An investor is urging Atlanta Braves Holdings to pursue a sales process to take advantage of the soaring value of professional sports teams.

In a letter to the board of the company released early Monday, Breach Inlet Capital Management wrote that the Braves stock trades at a big discount to the estimated value of the company, which includes the baseball team and an attractive real-estate development around the Braves' home field. The Braves are the only pure public play on major league baseball teams.

Citing the high price paid earlier this year for baseball's Los Angeles Angels and San Diego Padres, Breach Capital wrote: "We strongly recommend the Board run a sale process to determine if BATRK suitors are also willing to pay similar premiums."

The Braves non-voting stock (ticker: BATRK) gained 2.2% Monday to $49.91. Barron's wrote favorably on the company in an article last week.

There was no immediate comment from the Braves.

Breach Inlet wrote that the Braves could be worth conservatively $72 a share, and as much as $109 a share if the team gets a similar valuation based on revenues to the Angels.

The firm, which owned about 800,000 shares of the company on June 30, a stake of more than 1%, noted that the Braves are controlled by media mogul John Malone, who has a roughly 7% economic interest in the company and a 50% voting interest due to his control of super-voting shares.

"While we appreciate that John Malone has effective voting control of the Company, the Board's fiduciary duties obligate it to act in the best interest of all shareholders. We hope and trust that Mr. Malone and most shareholders would be aligned with our recommendation. We urge the Board to diligently consider all options, including our recommendation for a sale process," the firm wrote.

The firm called on the board to "engage with Mr. Malone and gauge his appetite for a sale of the Company. If he is unwilling to sell and believes that BATRK is worth significantly more than its current trading price, we encourage him to submit a proposal to take the Company private."