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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 33 slides",
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  "notes": "The slide uses a table structure to categorize due diligence items for a potential M&A transaction between 'Braves' and 'Royals'.",
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      "text": "Ratings agencies suggest 1-2 notch downgrade. Braves has capacity to increase cash component. Likely capable of financing higher purchase price without impacting accretion.",
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      "text": "Potential for incremental value from tax savings through structuring. Savings of 6.5% on dividend tax. Refinancing existing debt could provide additional tax savings.",
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      "text": "Board participation has likely provided Braves with an initial perspective on potential synergies. Investors believe $400mm public synergies guidance is conservative. Areas for incremental synergies include SG&A, R&D, and contract manufacturing.",
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      "text": "Converting Royals reporting from U.S. GAAP to IFRS. Pension expense and purchase accounting for MSA payments are primary focus areas with ~$100mm+ impact.",
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      "text": "Key Financial Items for Further Due Diligence",
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