Los Angeles Dodgers file for bankruptcy after failed TV deal

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  • Chrispy
    Needs a hobby
    • Dec 2008
    • 11403

    Los Angeles Dodgers file for bankruptcy after failed TV deal

    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 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 Dodgers need a new owner, it's sad watching a Dodger's home game, there is literally like no one there.
  • jms493
    Junior Member
    • Feb 2009
    • 11248

    #2
    yeah I rec'd this email this morning...

    This morning the firm’s Business Solutions & Governance Group filed a Chapter 11 reorganization case in the United States Bankruptcy Court on behalf of the Los Angeles Dodgers and certain affiliates.

    Comment

    • strahanfan92
      Meat
      • Aug 2009
      • 5456

      #3
      Why the fuck did they do it in Delaware lol.

      Comment

      • EmpireWF
        Giants in the Super Bowl
        • Mar 2009
        • 24082

        #4
        Originally posted by strahanfan92
        Why the fuck did they do it in Delaware lol.
        Either they're incorporated in Delaware or they were able to shop around.


        Comment

        • RyanLeaf16
          #DoSomething
          • Feb 2009
          • 3211

          #5
          Gotta love Bud Selig. He allows McCourt to purchase the Dodgers with almost no liquidity and then talks about how his refusal to accept the broadcast deal was done as a means to keep the storied franchise out of further trouble.

          When will Bud Selig be barred from making financial decisions on behalf of troubled teams or the league?
          Maddon & Friedman: Pissing off the AL East since 2008

          Comment

          • ralaw
            Posts too much
            • Feb 2009
            • 6663

            #6
            Originally posted by strahanfan92
            Why the fuck did they do it in Delaware lol.
            I heard Delaware has more lenient bankruptcy laws.


            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.


            If approved by a judge, the financing would come in two chunks from a New York investment management company - $60 million up front with the remainder being paid at a later date. A phone message left with Highbridge Principal Strategies was not immediately returned.

            It's a step closer to a resolution. Dodgers owner Frank McCourt is hoping that the bankruptcy court will override Major League Baseball's constitution. If it does, he could win and keep the team.

            Comment

            • Swarley
              A Special Kind of Cat
              • Jul 2010
              • 11213

              #7
              I'm just damn glad McCourt didn't end up buying the Red Sox over John Henry and co.

              Comment

              • Rudi
                #CyCueto
                • Nov 2008
                • 9905

                #8


                Its time.

                Comment

                • NAHSTE
                  Probably owns the site
                  • Feb 2009
                  • 22233

                  #9
                  Hi, Frank? This is another Frank. Wren that is. Yeah, hi. ... I'm good, thanks. How are you? Good. Good. So yeah ... I'm calling about Matt Kemp ...

                  Comment

                  • stevsta
                    ¿Que?
                    • Oct 2008
                    • 4670

                    #10
                    Originally posted by NAHSTE
                    Hi, Frank? This is another Frank. Wren that is. Yeah, hi. ... I'm good, thanks. How are you? Good. Good. So yeah ... I'm calling about Matt Kemp ...
                    none of the dodger players are going to get traded until this shit is over probably

                    or at least till the end of the year
                    RIP

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