It appears that Frank McCourt may be out of his mess with the LA Dodgers...
The founder of the LA Marathon, Bill Burke, along with some Chinese investors, apparently have offered $1.2B for the Dodgers, all associated real estate, and media deals...
The whole f'n show...
The deal is all cash and will be on the table for three weeks. No word on whether or not either Frank or Jamie McCourt has received any correspondence from Burke or any of Burke's representatives.
More when we know more...
But, as a flashback, here's McCourt taking on MLB
((HT: MyFoxLA))
Showing posts with label Frank McCourt. Show all posts
Showing posts with label Frank McCourt. Show all posts
Thursday, September 1, 2011
Friday, July 22, 2011
DEVELOPING: Judge Rejects Dodgers Bankruptcy Plan
A Delaware judge has rejected the Dodgers proposed $150 million bankruptcy financing plan. The judge issued his eight-page decision which will, probably, mean the MLB plan could be the next step in the process.
The team had sought approval of its proposed arrangement with hedge fund Highbridge Capital, but the league's idea had better financing.
The Dodgers rejected MLB's offer thinking and proposing Commissioner Bud Selig was going to take over the team and force a sale to someone not linked directly to Frank McCourt.
More when we know more...
The team had sought approval of its proposed arrangement with hedge fund Highbridge Capital, but the league's idea had better financing.
The Dodgers rejected MLB's offer thinking and proposing Commissioner Bud Selig was going to take over the team and force a sale to someone not linked directly to Frank McCourt.
More when we know more...
Wednesday, July 20, 2011
DEVELOPING: Dodgers Bankruptcy Hearing Underway
((HT: MyFoxLA.com/KTTV))
The Los Angeles Dodgers' proposed $150 million bankruptcy financing plan is now being debated in a Delaware court.
The Dodgers' list of creditors withdrew their initial objection to the team's ideas of getting their money from a hedge fund at a ridiculous interest rate... something like 20-percent to start, but after MLB squawked, it was tweaked.
Major League Baseball and Commissioner Bud Selig still object to the plan.
The Dodgers say the league's offer is simply an attempt to take control of the team. A Dodger attorney told the judge Thursday that he will explain to the court why the team should not be forced to do "a deal with the devil."
Phil Shuman goes over the particulars...
The HQ thinks that once the Dodgers screw things up once and for all, they'll use the "best interest of baseball" clause to pull it out from under him.
As well they should...
The Los Angeles Dodgers' proposed $150 million bankruptcy financing plan is now being debated in a Delaware court.
The Dodgers' list of creditors withdrew their initial objection to the team's ideas of getting their money from a hedge fund at a ridiculous interest rate... something like 20-percent to start, but after MLB squawked, it was tweaked.
Major League Baseball and Commissioner Bud Selig still object to the plan.
The Dodgers say the league's offer is simply an attempt to take control of the team. A Dodger attorney told the judge Thursday that he will explain to the court why the team should not be forced to do "a deal with the devil."
Phil Shuman goes over the particulars...
Dodgers Bankruptcy Hearing Underway: MyFoxLA.com
The HQ thinks that once the Dodgers screw things up once and for all, they'll use the "best interest of baseball" clause to pull it out from under him.
As well they should...
Tuesday, June 28, 2011
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))
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...
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...
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 KTLA.com 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
Wednesday, June 22, 2011
McCourt plans to make Dodger sale difficult: Mark Cuban interested or not?
((ht: latimes))
This is going to be really interesting. Current Los Angeles Dodger owner and sinking ship Frank McCourt is vowing that he's going to make any sale of his team by Major League Baseball difficult at best.
McCourt's attorney tells the L.A Times that McCourt created a separate entity to control the stadium, the parking lot and a large piece of ticket revenue and that entity is not a part of the team. Bob Sacks also tells the Times that if the league sells the Dodgers, none of those entities would be part of the sale. Sacks also says the league knows of and agreed to this, something the league vehemently denies.
