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LOS ANGELES -- The Los Angeles Dodgers filed for bankruptcy protection in a Delaware court Monday, blaming the refusal of Major League Baseball 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, the team said in a news release.
"There will be no disruption to the Dodgers day-to-day business, the baseball team, or to the Dodger fans," the statement said.
Bankruptcy protection will provide the Dodgers with a process to address its immediate financing requirements and obtain the capital necessary to ensure the baseball franchise's long-term financial stability, the team said.
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, the team said in a news release.
"There will be no disruption to the Dodgers day-to-day business, the baseball team, or to the Dodger fans," the statement said.
Bankruptcy protection will provide the Dodgers with a process to address its immediate financing requirements and obtain the capital necessary to ensure the baseball franchise's long-term financial stability, the team said.
The Dodgers need a new owner, it's sad watching a Dodger's home game, there is literally like no one there.
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