Los Angeles Dodgers file for bankruptcy

ESPNLosAngeles.com / June 27, 2011

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.

MORE: http://sports.espn.go.com/los-angeles/mlb/news/story?id=6708046

"MLB was not immediately available for comment."

Its a toss up which ownership is the worst in baseball..Frank McCort or the Wilpons of the NY Mets. People around here complain about the Lerners ALOT but they are far far better than those guys...I feel very bad for Dodger fans, I don't think McCort gives a damn about them.

Dan Shaughnessy / si.com

LOS ANGELES -- Note to Bud Selig: Next time somebody tries to buy one of your crown jewel franchises, make them show you the money.

SNIP

Folks in Boston knew McCourt would be a disaster for Major League Baseball. He was a smooth-talking, nicely-dressed, well-mannered guy with parking lots and delusions of grandeur. He fancied himself as a serious bidder for the Red Sox in 2001 when the Yawkey Trust put the team up for sale, but nobody in Boston took McCourt seriously because he didn't have enough of his own money.

SNIP

I was stunned when McCourt and his wife, Jamie, got the Dodgers in 2004 -- by a unanimous vote -- virtually without any of their own cash. The deal was a house of cards from the jump. And for the next six years the McCourts made the Dodgers their personal ATM. They hired their sons. They set up multiple residences. They invested in a psychic to send out good vibes. They gleefully paid Manny Ramirez.

READ MORE: http://sportsillustrated.cnn.com/2011/writers/dan_shaughnessy/06/27/dodgers/

:rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl:

:-)

He's owed $21 million!

:cry: