|Selig: Hopes to have Braves sales completed by next month|
|Written by Admin|
|Thursday, 26 April 2007 13:52|
Time Warner Inc. is selling the team to Colorado-based Liberty Media Corp. as part of a complex deal reached in February that values the team at $461 million.
``We're having intense discussions with all parties,'' Selig said Thursday during a meeting in New York with the Associated Press Sports Editors. ``There are some open items yet, but I think we're moving. We're moving hopefully toward a resolution.''
The deal must be approved by the baseball owners. They are scheduled to meet May 16-17 in New York.
``One would hope that we're done by then,'' Selig said.
Time Warner is expected to transfer the Braves, a group of craft magazines and $1 billion in cash to Liberty in exchange for about $1.27 billion in Time Warner shares owned by the Colorado company.
The agreement, which was designed to minimize taxes, must be approved by three-fourths of the baseball owners.
The Braves front office is expected to remain largely intact, with Atlanta-based president Terry McGuirk continuing to run the team and John Schuerholz staying on as general manager.