Los Angeles Dodgers File for Bankruptcy

[marmar]

(Bloomberg) The Los Angeles Dodgers filed for bankruptcy protection to gain time to complete a television- rights deal and ward off creditors.

The Major League Baseball franchise listed assets of as much as $1 billion and debt of as much as $500 million in a filing today in U.S. Bankruptcy Court in Wilmington, Delaware.

Frank McCourt, the team’s owner, has clashed with Major League Baseball Commissioner Bud Selig over the Dodgers, with baseball taking over business operations this year and rejecting a television deal that McCourt said would have assured financial stability for the team.

“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.” ............(more)

The complete piece is at: http://www.bloomberg.com/news/2011-06-27/los-angeles-dodgers-file-for-chapter-11-bankruptcy-seek-television-deal.html

[Johonny]

1. OMG he officially is McBankrupt

kudo's to the LA sports writers who labeled him that when he bought the team. Why did all the sports writers know he was a bad owner all those years ago, but Bud didn't? L O L on Selig too.

[msongs]

2. giant players sale now in progress. unable to win championships, half off lol nt

[intaglio]

14. No, Dodgers player sale now in progress

Oh you didn't mean those Giants


/edit to add

:sarcasm:

[mikeargo]

3. Yikes

And to think that this guy McCourt was on the short list to buy the Red Sox a few years ago.

[JSK]

4. Walter O'Malley is turning over in his grave. n/t

[JHB]

5. Somewhere, there's some old Brooklynites going "HA!"

I'm too young for it, but some guys just never got over O'Malley moving them to LA.

[Historic NY]

6. "Note...in other news the Dodgers didn't win the pennant...

McCourt bleed them dry".

[ImNotTed]

7. Odd

I figured the Washington Redskins would get there first.

[KamaAina]

8. Who knew Nelson Muntz was a Giants fan?

[Blue_Tires]

9. Even this Mets fan thinks the Dodgers are a disgrace to baseball...

:hide:

[cherokeeprogressive]

11. Lots of good people fall under "the Dodgers" umbrella. Not all are bad.

McCourt is a discrace to baseball. The Dodgers? Meh.

This is the fault of the owners in the first place for letting someone buy a team who couldn't afford it in the first place.

[Blue_Tires]

12. Agreed...Selig should be answering hard questions on how this deal ever went through

I've been reading the backstory of the McCourts' Boston days until the present, and they have been shady from the start...

[cherokeeprogressive]

13. The Boston Parking Lot Attendant should have been avoided like the plague in the context of owning

a MLB team.

[slampoet]

10. See what happens when you leave Brooklyn?

[AsahinaKimi]

15. So what does this mean for the team?

Sold to someone else? Whats happens to Vince Skully? (probably will retire..)

[ElsewheresDaughter]

16. fucking Madoff really screwed them and the NY Mets is next in line