Shares of the SPAC traded around the trust value of $10 until the merger closed mid-month, after which Vivid quickly added 37%, to $13.49. The best-performing stock in the Sportico index in October was Vivid Seats ( VIVD), which closed its merger with the Todd Boehly-led special purpose acquisition company Horizon I. The Glazers continue to have majority control of the team. The transaction effectively diluted actively traded shares without raising any capital for the club. The catalyst for the decline is likely off the pitch, however: Shares gapped 14% lower the day Kevin and Edward Glazer of the controlling shareholder family filed to sell 9.5 million shares-about 8% of the family stake-raising about $188 million. The Red Devils only won one game in October (though on a light schedule, due to breaks for international team play), including getting blown out 5-0 at home by rival Liverpool. The English Premier League fixture surrendered 17%, second-worst in the month, with shares slumping to $16.26 a share. Team performance certainly hasn’t helped Manchester United ( MANU), one of the worst performers in the JohnWallStreet Sports Stock Index in October. Longer term, the Braves have a television contract due for renewal in 2028 that should provide a significant jump in revenue given the team’s large southeast footprint, Harrigan added.
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In particular, that World Series tickets for Atlanta are reselling for multiples of what they are in Houston is indicative of a fan base that should bolster team revenues next season and beyond, even as the Braves don’t benefit financially from high resale ticket prices themselves. The Braves are an unusual instance where you have a very financially savvy owner in Liberty Media- John Malone and Greg Maffei-and they’re very competitive on the field.” “They’re probably one of the top three franchises in baseball. “There are all sort of indications that the Braves are a really well-run team that isn’t fully monetized,” said Matthew Harrigan, an equity analyst at brokerage The Benchmark Company, in a phone call.
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The Braves were the best-performing of the teams and league components of the index this month, edging out sister company Formula One ( FWONA, up 12%) and World Wrestling Entertainment ( WWE, up 9%). The index is up 21.5% on the year, slightly lagging the S&P 500, which is up 22.6%. The JohnWallStreet Index closed October at 1,723.71, up 30 points.