DEVELOPING: Judge Approves McCourt Financing Plan

A Delaware judge is allowing the LA Dodgers and their owner, Frank McCourt, to go ahead and work with a US$150 million financing arrangement- much to the chagrin and disappointment of Major League Baseball. Attorneys for both MLB and the team agreed the Dodgers could go ahead with this financing in front of a July 20th hearing.

Mainly, so the Dodgers could meet payroll on the 30th...

The agreement includes reducing a proposed exit fee for the lending group from $4.5 million to $250,000, and removing earlier deadlines regarding the sale of broadcast rights- initially taken by Fox Networks that McCourt claimed would answer all creditors, but at the same time, would settle his divorce proceeding with his soon-to-be ex wife, Jaime.

Commissioner Bud Selig didn't like that idea saying it wasn't in the best interest of the sport and just gave the McCourt family more money instead of the Dodgers themselves...

Here's the introduction of the gambit by Phil Shuman in Los Angeles
((HT: KTTV /MyFoxLA))

Dodgers File For Bankruptcy Protection: MyFoxLA.com

Between now and the 20th, look for MLB to try and find a way for McCourt to get out in one piece and get the Dodgers brand back where it belongs...

As far away from the carpet-bagger as humanly possible...