Monday, June 27, 2011

Developing: Dodgers file for bankruptcy--UPDATED

((ht: richard sandomir))

UPDATED:10:10 am est--Per L.A Times--McCourt has told the L.A Times he's lined up $150 million of interim financing to keep the team through bankruptcy proceedings.

You can read the teams entire statement via L.A Times by clicking on the link HERE

The battle between Frank McCourt and Major League Baseball has now been elevated. McCourt, the owner of the Los Angeles Dodgers, has put in paperwork declaring the Dodgers bankrupt.

This is, for the most part, a legal tactic by McCourt to stave off the league from taking over and selling his team. Though that scenario is inevitable.

McCourt is trying to get Fox TV to complete the contract offered just a week or so ago and rejected by the MLB. That deal would've given McCourt enough money to slog through most, if not all of the season.

McCourt has been barely able to make payroll this season and MLB has already placed an advisor with the team to begin the transition to a new owner. But McCourt has fought it all the way saying he still wants the team. However, between his nasty, expensive divorce from now former wife Jamie and his other financial issues, McCourt just flat out doesn't have the financing to continue running a professional sports franchise.

Oh by the way, just Sunday, Steve Soboroff, an L.A civic leader, hired to help make Dodger Stadium a better place for fans and help the team in the community, quit after 2 months on the job.

More on Soboroff from RIGHT HERE

We suspect this will, in due time play itself out, but it make the once proud, standout, Major League Baseball franchise look awfully small. We feel for the players and staff, and the team has definitely suffered both on and off the field.

Here are the bankruptcy documents, thanks to our friends at KTLA-TV

And here's Phil Shuman's report, thanks to our friends at KTTV/MyFoxLA

Dodgers File For Bankruptcy Protection:

No comments: