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Blog Entry

Dodgers file for bankruptcy

Posted on: June 27, 2011 9:34 am
Edited on: June 27, 2011 11:32 am
 
By C. Trent Rosecrans

The Dodgers have announced the team has filed for bankruptcy protection in Frank McCourt's latest attempt to stall the inevitable takeover of his team.

The team listed assets of as much as $1 billion and debt of $500 million in U.S. Bankruptcy Court in Wilmington, Del.

McCourt was unlikely to be able to make payroll at the end of the month, which would have likely triggered an MLB takeover of the team.

McCourt, of course, is upset with commissioner Bud Selig after he rejected a TV deal with Fox that would have kept McCourt's Dodgers ownership afloat.

"He's turned his back on the Dodgers, treated us differently, and forced us to the point we find ourselves in today," McCourt said in a statement. "I simply cannot allow the commissioner to knowingly and intentionally be in a position to expose the Dodgers to financial risk any longer. It is my hope that the Chapter 11 process will create a fair and constructive environment to get done what we couldn't achieve with the commissioner directly."

The Wall Street Journal has the entire filing posted here.

Here are the team's unsecured creditors and what they're owed:

Manny Ramirez $20,997,086
Andruw Jones $11,075,00
Hiroki Kuroda $4,483,516
Rafael Furcal $3,725,275
Chicago White Sox $3,500,000
Ted Lilly $3,423,077
Zach Lee $3,400,000
Kaz Ishii $3,300,000
Juan Uribe $3,241,758
Matt Guerrier $3,090,659
Juan Pierre $3,050,000
Marquis Grissom $2,719,146
Jon Garland $1,211,538
Levy Restaurants $588,322
Andre Ethier $559,066
Jamey Carroll $508,791
Alexander Santana $499,500
Jonathon Broxton $423,077
Chad Billingsley $379,258
Continental Airlines $339,403
Casey Blake $332,418
Bank of America $316,243
Highmark Blue Shield $315,022
James Loney $294,643
KABC-AM Radio 790 $273,321
City of Los Angeles $240,563
Matt Kemp $216,944
Rod Barajas $196,429
P2 Promo $175,326
Hong-Chih Kuo $164,698
AVM Systems $160,000
Vin Scully $152,778
Scott McGough $150,300
Raydel Sanchez $125,000
Vicente Padilla $120,879
Francisco Villa $80,000
Jesus Valdez $75,000
Chris O'Brien $75,000
Deloitte Tax $74,000
Covington & Burling $73,397 

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Category: MLB
Comments

Since: Dec 2, 2011
Posted on: January 14, 2012 6:37 am
 

Dodgers file for bankruptcy

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Since: Dec 2, 2011
Posted on: December 30, 2011 12:01 pm
 

Dodgers file for bankruptcy

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Since: Nov 19, 2011
Posted on: December 23, 2011 8:50 am
 

Dodgers file for bankruptcy

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Since: Nov 19, 2011
Posted on: December 3, 2011 8:04 am
 

Dodgers file for bankruptcy



Tomly
Since: Oct 21, 2011
Posted on: October 21, 2011 9:19 pm
This comment has been removed.

Post Deleted by Administrator




Since: Dec 4, 2007
Posted on: June 27, 2011 6:19 pm
 

Dodgers file for bankruptcy

Really?  One of the prime reasons MLB rejected the deal is that $385 million dollars of it, upfront payment, was earmarked for the McCourts divorce not for baseball operations.  This on the heels of the McCourts having to disclose in their divorce proceedings that nearly $100 million dollars was pulled from Dodger holdings to pay for their lavish lifestyles.   Beyond the fact that Jamie McCourt and other McCourt family members had “mystery” jobs that paid them well into the six figures.   

Beyond that there is no possible way that Selig and MLB would lose the public opinion war with the McCourts.  The McCourts have run that franchise into the ground and not because of poor business and player decision done in the best interest of the team but that turned out badly.  They wanted to live the life of billionaires without having the money to pay for it so they used the Dodgers organization and their fans money to pay for their club membership, multiple homes and vacations getaways, impossibly expensive haircuts, etcetera. 

McCourt has become a laughing stock and, unfortunately for him, because of his divorce from that equally entitled jerk of a wife, it is all a matter of public record.  Selig just needs to sit back and watch it play out.





