UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-41746

ATLANTA BRAVES HOLDINGS, INC.

(Exact name of Registrant as specified in its charter)


Nevada		92-1284827
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

755 Battery Avenue SE Atlanta, Georgia		30339
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (404) 614-2300

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol	Name of each exchange on which registered
Series A common stock	BATRA	The Nasdaq Stock Market LLC
Series C common stock	BATRK	The Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer ☐		Accelerated Filer ☐		Non-accelerated Filer ☒		Smaller Reporting Company ☐		Emerging Growth Company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the Registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No ☒

The number of outstanding shares of Atlanta Braves Holdings, Inc. common stock as of October 31, 2024 was:


	Series A	Series B	Series C
Atlanta Braves Holdings, Inc. common stock	10,318,162	977,776	50,842,646

Table of Contents

Table of Contents


Part I – Financial Information
Item 1. Financial Statements		I-3

Condensed Consolidated Balance Sheets (unaudited)		I-3
Condensed Consolidated Statements of Operations (unaudited)		I-5
Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited)		I-6
Condensed Consolidated Statements of Cash Flows (unaudited)		I-7
Condensed Consolidated Statements of Equity (unaudited)		I-8
Notes to Condensed Consolidated Financial Statements (unaudited)		I-10

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		I-26
Item 3. Quantitative and Qualitative Disclosures about Market Risk		I-34
Item 4. Controls and Procedures		I-34

Part II — Other Information
Item 1. Legal Proceedings		II-1
Item 1A. Risk Factors		II-1
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		II-2
Item 5. Other Information		II-2
Item 6. Exhibits		II-3

SIGNATURES		II-4

I-2

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Balance Sheets

(unaudited)


	September 30,		December 31,
	2024		2023

	amounts in thousands
Assets
Current assets:
Cash and cash equivalents	$	100,852	125,148
Restricted cash		15,168	12,569
Accounts receivable and contract assets, net of allowance for credit losses of $468 and $332, respectively		88,053	62,922
Other current assets		20,065	17,380
Total current assets		224,138	218,019

Property and equipment, at cost (note 3)		1,159,685	1,091,943
Accumulated depreciation		(358,549)	(325,196)
		801,136	766,747

Investments in affiliates, accounted for using the equity method (note 4)		113,929	99,213
Intangible assets not subject to amortization:
Goodwill		175,764	175,764
Franchise rights		123,703	123,703
		299,467	299,467

Other assets, net		118,577	120,884
Total assets	$	1,557,247	1,504,330

See accompanying notes to condensed consolidated financial statements.

I-3

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Balance Sheets (continued)

(unaudited)


	September 30,		December 31,
	2024		2023

	amounts in thousands,
	except share amounts
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities	$	92,525	73,096
Deferred revenue and refundable tickets		82,414	111,985
Current portion of debt (note 5)		137,626	42,153
Other current liabilities		9,093	6,439
Total current liabilities		321,658	233,673

Long-term debt (note 5)		502,473	527,116
Finance lease liabilities		103,520	103,586
Deferred income tax liabilities		40,489	50,415
Pension liability		11,007	15,222
Other noncurrent liabilities		35,633	33,676
Total liabilities		1,014,780	963,688
Equity:
Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at September 30, 2024 and December 31, 2023		—	—
Series A common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,318,162 and 10,318,197 at September 30, 2024 and December 31, 2023, respectively		103	103
Series B common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 977,776 and 977,776 at September 30, 2024 and December 31, 2023, respectively		10	10
Series C common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 50,842,646 and 50,577,776 at September 30, 2024 and December 31, 2023, respectively		508	506
Additional paid-in capital		1,103,820	1,089,625
Accumulated other comprehensive earnings (loss), net of taxes		(7,500)	(7,271)
Retained earnings (deficit)		(566,519)	(554,376)
Total stockholders' equity		530,422	528,597
Noncontrolling interests in equity of subsidiaries		12,045	12,045
Total equity		542,467	540,642
Commitments and contingencies (note 7)
Total liabilities and equity	$	1,557,247	1,504,330

See accompanying notes to condensed consolidated financial statements.

