Where's the fun in the sale of the Braves?
John Helyar misses the Ted Turner era and laments the soullessness of the asset-swap acquisition of the Atlanta Braves by Liberty Media.
At first glance, the pending sale of the Atlanta Braves is a deal only a tax attorney could love. Liberty Media gets the Braves, $1 billion in cash and -- who knows? -- maybe a junk bond to be named later. In return, Time Warner gets back a chunk of its stock held by Liberty Media. The beauty of this complex asset swap: tax free!Turns out, though, the deal even bums out tax attorneys -- at least those who also happen to be Braves fans. "I do admire the elegance of the structure," says Lynn Fowler, a tax partner at the Kilpatrick Stockton firm in Atlanta. "But the Braves fan in me longs for the day when Ted Turner was the owner."