BATRK

MKT CAP —P/E —DIV YIELD —FCF YIELD —REV TTM $750M +6.8%NET INCOME −$64.2MNET DEBT $676.8M52W 38.04 – 54.29NEXT EARNINGS Nov 4SEC XBRL · TTM TO Invalid Date

How BATRK rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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−1,137

words, now 11,149

New in FY2025

Factors Relating to Our Business Broadcasting rights, both national and local, present an important source of revenue for us, and decreases in this broadcasting revenue could have an adverse effect on our financial results.
Solvency and business disruptions impacting our broadcasting partners, as well as any decline in television ratings, carriage disputes, popularity of the Braves specifically, or even MLB as a whole, could adversely affect the revenue that can be derived from the sale of these broadcasting rights.
There can be no assurance that upon the completion of local or national contractual arrangements that Braves Holdings or MLB will be able to successfully negotiate extensions or replacement deals that would provide similar amounts of revenue for Braves Holdings. In recent years, certain regional sports networks have experienced financial difficulties.
For example, in 2023 Diamond Sports Group, a subsidiary of Sinclair Broadcasting Group and parent of SportSouth which licenses and distributes sports content in various regional markets including the Braves games (other than nationally televised games), filed voluntary petitions for relief under Chapter 11 in the United States Bankruptcy Court for the Southern District of Texas.
Diamond Sports Group completed its financial restructuring and emerged from bankruptcy effective January 2025 as Main Street Sports Group and provided all payments to Braves Holdings during bankruptcy and throughout the 2025 season.
In late 2025 and early 2026, Main Street Sports Group continued to face financial difficulties culminating in the failure to make contractual payments to various professional sport clubs, including the Braves.
As a result, the Braves terminated the Braves Broadcasting Agreement and recorded an impairment on the underlying long-term local broadcasting contract asset.
In February 2026, the Braves announced BravesVision, a multimedia platform owned and operated by the Company that will become the local television home of the Braves beginning with the 2026 season.
This new multimedia platform and its monetization of our local broadcasting rights may provide less revenue than what Braves Holdings previously received pursuant to the Braves Broadcast Agreement.
Our business’ financial success depends, in large part, on the Braves achieving on-field success.
While the Braves did not make the postseason in 2025, the team appeared in 2 out of 18 potential postseason games in 2024 and 4 out of 18 potential postseason games in 2023.
Revenue from postseason play (after reduction for allocable postseason share payments) was approximately $2.0 million and $11.3 million in 2024 and 2023, respectively.
While the Braves have made the MLB postseason during nine of the past fourteen seasons, and were the 2021 World Series Champions, there can be no assurance that the team will perform well or qualify for postseason play during the next season or any season thereafter.
I-12 The success of the Braves depends largely on their ability to develop, obtain and retain talented players.
As of December 31, 2025, amounts payable annually under such contracts aggregated to $285.8 million in 2026, $171.4 million in 2027, $125.5 million in 2028, $63.3 million in 2029, $39.2 million in 2030 and $44.0 million, combined, thereafter.
Focus on team performance, and decisions by management, may negatively impact financial results in the short-term.
For example, in order to improve the short- I-13 term performance of the team, management may decide to make trades for highly compensated players and sign free agents or current players to high value contracts, which could significantly increase operating expenses for a given year, and which could adversely impact the trading price of our common stock.
The Braves were not required to pay the Competitive Balance Tax for the 2025 season, but did for the 2024 and 2023 seasons.
Organized labor matters could have an adverse effect on our financial results.
Business - MLB Rules and Regulations - Collective Bargaining Agreement.” The current CBA covers the 2022 through 2026 MLB seasons.
Any labor disputes, such as players’ strikes, protests or lockouts as a result of the inability to enter into a new CBA before the expiration of the current CBA could postpone or cancel MLB games.
No assurance can be given that any changes to the MLB Rules and Regulations, adoption of new MLB Rules and Regulations or decisions made by the Commissioner of Baseball will not adversely affect our business and our financial results and have a negative impact upon the value of our common stock.
I-14 The possibility of MLB expansion could create increased competition.
Viewership of professional baseball has experienced declines in certain years and, although previous declines have seen some recovery, any future decline in television ratings or attendance for MLB as a whole could have an adverse effect on our financial results.
During parts of the MLB regular season, the Braves experience competition from college football, professional basketball (the Atlanta Hawks), professional football (the Atlanta Falcons) and professional soccer (the Atlanta United FC) as well as other sports and entertainment events.
Our ability to incur indebtedness to fund our operations will be limited, which could negatively impact our operations.
Braves Holdings generally funds its operating activities through cash flow from operations and two credit facilities, with a maximum combined borrowing capacity of $275.0 million.
As of December 31, 2025, there was $35 million outstanding under these credit facilities.
Business – MLB Rules and Regulations – Collective Bargaining Agreement” and “Business – MLB Rules and Regulations – Debt Service Rule.” Following our separation from Liberty, we do not have access to Liberty’s capital or credit and our ability to obtain significant financing on favorable terms, or at all, may be more limited as a standalone company than as a subsidiary of Liberty.
Further, our ability to receive dividends or payments or advances from our subsidiaries’ businesses depends on their individual operating results, any statutory, regulatory or contractual restrictions to which they are or may become subject and the terms of their I-15 indebtedness and any additional debt they may incur in the future.
The Stadium Operating Agreement provides that any termination of the agreement will not be effective until the conclusion of the then current MLB season, including any applicable postseason games.
As of December 31, 2025, Braves Holdings had approximately $223.8 million outstanding under various debt instruments for construction, other stadium-related costs, and ongoing operations costs, $487.3 million outstanding under various credit facilities and loans for the Mixed-Use Development and $30.0 million outstanding under a credit facility for the spring training facility.
Development I-16 activities also involve the risk that construction may not be completed within budget or on schedule because of cost overruns, work stoppages, shortages of building materials, the inability of contractors to perform their obligations under construction contracts, defects in plans and specifications or various other factors, including natural disasters, which may be exacerbated by climate change.
Additionally, the Mixed-Use Development requires Braves Holdings to comply with various federal, state and local environmental, health, safety and land use laws and regulations.
Furthermore, as with all real estate investments, there can be no assurance that the Mixed-Use Development will achieve the expected financial benefits of any recently acquired assets.
We perform due diligence and project expected outcomes as part of the acquisition process, however, costs related to the refurbishment and integration of such assets may be more disruptive to existing operations than anticipated or more expensive than expected.
If Mixed-Use Development lessees do not renew their leases as they expire, we may not be able to re-lease that space within the Mixed-Use Development.
In addition, in connection with securing lease renewals or re-leasing properties, we may agree to terms that are less economically favorable than expiring lease terms, or we may be required to incur significant costs, such as renovations and improvements on behalf of the lessee, in particular as it relates to newly acquired properties.
We could be adversely affected by various facts and events over which we have limited or no control, such as: • lack of or loss of demand for the amount of commercial and retail space developed and being developed within the Mixed-Use Development; • effects of events outside of our or our lessees’ control affecting demand for commercial and retail space or our lessees’ ability to pay rent, such as a future pandemic or epidemic; • inability to retain existing lessees and attract new lessees; • changes in market rental rates; • declines in lessees’ creditworthiness and ability to pay rent, which may be affected by their operations, economic downturns and competition within their industries from other operators; I-17 • defaults by and bankruptcies of lessees, failure of lessees to pay rent on a timely basis, or failure of lessees to comply with their contractual obligations; • economic or physical decline of the areas around Truist Park and the Mixed-Use Development; and • deterioration of physical condition of properties in the Mixed-Use Development.
Fans attending professional baseball games risk personal injury or accident, which could subject us to personal injury or other claims and could increase our expenses.

