Dodgers file for bankruptcy; hearing Tuesday
Published: June 27, 2011
Updated: 9:43 a.m.
(c) Orange County Register/Associated Press
LINK(excerpt)
LOS ANGELES – 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.
"There will be no disruption to the Dodgers day-to-day business, the baseball team, or to the Dodger fans," the statement said.
Baseball Commissioner Bud Selig announced last week that he wouldn't approve a Dodgers television deal with Fox Sports that reportedly was worth up to $3 billion. That left McCourt cash-starved and facing the prospect of missing the team payroll this Thursday, leading to an MLB takeover.
McCourt defended his running of the team,
saying he had made it profitable and successful. He also said the Dodgers have tried for almost a year to get Selig to approve the Fox transaction.
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(edit: emphasis mine.)
No, Frank, the Dodgers were profitable IN SPITE of your greed and incompetence, and finally the fans voted with their feet. FANS don't feel safe at your slum of a crib. Why should they? If they're not stabbed to death, they're beaten in a months-long coma.
Your players suck, your team hasn't won shit in almost 25 years, and all you care about is a few extra bucks rather than providing an experience that makes fans want to return. Why is it that Arte Moreno down the road in Anaheim can have one of ESPN's most highly-ranked franchises in all professional sports, make a profit, and not have fans who are deathly afraid of showing up to Angels Stadium?
No, Frank, the reason you had to file for bankruptcy is because you're a tool. No other reason.