I-4

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Operations

(unaudited)


	Three months ended			Nine months ended
	September 30,			September 30,
	2024		2023	2024	2023

	amounts in thousands,
	except per share amounts
Revenue:
Baseball revenue	$	273,262	256,266	561,233	528,762
Mixed-Use Development revenue		17,412	15,558	49,397	44,157
Total revenue		290,674	271,824	610,630	572,919
Operating costs and expenses:
Baseball operating costs		225,973	198,195	476,250	430,424
Mixed-Use Development costs		2,499	2,247	7,162	6,451
Selling, general and administrative, including stock-based compensation		37,122	34,380	97,566	94,903
Depreciation and amortization		18,678	21,286	50,669	55,215
		284,272	256,108	631,647	586,993
Operating income (loss)		6,402	15,716	(21,017)	(14,074)
Other income (expense):
Interest expense		(9,561)	(9,657)	(28,717)	(28,017)
Share of earnings (losses) of affiliates, net (note 4)		13,702	12,725	26,951	23,384
Realized and unrealized gains (losses) on intergroup interests, net		—	(20,392)	—	(83,178)
Realized and unrealized gains (losses) on financial instruments, net		(2,476)	2,593	1,429	5,672
Other, net		1,838	1,224	5,824	5,381
Earnings (loss) before income taxes		9,905	2,209	(15,530)	(90,832)
Income tax benefit (expense)		115	(8,256)	3,387	(2,104)
Net earnings (loss)	$	10,020	(6,047)	(12,143)	(92,936)
Basic net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share (note 2)	$	0.16	(0.10)	(0.20)	(1.51)
Diluted net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share (note 2)	$	0.16	(0.10)	(0.20)	(1.51)

See accompanying notes to condensed consolidated financial statements.

I-5

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Comprehensive Earnings (Loss)

(unaudited)


	Three months ended			Nine months ended
	September 30,			September 30,
	2024		2023	2024	2023

	amounts in thousands
Net earnings (loss)	$	10,020	(6,047)	(12,143)	(92,936)
Other comprehensive earnings (loss), net of tax:
Unrealized holdings gains (loss) arising during the period		(71)	(137)	(212)	(327)
Share of other comprehensive earnings (loss) of affiliates		—	683	(17)	575
Other comprehensive earnings (loss), net of tax		(71)	546	(229)	248
Comprehensive earnings (loss)	$	9,949	(5,501)	(12,372)	(92,688)

See accompanying notes to condensed consolidated financial statements.

I-6

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Cash Flows

(unaudited)


	Nine months ended
	September 30,
	2024		2023

	amounts in thousands
Cash flows from operating activities:
Net earnings (loss)	$	(12,143)	(92,936)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		50,669	55,215
Stock-based compensation		13,789	9,653
Share of (earnings) losses of affiliates, net		(26,951)	(23,384)
Realized and unrealized (gains) losses on intergroup interests, net		—	83,178
Realized and unrealized (gains) losses on financial instruments, net		(1,429)	(5,672)
Deferred income tax expense (benefit)		(10,902)	(6,086)
Cash receipts from returns on equity method investments		12,552	12,350
Net cash received (paid) for interest rate swaps		4,564	3,604
Other charges (credits), net		398	(1,266)
Net change in operating assets and liabilities:
Current and other assets		(42,539)	(67,475)
Payables and other liabilities		(280)	11,513
Net cash provided by (used in) operating activities		(12,272)	(21,306)
Cash flows from investing activities:
Capital expended for property and equipment		(73,922)	(45,313)
Other investing activities, net		(293)	(15)
Net cash provided by (used in) investing activities		(74,215)	(45,328)
Cash flows from financing activities:
Borrowings of debt		106,343	52,248
Repayments of debt		(39,284)	(38,997)
Contribution from noncontrolling interest		—	12,045
Other financing activities, net		(2,269)	(4,946)
Net cash provided by (used in) financing activities		64,790	20,350
Net increase (decrease) in cash, cash equivalents and restricted cash		(21,697)	(46,284)
Cash, cash equivalents and restricted cash at beginning of period		137,717	172,813
Cash, cash equivalents and restricted cash at end of period	$	116,020	126,529

Supplemental disclosure to the condensed consolidated statements of cash flows:
Property and equipment expenditures incurred but not yet paid	$	14,639	20,540

The following table reconciles cash and cash equivalents and restricted cash reported in our condensed consolidated balance sheets to the total amount presented in our condensed consolidated statements of cash flows:


	September 30,		December 31,
	2024		2023

	amounts in thousands
Cash and cash equivalents	$	100,852	125,148
Restricted cash		15,168	12,569
Total cash, cash equivalents and restricted cash at end of period	$	116,020	137,717

See accompanying notes to condensed consolidated financial statements.

