The Los Angeles Dodgers hope bankruptcy court in Delaware provides them with a level playing field, as the team seeks Chapter 11 protection.
The Dodgers say the action is designed to create a process for addressing their immediate financial needs and to obtain the necessary capital to ensure long-term stability.
Team owner Frank McCourt cited the refusal of Major League Baseball and Commissioner Bud Selig to approve a major television deal as the reason for the filing. The Dodgers sought a 17-year, $3-billion arrangement with the Fox Network. The deal was rejected on the grounds that it was not the best course for the Dodgers, the game and its fans.
The Dodgers list assets of between $500-million and $1-billion in the Delaware filing, and liabilities between $100-million and $500-million. McCourt is locked in a bitter dispute with his estranged wife over ownership of the team.
CLICK HERE for McCourt’s official statement, as published in the Los Angeles Times online.
Also, The Wall Street Journal online publishes the paperwork that names some of the Dodgers’ largest creditors. They include former player Manny Ramirez, who is owed nearly $21-million. CLICK HERE for the link.