Good morning. This is LEADOFF, an early look at Atlanta sports.
Investors have shrugged off the scandal enveloping the Braves and have pushed the team’s stock price higher the past two days.
The Braves’ shares (ticker symbol BATRA) rose about 3.5 percent Monday and Tuesday, including 1.75 percent since the news broke early Monday afternoon of general manager John Coppolella’s resignation.
The stock was up 71 cents per share Monday, including 28 cents after the news, and rose another 17 cents Tuesday to close at $26.25.
The rise came as a player-procurement rule-breaking scandal tarnished the Braves’ image, brought questions about the franchise’s executive leadership and forced Coppolella’s exit.
The increase in the Braves’ stock price under the ugly circumstances seems to underscore that investors are mostly focused on the rising value of MLB teams in general – a trend evidenced by the recent sale of the Miami Marlins for $1.2 billion – and the Braves’ real-estate holdings.
Braves owner Liberty Media issued the tracking stock in April 2016. The stock trades on the Nasdaq exchange.
Tuesday’s closing price was near the stock’s 52-week high of $26.52. The 52-week low was $16.52.
Meanwhile, the MLB playoffs began Tuesday without the Braves for the fourth consecutive year. The Braves haven’t won a playoff series in 16 years.
The NBA announced a drastic new format to the All-Star game Tuesday, eliminating the matchup of Eastern versus Western conferences. The game, to be played in Los Angeles this season, will pit two teams drafted by captains from a pool of players voted as starters and reserves. See Chris Vivlamore’s story here.