I-7

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Equity

(unaudited)


							Accumulated
							other		Noncontrolling
						Additional	comprehensive	Retained	interests
	Preferred		Common Stock			paid-in	earnings	earnings	in equity of	Total
	Stock		Series A	Series B	Series C	capital	(loss)	(deficit)	subsidiaries	equity

	amounts in thousands
Balance at January 1, 2024	$	—	103	10	506	1,089,625	(7,271)	(554,376)	12,045	540,642
Net earnings (loss)		—	—	—	—	—	—	(12,143)	—	(12,143)
Other comprehensive earnings (loss)		—	—	—	—	—	(229)	—	—	(229)
Stock-based compensation		—	—	—	—	13,789	—	—	—	13,789
Other		—	—	—	2	406	—	—	—	408
Balance at September 30, 2024	$	—	103	10	508	1,103,820	(7,500)	(566,519)	12,045	542,467


							Accumulated
							other		Noncontrolling
						Additional	comprehensive	Retained	interests
	Preferred		Common Stock			paid-in	earnings	earnings	in equity of	Total
	Stock		Series A	Series B	Series C	capital	(loss)	(deficit)	subsidiaries	equity

	amounts in thousands
Balance at June 30, 2024	$	—	103	10	507	1,096,021	(7,429)	(576,539)	12,045	524,718
Net earnings (loss)		—	—	—	—	—	—	10,020	—	10,020
Other comprehensive earnings (loss)		—	—	—	—	—	(71)	—	—	(71)
Stock-based compensation		—	—	—	—	6,365	—	—	—	6,365
Other		—	—	—	1	1,434	—	—	—	1,435
Balance at September 30, 2024	$	—	103	10	508	1,103,820	(7,500)	(566,519)	12,045	542,467

See accompanying notes to condensed consolidated financial statements

I-8

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Equity (continued)

(unaudited)


								Accumulated
								other		Noncontrolling
						Former	Additional	comprehensive	Retained	interests
	Preferred		Common Stock			parent's	paid-in	earnings	earnings	in equity of	Total
	Stock		Series A	Series B	Series C	investment	capital	(loss)	(deficit)	subsidiaries	equity

	amounts in thousands
Balance at January 1, 2023	$	—	—	—	—	732,350	—	(3,758)	(429,082)	—	299,510
Net earnings (loss)		—	—	—	—	—	—	—	(92,936)	—	(92,936)
Other comprehensive earnings (loss)		—	—	—	—	—	—	248	—	—	248
Stock-based compensation		—	—	—	—	6,294	3,309	—	—	—	9,603
Change in capitalization in connection with Atlanta Braves Holdings Split-Off		—	103	10	418	(724,115)	723,584	—	—	—	—
Tax sharing adjustment with Former parent		—	—	—	—	(7,354)	—	—	—	—	(7,354)
Contribution from noncontrolling interest		—	—	—	—	—	—	—	—	12,045	12,045
Settlement of intergroup interest		—	—	—	86	—	361,195	—	—	—	361,281
Other		—	—	—	—	(7,175)	429	—	—	—	(6,746)
Balance at September 30, 2023	$	—	103	10	504	—	1,088,517	(3,510)	(522,018)	12,045	575,651


								Accumulated
								other		Noncontrolling
						Former	Additional	comprehensive	Retained	interests
	Preferred		Common Stock			parent's	paid-in	earnings	earnings	in equity of	Total
	Stock		Series A	Series B	Series C	investment	capital	(loss)	(deficit)	subsidiaries	equity

	amounts in thousands
Balance at June 30, 2023	$	—	—	—	—	730,620	—	(4,056)	(515,971)	11,289	221,882
Net earnings (loss)		—	—	—	—	—	—	—	(6,047)	—	(6,047)
Other comprehensive earnings (loss)		—	—	—	—	—	—	546	—	—	546
Stock-based compensation		—	—	—	—	—	3,309	—	—	—	3,309
Change in capitalization in connection with Atlanta Braves Holdings Split-Off		—	103	10	418	(724,115)	723,584	—	—	—	—
Contribution from noncontrolling interest		—	—	—	—	—	—	—	—	756	756
Settlement of intergroup interest		—	—	—	86	—	361,195	—	—	—	361,281
Other		—	—	—	—	(6,505)	429	—	—	—	(6,076)
Balance at September 30, 2023	$	—	103	10	504	—	1,088,517	(3,510)	(522,018)	12,045	575,651

See accompanying notes to condensed consolidated financial statements.