Since: Jan 13, 2011
Posted on: June 27, 2011 5:01 pm
 

Dodgers file for bankruptcy

That's blatant bias. The difference? The Wilpon's are cozy with Selig and Frank isn't. That's unfair and McCourt should use that in any litigation.

Why is his TV deal bad for the team, but Wilpon's 200 million dollar deal not? How much of that 200 million will go to lawyers fees and a settlement or payout? How much goes into the team? Seems to me a billion dollar deal helps both McCourt and the Dodgers, but Selig doesn't want the former to be helped. That's wrong-headed.
Well said (and faved starblazer) ... there has been a stench regarding Selig and his dealings with McCourt and the recent article in the Sporting News pointed out the same questions you ask. This has become personal between the two of them when one of them falls I believe it will be Selig. He has lost his impartiality and that will cost him his job ... and MLB millions.



Since: Jan 13, 2011
Posted on: June 27, 2011 4:55 pm
 

Dodgers file for bankruptcy

Is obvious that your experience as a business owner has absolutely no relevance, none of your arguments make sense in the context of an MLB franchise.  If you DISAGREE that the Dodgers is not private business, then you have bigger problems and a fundamental lack understanding
And you've deduced that from a short exchange on a aports board? I agree that there is some ignorance here but your comment proves it is not mine. FYI - caps do not make you more important or smarter.



Since: Dec 4, 2007
Posted on: June 27, 2011 4:31 pm
 

Dodgers file for bankruptcy

The McCourt situation, at least in regard to ownership, is much worse than the Mets. 

 

The McCourts used the Dodgers as their personal piggy bank syphoning off over $100 million dollars for their own personal use.  Frank McCourt then tried to push as b.s. tv deal down MLB's throat that would have giving him, him and not the Dodgers, nearly a $400 million dollar advance to help with he and Jamie McCourts divorce settlement.  How could Frank McCourt possibly think that would pass the sniff test especially after he had to borrow money just to make payroll last month all the while using Dodger money to buy his 20th club membership while Jamie McCourt got her monthly $1,000 haircut.  The McCourts are a joke and an embarrassment (I find the divorce settlement repulsive given what they have done to the Dodgers) and MLB had no choice, in my opinion, of taking the team over





Since: Dec 27, 2007
Posted on: June 27, 2011 2:05 pm
 

Dodgers file for bankruptcy

"He's turned his back on the Dodgers, treated us differently, and forced us to the point we find ourselves in today," McCourt said in a statement. "I simply cannot allow the commissioner to knowingly and intentionally be in a position to expose the Dodgers to financial risk any longer. It is my hope that the Chapter 11 process will create a fair and constructive environment to get done what we couldn't achieve with the commissioner directly."

I'm no fan of this guy and if I was a Dodger fan, I'd want him out, but he's right. The Mets situation is even worse and Selig has done nothing. The primary owner ripped his players in the media. The son ripped his players in the media. The owners are linked to the greatest swindler in US history and are on the hook for 1 billion dollars and their team is still theirs. That's blatant bias. The difference? The Wilpon's are cozy with Selig and Frank isn't. That's unfair and McCourt should use that in any litigation.

Why is his TV deal bad for the team, but Wilpon's 200 million dollar deal not? How much of that 200 million will go to lawyers fees and a settlement or payout? How much goes into the team? Seems to me a billion dollar deal helps both McCourt and the Dodgers, but Selig doesn't want the former to be helped. That's wrong-headed.

The Dodgers are the premier NL franchise and deserve better than Frank McCourt. However, that doesn't excuse Selig and his outrageous behavior. Don't give me the "best interest of baseball" garbage either. What about steroids? What about counting Bonds records? What about the strike? What about the AS game tie and subsequent idiotic awarding af homefield advantage to the winner?  What about that stupid WBC and how its done nothing but harm and been an utter flop? None of those were in the games best interest. This isn't either. Selig is a disgrace. He's a moronic despot.

How did MLB run the Expos? They hired Omar Minaya. The guy is a dullard. You think this clown who knows squat about the game is going to help the Dodgers? He'll hand pick the next owner. It won't be a guy like Cuban. It will be more than likely another Wilpon.

The best case scenario is McCourt sells on his own like Wilpon was allowed to. That part owner should have a proviso where he can take over the majority interest as well. If Selig had any class or diplomatic acumen, he'd be working behind-the-scenes to get this done. He has no interest in that, because baseball is not his interest, power is.


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