Core Thesis - Atlanta Braves Holdings, Inc. (BATRK) presents a unique investment opportunity by combining a Major League Baseball franchise with a successful real estate venture [2][5] - The current share price is $39.54 with a trailing P/E of 20.27 [1] Business Overview - The company's value is significantly supported by the Atlanta Braves, which boasts a loyal fan base and a large geographic reach in professional sports [2] - MLB's expanding media deals and international audience contribute to increasing revenue potential, while the Braves' strong attendance and merchandise sales ensure stable cash flows [2] Real Estate Development - The Battery Atlanta, a mixed-use development of over 3 million square feet, attracts nearly 9 million visitors annually, generating substantial income from rentals, sponsorships, and events [3] - This relationship between the sports franchise and real estate development creates a diversified revenue model that reduces the impact of sports performance fluctuations [3] Financial Performance - The Braves have a history of success with 10 World Series appearances, and The Battery Atlanta has seen high occupancy rates and increased foot traffic [4] - Adjusted OIBDA for The Battery has grown at a 34% CAGR since its inception, indicating strong growth potential independent of the team's performance [4] Valuation Potential - A strategic sale of the franchise could unlock significant value, with market comparisons suggesting a potential stock price in the mid-$60s, indicating a substantial discount to intrinsic value [4]