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  1. #1
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    Dodgers File for Bankruptcy

    A mere three days before the payroll comes due ó payroll that Frank McCourt canít meet ó the Dodgers have filed for bankruptcy, reports Richard Sandomir. With that, the legal game begins.
    Obviously the situation is fluid, and more details will stream in as the morning and day progresses, but for the time being, this could buy McCourt some time. Why? because a bankruptcy filing puts a halt on all legal action with respect to the bankruptcy estate (i.e. the Dodgers). McCourt will certainly argue that this will prevent a takeover from Major League Baseball, though the court may decide differently when it gets a chance to weigh in, likely in the next few days.
    The problem for McCourt is that the kind of bankruptcy the Dodgers have certainly filed is designed to reorganize the financial house. Frank McCourt, however, does not have a plan available to him to do such a thing or else he would have already done it. The filing isnít yet circulating, but my guess is that heís going to ask the court to order that the Fox TV deal be executed ó assuming Fox wants to still do it, which it has been reported it may not ó thereby providing funding.
    The problem with that, of course, is that the bankruptcy court wonít approve of anything that is not seen as in the best interests of the Dodgers the Dodgersí creditors,* itís obvious that Major League Baseball and others would come in and make a strong case that the Fox deal is not the best deal they could make.
    If McCourt can do no better, the court may very well order a sale of the team. Perhaps auctioning it off, Texas Rangers-style. Which, by the way, would also put Major League Baseball in the same position it was in with respect to the Rangers: less-able to control who owns the team than it would otherwise be. Mark Cuban bid on the Rangers, after all. If his or some other non-chosen personís money looked green to the bankruptcy court in such a scenario, Bud Selig would be hard-pressed to stop them from participating in a team auction.
    The Dodgers file for bankruptcy | HardballTalk



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    Re: Dodgers File for Bankruptcy

    McCourt is almost certainly done at this point. This should be all the ammo that Selig needs to yank ownership away from him.


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    Re: Dodgers File for Bankruptcy

    Here is a good article about how the Dodger lost the city of LA over the past 13 years:

    Dodgers: How the Dodgers lost the love of Los Angeles - latimes.com



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    Re: Dodgers File for Bankruptcy

    Good article. He's got it right, the Dodgers downfall started with the sale of the team from O'Malley to FOX. Letting Piazza go for less than what they paid Kevin Brown was beyond stupid, and not naming Scoscia the manager was another insult to Dodger history. Then FOX sells the team to McCrook, and he's driven the organization to a new low. But bankruptcy is a step toward new ownership, and I'm hoping for the group that includes Hershiser and Garvey, with a slim hope they could talk Scoscia into coming home.



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    Re: Dodgers File for Bankruptcy

    LOS ANGELES (AP) -- One of baseball's proudest franchises is in tatters, its future to be decided not on the field but in the courtroom.

    The Los Angeles Dodgers filed for bankruptcy protection in a Delaware court Monday, blaming Major League Baseball for refusing to approve a multibillion-dollar TV deal that owner Frank McCourt was counting on to keep the troubled franchise afloat.
    McCourt, upset that baseball Commissioner Bud Selig rejected the proposed TV deal last week, hopes a federal judge will approve $150 million in financing to be used for daily operations, which would give him more time to seek a more favorable media contract. A hearing is set for Tuesday at 1:30 p.m. (EDT) in Wilmington, Del.
    "The action taken today by Mr. McCourt does nothing but inflict further harm to this historic franchise," Selig said in a statement.
    Former players are owed millions and even beloved Hall of Fame announcer Vin Scully is owed more than $150,000 as part of his contract, court documents show.
    The filing by a cash-starved McCourt comes just days before he was expected to miss a team payroll on Thursday and possibly be confronted with an MLB takeover.
    Legal observers expect MLB to contest McCourt's request for filing bankruptcy, arguing the dispute should remain within the confines of baseball. Baseball's constitution allows Selig to take control of a team that seeks Chapter 11 protection.
    MLB would have to file a motion to seek termination of the franchise. A person familiar with the filing, who spoke to The Associated Press on condition of anonymity because the situation is still in flux, said MLB will wait to see what happens in the hearing before deciding which way to go.


    Read more: Los Angeles Dodgers file for bankruptcy protection in Delaware court - MLB - SI.com





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    Re: Dodgers File for Bankruptcy

    This whole thing is so stupid. McCourt is simply trying to get a large infusion of cash to line his own pockets before he sells the team. There is no way that he will be allowed to continue as the owner of the Dodgers by MLB. The fans hate McCourt, if he can't make payroll the players are going to be questioning why they are playing for a franchise with such crappy ownership, etc... There is no way that this ends with anything other then a new owner for the Dodgers. Unfortunately the damage this whole deal will cause the Dodgers has already been inflicted.

    Anybody that has ever been involved with the Dodger organization in the past or currently has to be left shaking their heads at how one man and his hooker wife can take one of the most tradition rich franchises in MLB history and drive it straight into the ground.



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    Re: Dodgers File for Bankruptcy

    I couldn't beleive they sold him the team in the first team. The guy had to take loans against all his New England properties to get the team. Nobody should be able to finance buying a team with more debt. Then he pays himself, his wife, and his kids crazy salaries, buys four mansions in the LA area (who needs FOUR mansions in the same area) all with the team money... Dude is just a crook...



