Monday, June 27, 2011

Dodgers File For Bankruptcy

"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 team afloat.

The Chapter 11 financing permits the Dodgers to use $150 million for daily operations and buys time for the team to seek a media deal and ensure the team's long-term financial stability, the Dodgers said in a news release. A judge would need to approve use of the money and a hearing is set for Tuesday (Sportsline)."

This is the first step in McCourt trying to fight the MLB and keep his team. I don't think in the long run he will be able to hold on, especially if half the expenses that were rumored before are true. I wish they would just let a good owner come in, but with the way this is going it's going to take years to straighten it all out. What also makes it tough is that there are a ton of companies involved (one owns parking lot, ect). It's just a mess, and it's sucks for LA fans, because until this is all fixed they are going to be terrible.

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