Los Angeles Dodgers Bankruptcy: Frank Mccourt V. Major League Baseball
Los Angeles Dodgers Bankruptcy: Frank McCourt v.
Major League Baseball
Frank McCourt was very well one of the most hated people in Los Angeles in 2011. Fans of the popular baseball team the Los Angeles Dodgers were in utter shock and dismay when the Major League Baseball team owner filed for bankruptcy just days before payroll was due. Since 2010, when McCourt and his wife Jamie McCourt filed for divorce, the MLB and commissioner Bud Selig have been keeping very close watch on the handling of the finances for the Dodgers. Frank McCourt and his wife were found to have stolen money from the team, only making matters worse for them. Before Selig could sell the team and get rid of McCourt, bankruptcy was filed, and to cover himself, he sold the team. What Frank McCourt did was completely unethical and left players, staff, and constituents out in the dark with millions owed to them. Frank McCourt, a Boston native and long time baseball fan, purchased the Los Angeles Dodgers, Dodgers Stadium, and 260 acres of surrounding area from Rupert Murdoch’s News Corp. for 430 million dollars in 2004. After running the team into the ground and sending them into 400 million dollars worth of debt (Thomas 2) and a major battle with MLB Commissioner Bug Selig, Frank sold the team to Magic Johnson and his group for two billion dollars, the most anyone has ever paid for a professional sports franchise (Almendrala 1).
On June 27th, 2011 the Los Angeles Dodgers LLC filed for Chapter 11 Bankruptcy in the United States Bankruptcy Court for the District of Delaware (Thomas 1). Owner Frank McCourt filed for bankruptcy to secure $150 million in finances and under Chapter 11 bankruptcy, the team was able to continue functioning (Isidore 2). Just before filling for bankruptcy, the team proposed a deal to sell their television rights for 17 years, which Commissioner Selig shut down. His reasoning being that “the ideas and proposals that I have been asked to consider have not been
Major League Baseball
Frank McCourt was very well one of the most hated people in Los Angeles in 2011. Fans of the popular baseball team the Los Angeles Dodgers were in utter shock and dismay when the Major League Baseball team owner filed for bankruptcy just days before payroll was due. Since 2010, when McCourt and his wife Jamie McCourt filed for divorce, the MLB and commissioner Bud Selig have been keeping very close watch on the handling of the finances for the Dodgers. Frank McCourt and his wife were found to have stolen money from the team, only making matters worse for them. Before Selig could sell the team and get rid of McCourt, bankruptcy was filed, and to cover himself, he sold the team. What Frank McCourt did was completely unethical and left players, staff, and constituents out in the dark with millions owed to them. Frank McCourt, a Boston native and long time baseball fan, purchased the Los Angeles Dodgers, Dodgers Stadium, and 260 acres of surrounding area from Rupert Murdoch’s News Corp. for 430 million dollars in 2004. After running the team into the ground and sending them into 400 million dollars worth of debt (Thomas 2) and a major battle with MLB Commissioner Bug Selig, Frank sold the team to Magic Johnson and his group for two billion dollars, the most anyone has ever paid for a professional sports franchise (Almendrala 1).
On June 27th, 2011 the Los Angeles Dodgers LLC filed for Chapter 11 Bankruptcy in the United States Bankruptcy Court for the District of Delaware (Thomas 1). Owner Frank McCourt filed for bankruptcy to secure $150 million in finances and under Chapter 11 bankruptcy, the team was able to continue functioning (Isidore 2). Just before filling for bankruptcy, the team proposed a deal to sell their television rights for 17 years, which Commissioner Selig shut down. His reasoning being that “the ideas and proposals that I have been asked to consider have not been