I-9

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

(1)Basis of Presentation

During November 2022, the board of directors of Liberty Media Corporation (“Liberty” or “Former parent”) authorized Liberty management to pursue a plan to redeem each outstanding share of its Liberty Braves common stock in exchange for one share of the corresponding series of common stock of a newly formed entity, Atlanta Braves Holdings, Inc. (the “Split-Off”). The Split-Off was completed on July 18, 2023 and was intended to be tax-free to holders of Liberty Braves common stock. In September 2024, the Internal Revenue Service completed its review of the Split-Off and notified Liberty that it agreed with the non-taxable characterization of the transaction. Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”) is comprised of the businesses, assets and liabilities previously attributed to the Liberty Braves Group (“Braves Group”), which, as of September 30, 2024, included Atlanta Braves Holdings’ wholly-owned subsidiary Braves Holdings, LLC (“Braves Holdings”) and corporate cash.

The accompanying condensed consolidated financial statements represent the combination of the historical financial information of the Braves Group until the date of the Split-Off. Although Atlanta Braves Holdings was reported as a combined company until the date of the Split-Off, all periods reported herein are referred to as consolidated. These financial statements refer to the consolidation of Braves Holdings, cash and intergroup interests in the Braves Group (prior to settlement/extinguishment) as "Atlanta Braves Holdings," "the Company," "us," "we" and "our" in the notes to the condensed consolidated financial statements. The Split-Off was accounted for at historical cost due to the pro rata nature of the distribution to holders of Liberty Braves common stock. All significant intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements.

The accompanying (a) condensed consolidated balance sheet as of December 31, 2023, which has been derived from audited financial statements, and (b) the interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. Additionally, certain prior period amounts have been reclassified for comparability with current period presentation. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in Atlanta Braves Holdings’ Annual Report on Form 10-K for the year ended December 31, 2023.

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers (i) fair value measurements of non-financial instruments and (ii) accounting for income taxes to be its most significant estimates.

Description of Business

Braves Holdings indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC,” the “Atlanta Braves,” the “Braves,” the “club,” or the “team”). ANLBC’s 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. Braves Holdings, through affiliated entities and third party development partners, has 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”).

I-10

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

The Braves and 29 other Major League baseball clubs are collectively referred to as the Clubs. The Office of the Commissioner of Baseball (the “BOC”) is an unincorporated association also doing business as Major League Baseball (“MLB”) and has as its members the Clubs. 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 a Club, 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.

Split-Off of Atlanta Braves Holdings from Liberty

Prior to the Split-Off, a portion of Liberty’s general and administrative expenses, including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support was allocated to the Braves Group each reporting period based on an estimate of time spent. The Braves Group paid $4.5 million during 2023 prior to the Split-Off for such expenses.

Prior to the Split-Off, the Liberty Formula One Group (the “Formula One Group”) and the Liberty SiriusXM Group held intergroup interests in the Braves Group. The intergroup interests represented quasi-equity interests which were not represented by outstanding shares of common stock; rather, the Formula One Group and Liberty SiriusXM Group had attributed interests in the Braves Group, which were generally stated in terms of a number of shares of Liberty Braves common stock. As of December 31, 2022, 6,792,903 notional shares represented an 11.0% intergroup interest in the Braves Group held by the Formula One Group and 1,811,066 notional shares represented a 2.9% intergroup interest in the Braves Group held by the Liberty SiriusXM Group. Historically, Liberty 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 that 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. 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 the Formula One Group and the Liberty SiriusXM Group, respectively, through the condensed consolidated statements of operations. 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. 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.

The intergroup interests in the Braves Group remaining immediately prior to the Split-Off were settled and extinguished in connection with the Split-Off through the attribution, to the respective tracking stock group, of Atlanta Braves Holdings Series C common stock on a one-for-one basis equal to the number of notional shares representing the intergroup interest.

