AOL hires investment bank to help with sale of Braves

AOL hires investment bank to help with sale of Braves
ATLANTA (AP) -- AOL Time Warner Inc., which has a buyer for two of its sports teams, has hired a New York investment bank to help sell the Atlanta Braves.
Allen & amp; Co. will assist in the sale of the Braves, the most successful of the three professional sports teams that were owned by former AOL Time Warner executive Ted Turner. A study by Forbes magazine last month estimated the NL team was worth $423 million.
AOL subsidiary Turner Broadcasting, which operates the Braves, entered exclusive negotiations this week for the sale of its basketball and hockey clubs, the Atlanta Hawks and Atlanta Thrashers.
Dallas businessman David McDavid signed a letter of intent to purchase the NBA and NHL teams, along with operating rights to Philips Arena, where they play home games.
AOL spokesman Greg Hughes confirmed Friday that the company had hired Allen & amp; Co, which was first reported by The Atlanta Journal-Constitution. The company previously had said it would not use an investment bank to sell the Braves but has had problems finding serious suitors, the newspaper reported.