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Gone since FY2024

Factors Relating to our Corporate History and the Split-Off The historical financial information included in this Annual Report on Form 10-K is not necessarily representative of our future financial position, future results of operations or future cash flows.
In valuing shares of our common stock, investors should recognize that the historical financial information included in this Annual Report on Form 10-K with respect to the fiscal year ending December 31, 2022 and a portion of the fiscal year ending December 31, 2023 prior to the completion of the Split-Off has been extracted from Liberty Media’s historical consolidated financial statements and does not necessarily reflect what our results of operations, financial condition and cash flows would have been had we been a separate, stand-alone company pursuing independent strategies during those periods prior to the completion of the Split-Off.
In addition, our historical financial results insofar as they relate to periods prior to the completion of the Split-Off reflect allocations of corporate expenses from Liberty Media for corporate functions from Liberty Media.
These expenses may be more or less than the comparable expenses we would have incurred had we operated as a separate publicly traded company during periods prior to the Split-Off.
In connection with the Split-Off, we entered into the services agreement with Liberty Media, pursuant to which Liberty Media provides us with certain administrative, financial, treasury, accounting, tax, legal and other services, for which we will reimburse Liberty Media on a fixed fee basis.
Accordingly, our historical financial results for periods prior to the completion of the Split-Off are not necessarily representative of the results we would have achieved as a separate public company and may not be a reliable indicator of our future results .
Additionally, as we continue to transition away from the services provided under the services agreement as noted below, our cost of performing or procuring these services or comparable replacement services could increase, and historical financial results for periods prior to the Corporate Governance Transition may not necessarily be a reliable indicator of our future results.
As we begin transitioning away from services previously provided by Liberty, we may fail to replicate or replace certain functions, systems and infrastructure in a timely fashion, or at all, and may lose benefits from Liberty’s global contracts.
Historically, we have received services from Liberty, including through shared services contracts with various third-party service providers.
Under the services agreement, Liberty has agreed to continue to provide us with certain services and support that were historically provided to us by or through Liberty prior to the Split-Off.
The services agreement does not continue indefinitely and services provided under the services agreement generally terminate at various times specified in the agreement and the schedules thereto.
We have begun transitioning away from certain services previously provided under the services agreement.
For instance, Liberty previously provided some of its executive officers to serve as executive officers of the Company.
As previously disclosed, as part of the Corporate Governance Transition, on August 31, 2024, all of the officers of the Company previously provided by Liberty (with limited exceptions) stepped down from their officer positions, and members of the Braves operating team assumed these roles effective as of September 1, 2024.
These transitions included appointing a new chief executive officer, chief financial officer, chief legal officer, chief culture officer and executive vice presidents of the Company.
We are working to replicate or replace the services, and associated systems and data, and information security and cybersecurity procedures and systems, that we will continue to need in the operation of our business that have been provided by or through Liberty, including those we receive through shared service contracts Liberty has with various third-party providers or through the services agreement for applicable transitional periods.
As a result, when Liberty ceases to provide these services to us, either as a result of the termination of the services agreement or individual services thereunder, our costs I-12 of performing or procuring these services or comparable replacement services could increase.
In addition, we have historically received certain informal support from Liberty, including communications, technical support, market intelligence and market data, which may not be addressed in our transition plans.
We may lose the benefit of this informal support following the termination of the services agreement.
Furthermore, in connection with our efforts to replicate or replace these services, certain third-party systems we are using may have imbedded risks such as cybersecurity susceptibility that we may not be able to resolve effectively or efficiently.
As a result, we may need to purchase comparable replacement services on less favorable commercial and legal terms, and the cessation of such services could result in service interruptions and divert management attention from other aspects of our operations, including ongoing efforts to implement technological developments and innovations.
We are also making infrastructure investments and hiring additional employees to operate without the same access to Liberty’s existing operational and administrative infrastructure.
We have established or expanded our own tax, treasury, internal audit, accounting, investor relations, cybersecurity, corporate governance and listed company compliance and other corporate functions.
Due to the scope and complexity of the underlying projects relative to these efforts, we have been incurring and expect to continue to incur one-time costs to replicate, or outsource from other providers, these corporate functions to replace the corporate services that Liberty historically provided us prior to the Split-Off and under the services agreement.
The total costs could be materially higher than our estimate, and the timing of the incurrence of these costs may be subject to change.
We have incurred, and may continue to incur, material costs not previously incurred as a result of our separation from Liberty Media.
We have incurred and expect to continue to incur costs and expenses not previously incurred as a result of the Split-Off.
These increased costs and expenses may arise from various factors, including financial reporting, costs associated with complying with the federal securities laws (including compliance with the Sarbanes-Oxley Act), tax administration and human resources related functions.
These costs could be material to our business.
Our agreements with Liberty Media were negotiated while we were still a subsidiary of Liberty Media and therefore may not be the result of arms’ length negotiations.
We have entered into a number of agreements with Liberty Media covering matters such as tax sharing and allocation of responsibility for certain liabilities previously undertaken by Liberty Media for certain of our businesses.
In addition, we have entered into the services agreement with Liberty Media pursuant to which Liberty Media provides us certain management, administrative, financial, treasury, accounting, tax, legal and other services, for which we reimburse Liberty Media on a fixed fee basis, subject to quarterly review.
The terms of all of these agreements were established while we were a wholly-owned subsidiary of Liberty Media, and therefore may not be the result of arms’ length negotiations.
We believe that the terms of these agreements are and will be commercially reasonable and fair to all parties under the circumstances; however, conflicts could arise in the interpretation or any extension or renegotiation of the foregoing agreements.
While the characterization of the Split-Off and certain related transactions (the “Split-Off Transactions”) as tax-free to the holders of Liberty Braves common stock was agreed to by the Internal Revenue Service, the Split-Off would result in a significant U.S. federal income tax liability to Liberty Media (but not to former holders of Liberty Braves common stock or holders of Liberty Formula One common stock) under Section 355(e) of the Internal Revenue Code of 1986 (the “Code”) if one or more persons acquire, directly or indirectly, a 50% or greater interest (measured by either vote or value) in the stock of Liberty Media or in the stock of our Company (or any successor corporation) (excluding, for this purpose, acquisitions of our common stock meeting statutory exceptions) as part of a plan or series of related transactions that includes the Split-Off Transactions.
Prior to the Split-Off, we entered into a tax sharing agreement with Liberty Media.
Under this agreement, we are required to indemnify Liberty Media, its subsidiaries and certain related persons for any such taxes and losses arising from the Split-Off Transactions that (i) result primarily from, individually or in the aggregate, the breach of certain covenants we made (applicable to actions or failures to act by us and our subsidiaries), or (ii) result from a 50% or greater interest (measured I-13 by vote or value) in the stock of our Company (or any successor corporation) being sold as part of a plan or series of related transactions that includes the Split-Off Transaction, or (iii) result from any excess loss account (within the meaning of applicable U.S.
Our indemnification obligations to Liberty Media, its subsidiaries and certain related persons are not limited in amount or subject to any cap.
If we are required to indemnify Liberty Media, its subsidiaries or such related persons under the circumstances set forth in the tax sharing agreement, we may be subject to substantial liabilities, which could materially adversely affect our financial position.
We may not realize the potential benefits from the Split-Off in the near term or at all.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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