Checketts Ready to Bid

Former Madison Square Garden president Dave Checketts will bid to buy AOL Time Warner Inc.’s professional sports teams in Atlanta, Philips Arena and the Turner South television network, a source familiar with the situation said.

The teams -- basketball’s Hawks, hockey’s Thrashers and baseball’s Braves -- are worth about $425 million combined, the source said. The Braves, worth about $225 million, may not be included in a purchase. Billionaire George Soros is financing the bid, the source said.

Stan Kasten, president of the Atlanta sports teams for AOL Time Warner, declined to comment. Checketts didn’t immediately return a message left at his home.

Checketts has offered to pay News Corp. $600 million for the Dodgers but only if the company also sells him the profitable cable TV channel that airs the team’s games.

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Players taking part in the 22 Montreal Expos’ games moved to Puerto Rico probably will pay a 20% tax on their earnings during their time on the island.

Puerto Rico’s legislature approved the law last week and the bill is awaiting the signature of Gov. Sila Calderon. The money players pay Puerto Rico can be used as credits against U.S. federal income taxes.