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    Re: Dodgers File for Bankruptcy

    Quote Originally Posted by Cyclonestate78 View Post
    This whole thing is so stupid. McCourt is simply trying to get a large infusion of cash to line his own pockets before he sells the team. There is no way that he will be allowed to continue as the owner of the Dodgers by MLB. The fans hate McCourt, if he can't make payroll the players are going to be questioning why they are playing for a franchise with such crappy ownership, etc... There is no way that this ends with anything other then a new owner for the Dodgers. Unfortunately the damage this whole deal will cause the Dodgers has already been inflicted.

    Anybody that has ever been involved with the Dodger organization in the past or currently has to be left shaking their heads at how one man and his hooker wife can take one of the most tradition rich franchises in MLB history and drive it straight into the ground.
    Thanks for that!



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    Re: Dodgers File for Bankruptcy

    Quote Originally Posted by cybsball20 View Post
    I couldn't beleive they sold him the team in the first team. The guy had to take loans against all his New England properties to get the team. Nobody should be able to finance buying a team with more debt. Then he pays himself, his wife, and his kids crazy salaries, buys four mansions in the LA area (who needs FOUR mansions in the same area) all with the team money... Dude is just a crook...
    I hope Cuban makes a run at buying the Dodgers. The guy is a great owner at least in the NBA. There is no doubt that he would be able to put people in place in that organization to get things back to where they need to be.

    Interesting sidenote... Ross Perots kid (minority owner in the Mavs) had filed court documents against Mark Cuban stating he should be removed as the owner of the Mavs stating "He is running the worst franchise in all of professional sports." In a brief that Cuban's attorneys filed in court it had a picture of Cuban and the entire Mavs team with the NBA Championship trophy. Talk about the best response ever.



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    Re: Dodgers File for Bankruptcy

    Quote Originally Posted by cybsball20 View Post
    I couldn't beleive they sold him the team in the first team. The guy had to take loans against all his New England properties to get the team. Nobody should be able to finance buying a team with more debt. Then he pays himself, his wife, and his kids crazy salaries, buys four mansions in the LA area (who needs FOUR mansions in the same area) all with the team money... Dude is just a crook...
    Selig is just as much to blame for letting all of this happen. It's the good 'ole boys club at the top of MLB. I love baseball, but I'm really starting to get turned off by the crook owners, the crook commissioner, and the franchises that can afford $200 million payrolls to buy championships. Baseball needs more parity or else it's going to fade away again like it did in the 1990s before steroids took over.



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    Re: Dodgers File for Bankruptcy

    You're right about Selig playing a big part in making this mess, and now he has to clean it up. He wouldn't let McCourt buy into the Red Sox but for some reason let him buy the Dodgers from FOX, a lot of it on credit. I'm heading up to Minneapolis to catch a couple of Twins-Dodger games and forget about this mess for a few days.



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    Re: Dodgers File for Bankruptcy

    Quote Originally Posted by CYKOFAN View Post
    You're right about Selig playing a big part in making this mess, and now he has to clean it up. He wouldn't let McCourt buy into the Red Sox but for some reason let him buy the Dodgers from FOX, a lot of it on credit. I'm heading up to Minneapolis to catch a couple of Twins-Dodger games and forget about this mess for a few days.
    small world ... im headed up this afternoon for the next two games ... was able to score some cheap tics off stubhub when the twins were sucking it up ... hopefully they can keep hitting like they did last night ...


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    Re: Dodgers File for Bankruptcy

    Quote Originally Posted by ribsnwhiskey View Post
    Selig is just as much to blame for letting all of this happen. It's the good 'ole boys club at the top of MLB. I love baseball, but I'm really starting to get turned off by the crook owners, the crook commissioner, and the franchises that can afford $200 million payrolls to buy championships. Baseball needs more parity or else it's going to fade away again like it did in the 1990s before steroids took over.

    Baseball has more parity than any sport out there, both in terms of number of different playoff teams and champions... The econimic system in baseball works, if you have smart people running your team.



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    Re: Dodgers File for Bankruptcy

    Quote Originally Posted by ribsnwhiskey View Post
    Selig is just as much to blame for letting all of this happen. It's the good 'ole boys club at the top of MLB. I love baseball, but I'm really starting to get turned off by the crook owners, the crook commissioner, and the franchises that can afford $200 million payrolls to buy championships. Baseball needs more parity or else it's going to fade away again like it did in the 1990s before steroids took over.
    Let's be real for a moment here. The owners of some of these MLB franchises just simply refuse to put money into their organizations to put a better product on the field and instead put money into their own pockets. Here are a few examples....

    Cheapskate owners
    Ted Lerner - Nationals... Net worth 4.6 billion. Payroll 63 million ranked 22nd of 30.

    Drayton McLane - Astros... Net worth 1.5 billion. Payroll 70 million ranked 20th of 30.

    David Glass - Royals... Net worth (unknown) estimated at 323 million in 1999. Bought Royals for 96 million, now valued at over 300 million. Payroll 36 million ranked 30th out of 30.


    Owners that spend
    Mike Illitch - Tigers... Net worth of 1.7 billion. Payroll 105 million ranked 10th of 30.

    John Henry - Red Sox... Net worth of 1 billion. Payroll 161 million ranked 3rd of 30.

    Owners that buy
    Steinbrenner boys - Yankees... Net worth around 1.4 billion. Payroll 200 million ranked 1st out of 30. Core of team is made up primarily from acquiring high priced free agents for ridiculous amounts of money. Spent 425 million on free agents in 1 off season. Of their 200 million dollar payroll the Spanks are throwing 109 million and change of that only at free agents they have signed (A-Roid, CC. Sabathia, Nick Swisher, Russell Martin, AJ Burnett, and Mark Teixeira).



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