04/24/24
June 27, 2011
Dodgers File for Bankruptcy: The Los Angeles Dodgers on Monday filed for bankruptcy protection, blaming Major League Baseball for refusing to approve a $3 billion, 17-year television deal with Fox Network to give the team an injection of cash. Owner Frank McCourt has been struggling to meet payroll and other commitments because of heavy debt and a bitter divorce with his former wife Jamie.
I can contribute $24.88, also two quarts of strawberries and a big basket of garlic scapes.
I don't think that'll go very far with their payroll, though.
"According to the filing, the team's largest unsecured creditors include former Dodger players Manny Ramirez, who is now retired, and Andruw Jones, who now plays for the New York Yankees."
Awesome.
posted by lil_brown_bat at 11:23 AM on June 27, 2011
I think I heard Vin Scully's name on that list as well. Ouch. Andruw Jones though. Whoah! Worst acquisition by any pro team ever? Or the worstest?
posted by NoMich at 12:36 PM on June 27, 2011
The bankruptcy may just be a tactic to remove control from Selig. The league had the right to take control of the Dodgers up until the moment the Dodgers filed for bankruptcy, now the court is in control of the Dodgers not Major League baseball.
No doubt McCourt has financial problems and when the league rejected the Fox deal, McCourt and his attorneys by filing for Chapter 11 protection have essentially removed most of the financial decisions from the league and placed it in the hands of the bankruptcy court's trustee.
Now I believe the bankruptcy court's trustee must review a plan to repay the creditors which could include another look a the Fox deal or other potential sources of revenue that can repay the creditors and the league will probably have to go to court to regain any control. That could open up a whole can of worms as to whether or not the league actually has any rights.
I an not a lawyer but according to a friend who is, this was a very smart move if McCourt wanted to get even with the league, and buys himself a lot more time.
posted by Atheist at 12:58 PM on June 27, 2011
posted by yerfatma at 01:37 PM on June 27, 2011
Ouch. Andruw Jones though. Whoah! Worst acquisition by any pro team ever? Or the worstest?
Adam Dunn is trying his hardest to give him a run for his money.
posted by Ying Yang Mafia at 05:07 PM on June 27, 2011
So they... dodged Selig's attempt to take control?
/bites nail on pinky finger and looks evil
posted by Joey Michaels at 05:42 PM on June 27, 2011
Adam Dunn is trying his hardest to give him a run for his money.
Heh. Look at Adam Dunn's wiki page and you'll see that he was the NL player of the month for July of '05. He was preceded and succeeded by none other than Andruw Jones for the award.
posted by NoMich at 06:48 PM on June 27, 2011
Does this mean the Dodgers are going to the World Series? Worked for the Rangers last year.
posted by graymatters at 08:14 PM on June 27, 2011
Adam Dunn rarely runs...
posted by The_Black_Hand at 12:00 AM on June 28, 2011
We should totally buy them. Anybody got any spare dollars to kick in?