NEW ORLEANS -- Media mogul Ted Turner cannot afford to buy back the Atlanta Braves from AOL Time Warner, he told a telecommunications conference on Wednesday.

AOL Time Warner, the world's largest media company, wants to sell some of its assets and the team that once formed the backbone of Turner's cable empire is among the prime candidates for the auction block.

But asked if he was interested in buying the Braves, Turner said: "No. I can't afford them. They've gone up in value anyway."

Turner bought the Braves for about $10 million in 1976 but sold the team and the rest of his cable empire to Time Warner in 1996 for $7.5 billion.

The Braves are now worth about $424 million, according to an estimate calculated by Forbes magazine.

Turner, who sits on the board of directors at AOL Time Warner and is the company's largest shareholder, has lost $7-8 billion of his net worth because its stock has plunged.

He made his comments at the Cellular Telecommunications & Internet Association wireless annual conference.