Following the Split-Off and subsequent Liberty Media Exchange (as defined below), Liberty and Atlanta Braves Holdings operate as separate, publicly traded companies and neither has any continuing stock ownership, beneficial or otherwise, in the other. Liberty owned 1,811,066 shares of Atlanta Braves Holdings Series C common stock following the Split-Off. In November 2023, Liberty exchanged 1,811,066 shares of Atlanta Braves Holdings Series C common stock with a third party in satisfaction of certain of Liberty’s debt obligations and an affiliate of such third party then sold the shares in a secondary public offering (the “Liberty Media Exchange”). Atlanta Braves Holdings did not receive any of the proceeds from the Liberty Media Exchange.

I-11

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

In connection with the Split-Off, Liberty and Atlanta Braves Holdings entered into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Split-Off and to provide for an orderly transition. These agreements included a reorganization agreement, a services agreement, aircraft time sharing agreements, a facilities sharing agreement, a tax sharing agreement and a registration rights agreement. The facilities sharing agreement and aircraft time sharing agreements were terminated as part of the Corporate Governance Transition (as defined below).

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 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. Atlanta Braves Holdings will reimburse Liberty for direct, out-of-pocket expenses and will pay a services fee to Liberty under the services agreement that is subject to adjustment quarterly, as necessary. Additionally, pursuant to the services agreement with Liberty and prior to the Corporate Governance Transition (as defined below), components of Liberty Chief Executive Officer’s compensation were either paid directly to him or reimbursed to Liberty, in each case, based on allocations set forth in the services agreement. 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.

Pursuant to the registration rights agreement with Liberty, Atlanta Braves Holdings registered the shares of Atlanta Braves Holdings’ Series C common stock that were issued to Liberty in settlement and extinguishment of the intergroup interest in the Braves Group attributed to the Liberty SiriusXM Group and then exchanged by Liberty with a third party in satisfaction of certain debt obligations.

Under these various agreements, amounts reimbursable to Liberty aggregated $1.6 million and $4.1 million for the three and nine months ended September 30, 2024, respectively and $0.8 million for the three months ended September 30, 2023 after the Split-Off.

Related Party Transactions and Change in Corporate Governance

On August 21, 2024, Terence F. McGuirk (“McGuirk”), Chairman and CEO of Braves Holdings, LLC, entered into certain shareholder arrangements with Dr. John Malone (“Malone”), pursuant to which Malone has 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 has also granted McGuirk a right of first refusal with respect to future transfers of the Company shares beneficially owned by Malone as well as certain appreciation rights with respect to the value of Malone’s shares of Series B Common Stock.

The execution of the Malone Voting Agreement constituted a “Change in Control” of the Company as defined in Gregory B. Maffei’s Executive Employment Agreement, dated effective as of December 13, 2019, by and between Mr. Maffei and Liberty. As a result, on August 21, 2024, Mr. Maffei notified the Company of his resignation as President, Chief Executive Officer, Chairman of the Board and a director of the Company effective August 31, 2024. Mr. Maffei’s separation from employment with the Company was for “Good Reason” within the meaning of his Executive Employment Agreement. Additionally, Atlanta Braves Holdings and Liberty have begun transitioning various general and administrative services currently provided by Liberty to the management of Atlanta Braves Holdings, including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support. As part of that transition, the

I-12

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

then-current officers of the Company (with limited exceptions) stepped down from their officer positions, effective August 31, 2024, and members of the Braves operating team assumed these roles effective September 1, 2024 (the “Corporate Governance Transition”).

Seasonality

Braves Holdings revenue is seasonal, with the majority of revenue recognized during the second and third quarters which aligns with the baseball season.

(2)Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share

Basic earnings (loss) per common share (“EPS”) is computed by dividing net earnings (loss) attributable to Atlanta Braves Holdings shareholders by the weighted average number of common shares outstanding (“WASO”) for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented. There were no potential common shares excluded from diluted EPS for the three and nine months ended September 30, 2024 that would have been antidilutive. Excluded from diluted EPS for both the three and nine months ended September 30, 2023 are 3 thousand potential common shares because their inclusion would have been antidilutive.


	Three months ended	Three months ended	Nine months ended	Nine months ended
	September 30, 2024	September 30, 2023	September 30, 2024	September 30, 2023

	(numbers of shares in thousands)
Basic WASO	62,021	61,720	61,950	61,720
Potentially dilutive shares (1)	1,018	868	895	868
Diluted WASO	63,039	62,588	62,845	62,588

(1) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.

I-13

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

(3) Property and Equipment

Property and equipment consisted of the following:

September 30, 2024

December 31, 2023

Owned

Estimated

assets