You can buy stock in the MLB's Atlanta Braves for half the price somebody is going to pay for the team, Mario Gabelli, the billionaire CEO of Gamco Investors, told CNBC's 'Squawk Box' on Friday.
"Everybody loves Derek Jeter. ... He's trying to buy a baseball team," Gabelli explained, referring to the former New York Yankees shortstop who's now part of a group led by ex-Florida Gov. Jeb Bush trying to purchase the Miami Marlins.
Others involved in the bidding for the Marlins reportedly include New York businessman Wayne Rothbaum and a group led by Massachusetts businessman Tagg Romney (son of Mitt Romney), working alongside former Atlanta Braves pitcher Tom Glavine.
So, how does one invest in a baseball team amid this latest bidding war — specifically the Atlanta Braves, which Gabelli suggests is trading at a major discount?
In late 2015, Liberty Media announced it would reclassify its common shares into three tracking-stock groups, a move the company said would highlight each group's operations and make it more practical to raise money for them.
The American mass media conglomerate is controlled by its chairman and billionaire, John C. Malone, who still owns a majority of voting shares.
In turn, Liberty created one group called Liberty Braves Group, which trades under the ticker BATRA and is focused on assets related to the Atlanta Braves baseball team, while another group consists of the company's stake in satellite-radio operator Sirius XM Holdings. The third group includes Liberty's stakes in Live Nation Entertainment, Time Warner and Viacom.
"[The Brave's] stock is trading around $23, and it's worth around $35," Gabelli told CNBC on Friday. "It's really an investment opportunity. ... For your grandkids, throwing them a baseball team."
The stock closed up more than 4 percent on Friday.
As of Friday's market close, Liberty Braves Group shares have climbed more than 21 percent for the year-to-date period and are up a little more than 57 percent over the past 12 months.
Gabelli's stock-picking prowess has made him a billionaire with his latest worth pegged at $1.46 billion, according to Forbes.