What essentially it means is someone could buy the team and not have rights to anything. It also means this is about to get ugly, because the league is about to take over the Dodgers in full and put the team up for sale. The reason they will step in, McCourt will not be able to make his end of the month payroll due to losing most of his assets in a nasty divorce settlement with now ex-wife Jamie.
Read more from the L.A Times RIGHT HERE
The other interesting tidbit here is that apparently TMZ.com asked Dallas Mavericks owner Mark Cuban if he'd be interested in buying the Dodgers. Cuban told TMZ, "If the deal is right and they're fixable then yeah, I'm very interested", he added, "Who knows what is included and what's not?"
This...is going to get ugly in about 8-days. McCourt keeps saying he doesn't want to fight Major League Baseball in court, but that is exactly where this is heading. Summarizing McCourt's legal and financial issues would take a lot of time and probably several stories, but he is essentially "S.O.L". He doesn't have the financial wherewithal anymore to operate his team.
We'll keep an eye on this and let you know how this story progresses.
CNBC's Darren Rovell talks a bit about McCourt's Financial issues:
This is going to be really interesting. Current Los Angeles Dodger owner and sinking ship Frank McCourt is vowing that he's going to make any sale of his team by Major League Baseball difficult at best.
McCourt's attorney tells the L.A Times that McCourt created a separate entity to control the stadium, the parking lot and a large piece of ticket revenue and that entity is not a part of the team. Bob Sacks also tells the Times that if the league sells the Dodgers, none of those entities would be part of the sale. Sacks also says the league knows of and agreed to this, something the league vehemently denies.
What essentially it means is someone could buy the team and not have rights to anything. It also means this is about to get ugly, because the league is about to take over the Dodgers in full and put the team up for sale. The reason they will step in, McCourt will not be able to make his end of the month payroll due to losing most of his assets in a nasty divorce settlement with now ex-wife Jamie.
Read more from the L.A Times RIGHT HERE
The other interesting tidbit here is that apparently TMZ.com asked Dallas Mavericks owner Mark Cuban if he'd be interested in buying the Dodgers. Cuban told TMZ, "If the deal is right and they're fixable then yeah, I'm very interested", he added, "Who knows what is included and what's not?"
This...is going to get ugly in about 8-days. McCourt keeps saying he doesn't want to fight Major League Baseball in court, but that is exactly where this is heading. Summarizing McCourt's legal and financial issues would take a lot of time and probably several stories, but he is essentially "S.O.L". He doesn't have the financial wherewithal anymore to operate his team.
We'll keep an eye on this and let you know how this story progresses.
CNBC's Darren Rovell talks a bit about McCourt's Financial issues:
Monday, June 20, 2011
Developing: MLB vetos Dodger TV contract, McCourt in trouble
It appears that L.A Dodger owner Frank McCourt's last chance at raising enough money to make his end of the month payroll has gone kaput. McCourt had been holding on, hoping the league would okay his and the teams new TV deal with Fox Sports, which would have given McCourt and extra $170 million plus of funding.
Commissioner Bud Selig, said "Neigh". Oh, it also apparently negated a court ordered settlement in the Frank and Jamie McCourt divorce case, part of the impetus for the Dodgers problems for the past year or so.
The league already helping operate the team, this dissolving of the Fox deal means the team is likely to cede ownership to the league who would then put the team up for sale, something McCourt has indicated he'll fight that in court
Read more from the LA Times RIGHT HERE
This is just a "Gawd-awful" mess. One reason Major League Baseball insisted on payment, is the McCourt's (pre-divorce), blew $100 million dollars of team money on themselves. Should MLB step in, they would cover the team's payroll, and get the rights to sell the team, something Frank McCourt, despite his running of the Dodgers into the ground, is trying to avoid.
We could go on for a long, long time about how arrogant and stupid Frank McCourt has been in his tenure as Dodger owner, but we'll refrain. It took long enough to explain the bizarre financial crisis the team is in now and we aren't sure we even covered all of it. We hope Commissioner Bud Selig will step in and put McCourt and his run as owner, out of Dodger fans...and baseball fans misery.
Here's Rebecca Hall's report on the denying of the deal...
((HT: KTLA-TV))
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