Strategies and Challenges Executive Summary The financial results of Atlanta Braves Holdings depend in large part on the ability of the Braves to achieve on-field success. The team’s successes generate significant fan enthusiasm, resulting in sustained ticket, premium seating, concession and merchandise sales, and greater shares of local broadcasting audiences.
The Mixed-Use Development segment derives revenue primarily from office and retail rental income (including overage rent and tenant reimbursements) and, to a lesser extent, parking and advertising sponsorships throughout the year. Strategies and Challenges Executive Summary The financial results of Atlanta Braves Holdings depend in large part on the ability of the Braves to achieve on-field success.
In April 2025, the Company, through a wholly-owned subsidiary completed the acquisition of certain real estate assets adjacent to The Battery Atlanta (the “Acquisition”). The Mixed-Use Development segment derives revenue primarily from office and retail rental income (including overage rent and tenant reimbursements) and, to a lesser extent, parking and advertising sponsorships throughout the year.
Other revenue, a component of baseball revenue, increased $3.9 million during the year ended December 31, 2024, as compared to the prior year, primarily due to an increase in spring training related revenue (ticket sales, concession revenue and other gameday related revenue), driven by increased attendance at spring training home games. Mixed-Use Development revenue.
Other revenue, a component of baseball revenue, increased $8.5 million during the year ended December 31, 2025, as compared to the prior year, primarily due to an increase in events held at Truist Park, including concerts and other special events such as hosting two games for the Savannah Bananas. Mixed-Use Development revenue.
For the year ended year ended December 31, 2024, stock-based compensation increased $3.3 million as compared to the prior year, mainly due to accelerated vesting for various awards in connection with the Corporate Governance Transition. Depreciation and amortization.
For the year ended year ended December 31, 2025, stock-based compensation decreased $0.9 million as compared to the prior year, primarily due to a reduction in average outstanding awards. Depreciation and amortization.
The commitment termination date, which is the repayment date for all amounts borrowed under the MLB facility fund – revolver, is July 10, 2026.
The commitment termination date, which is the repayment date for all amounts borrowed under the MLB facility fund – revolver, is July 10, 2030. The maximum amount available to Braves Facility Fund LLC under the MLB facility fund – revolver was $36.8 million as of December 31, 2025 and was fully drawn as of December 31, 2025.
To provide investors with additional information regarding the Company’s financial results, we also disclose Adjusted OIBDA, which is a non-GAAP financial measure. We define Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges.
Operating income (loss) improved $26.1 million during the year ended December 31, 2025, as compared to the prior year, due to the above explanations. Non-GAAP Adjusted OIBDA. To provide investors with additional information regarding the Company’s financial results, we also disclose Adjusted OIBDA, which is a non-GAAP financial measure.
Depreciation and amortization decreased $8.2 million for the year ended December 31, 2024, as compared to the prior year, primarily due to various assets becoming fully depreciated. II-5 Table of Contents Operating income (loss). Operating loss decreased $6.8 million during the year ended December 31, 2024, as compared to the prior year, due to the above explanations. Non-GAAP Adjusted OIBDA.
Depreciation and amortization increased $12.8 million for the year ended December 31, 2025, as compared to the prior year, primarily due to certain real estate assets purchased as part of the Acquisition and various assets being placed in service, partially offset by certain Baseball assets becoming fully depreciated. Operating income (loss).
We believe that the available sources of liquidity are sufficient to cover our projected future uses of cash.
The Company expects to fund its projected uses of cash with cash on hand, cash provided by operations and through borrowings II-7 Table of Contents under construction loans and revolvers. We believe that the available sources of liquidity are sufficient to cover our projected future uses of cash.
Selling, general and administrative expense decreased $2.5 million for the year ended December 31, 2024, as compared to the prior year, primarily due to reduced transaction costs related to the Split-Off, partially offset by increased personnel costs as well as insurance, information technology and professional fees. Stock-based compensation.
Selling, general and administrative expense includes costs of marketing, advertising, finance and related personnel costs. Selling, general and administrative expense increased $4.2 million for the year ended December 31, 2025, as compared to the prior year, primarily because of $3.8 million of increased property taxes, insurance and other professional fees. Impairment expense.
As disclosed above, the intergroup interests were settled and extinguished in connection with the Split-Off. Realized and unrealized gains (losses) on financial instruments, net. Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the Company’s interest rate swaps driven by changes in interest rates. Gains (losses) on dispositions, net.
Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the Company’s interest rate swaps driven by changes in interest rates. Other, net. Other, net income decreased $1.2 million during the year ended December 31, 2025, as compared to the prior year, primarily due to decreases in dividend and interest income.
Off-Balance Sheet Arrangements and Material Cash Requirements Information concerning the amount and timing of material cash requirements, both accrued and off-balance sheet, as of December 31, 2024, is summarized below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by period ​ Total Less than 1 year 2 - 3 years 4 - 5 years After 5 years ​ ​ amounts in thousands Long-term debt (1) ​ $ 620,066 104,193 249,038 129,793 137,042 ​ Interest payments (2) ​ 116,856 26,305 41,881 17,339 31,331 ​ Employment agreements (3) ​ 762,744 221,141 290,082 168,321 83,200 ​ Lease obligations ​ 173,309 12,247 22,479 20,045 118,538 ​ Other obligations (4) ​ 33,213 4,393 7,112 4,648 17,060 ​ Total consolidated ​ $ 1,706,188 368,279 610,592 340,146 387,171 ​ (1) Amounts are stated at the face amount at maturity and do not assume additional borrowings or refinancings of existing debt.
II-8 Table of Contents Off-Balance Sheet Arrangements and Material Cash Requirements Information concerning the amount and timing of material cash requirements, both accrued and off-balance sheet, as of December 31, 2025, is summarized below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by period ​ ​ ​ ​ Total ​ ​ ​ Less than 1 year ​ ​ ​ 2 - 3 years ​ ​ ​ 4 - 5 years ​ ​ ​ After 5 years ​ ​ amounts in thousands Long-term debt (1) ​ $ 741,091 215,347 205,779 206,135 113,830 ​ Interest payments (2) ​ 119,929 34,601 38,683 20,362 26,283 ​ Employment agreements (3) ​ 729,205 285,797 296,928 102,480 44,000 ​ Lease obligations ​ 161,485 12,232 20,714 19,024 109,515 ​ Other obligations (4) ​ 30,087 5,170 5,828 3,619 15,470 ​ Total consolidated ​ $ 1,781,797 ​ ​ ​ 553,147 ​ ​ ​ 567,932 ​ ​ ​ 351,620 309,098 ​ (1) Amounts are stated at the face amount at maturity and do not assume additional borrowings or refinancings of existing debt.
Removed
Selling, general and administrative expense includes costs of marketing, advertising, finance and related personnel costs.
Added
In late 2025 and early 2026, the parent of our local broadcasting partner, Main Street Sports Group, faced financial difficulties culminating in the failure to make contractual payments to various professional sport clubs, including the Braves.
Removed
As the notional shares underlying the intergroup interests were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty Braves common stock.
Added
As a result, the Braves terminated the Braves Broadcasting Agreement and recorded a $30.1 million contract asset impairment associated with the long-term local broadcasting agreement within the Company’s December 31, 2025 consolidated financial statements.
Removed
However, Liberty historically assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock and the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock.
Added
In Februray 2026, the Braves announced BravesVision, a multimedia platform owned and operated by the Company that will become the official local television home of the Braves beginning with the 2026 season. II-3 Table of Contents Results of Operations – Consolidated General.
Removed
Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock were used for the mark-to-market adjustment for the intergroup interests held by Formula One Group and Liberty SiriusXM Group, respectively, through the consolidated statements of operations.
Added
These decreases were partially offset by a $5.6 million increase under MLB’s revenue sharing plan and other shared expenses, a $4.1 million increase in expenses for special events held at Truist Park, a $2.3 million increase in minor league related expenses, and a $1.3 million increase in broadcasting related expenses. Mixed-Use Development costs.
Removed
During the second quarter of 2023, Liberty determined that, in connection with the Split-Off, shares of Atlanta Braves Holdings Series C common stock would be used to settle and extinguish the intergroup interest in the Braves Group attributed to the Liberty SiriusXM Group.
Added
For the year ended December 31, 2025, impairment expense increased $30.1 million as compared to the prior year, due to the contract asset impairment associated with the termination of the long-term local broadcasting agreement. There was no impairment expense in the prior year. ​ II-5 Table of Contents Stock-based compensation.
Removed
Accordingly, effective as of June 30, 2023 and through the Split-Off date, the market price of Series C Liberty Braves common stock was used for the mark-to-market adjustment for the intergroup interest held by the Liberty SiriusXM Group. Realized and unrealized gains (losses) on intergroup interests, net were driven by changes in the market prices of Liberty Braves common stock.
Added
We define Adjusted OIBDA as operating income (loss) plus stock-based compensation, depreciation and amortization, separately reported litigation settlements, restructuring, acquisition and impairment charges. However, our definition may vary from similarly titled measures used by other companies.
Removed
During the year ended December 31, 2023, the Company recognized a gain on the disposition of a non-financial asset. Other, net. Other, net income increased $2.1 million during the year ended December 31, 2024, as compared to the prior year, primarily due to increased interest and dividend income. Income taxes.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

1 edited+0 added−0 removed5 unchanged
Biggest changeAs of December 31, 2024, we had $173.5 million aggregate principal amount of floating rate debt with a weighted average interest rate of 6.2% and $446.6 million aggregate principal amount of fixed rate debt with a weighted average interest rate of 4.4%. II-10 Table of Contents
Biggest changeAs of December 31, 2025, we had $312.6 million aggregate principal amount of floating rate debt with a weighted average interest rate of 5.5% and $428.5 million aggregate principal amount of fixed rate debt with a weighted average interest rate of 4.9%.

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