U.S. Senators Katie Britt, Raphael Warnock Introduce Bipartisan Legislation to Level the Playing Field for Atlanta Braves, Other Publicly Traded Sports Teams

WASHINGTON, D.C. — U.S. Senators Katie Britt (R-Ala.) and Raphael Warnock (D-Ga.) introduced bipartisan legislation to address disparities in the tax treatment of publicly traded and privately owned sports teams. The legislation would update the tax code to ensure publicly traded professional sports teams receive the same tax treatment as privately owned teams when accounting for compensation paid to players, coaches, and team managers. “Beginning next year, a tax law signed in 2021 will expand to include a public company’s five highest-paid employees beyond its senior executives. For publicly traded professional sports organizations like the Atlanta Braves, this means players and other on-field personnel will be swept into a tax rule designed around executive compensation,” said Senator Britt. “Our bipartisan bill makes a targeted correction by excluding athletic personnel from that additional five-employee category while leaving the existing executive-compensation rules in place. I appreciate Senator Warnock’s partnership on this commonsense fix to ensure the Atlanta Braves are not unfairly penalized for being a public company.” “The Atlanta Braves are a historic franchise that has showcased Atlanta and Georgia to the world,” said Senator Warnock . “I am proud to have worked across the aisle to help the Atlanta Braves and other publicly owned teams continue to thrive and win on the playing field. This legislation will ensure fair tax treatment between professional sports teams.” The legislation is supported by the Atlanta Braves. A companion bill is being led in the U.S. House of Representatives by Representatives Nicole Malliotakis (R-N.Y.), Tom Suozzi (D-N.Y.), Brian Jack (R-Ga.), and Lucy McBath (D-Ga.). “We applaud the bipartisan work of Senators Warnock and Britt and Representatives Malliotakis, Suozzi, Jack, and McBath to correct an unintended competitive disadvantage harming publicly traded professional sports teams,” the Atlanta Braves said in a statement. “Unlike C-suite executives, professional athletes work within league rules and do not receive equity or make business decisions for their teams. Yet, the tax code does not recognize the distinction.  These members agree that this was an unintended consequence, and we appreciate their willingness to clarify the original intent of the law.” You can read more about the legislation here and media coverage on the Senators’ bill below: Bipartisan legislation introduced to amend tax hike issue facing Braves, Knicks, Rangers Braves score bipartisan support in Washington tax battle The latest sports tax Hail Mary ###