Monday, June 27, 2011

McCort takes MLB to court but not before he BK’s one of it’s most storied franchises

The LA Dodgers filed for Chapter 11 bankruptcy protection in a Delaware court Monday, sighting 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. Chapter 11 allows for the Dodgers to continue daily operations or around 150 million, providing them with some breathing room to pursue a media deal that could pump about 60 million up front, no doubt most of which will wind up being divided between the McCourts. It also will by Frank Mac time to get the house in order and possibly come out of this still holding the reigns of the horse. However there are two big hurdles in the way, one that Fox is against McCourt trying to push a deal through even though they now have all of the negotiating power as the deal could be worth up to 3 Billion with $385million up front. Both parties have said the deal would facilitate the further diversion of Dodgers assets for the personal needs of Mr. McCourt", yea ya think? It would pretty much bail him out, but the second hurdle could be too high overcome, the fact that Mlb holds the right to terminate a franchise once it files for bk, and it’s no secret Selig and Frank are not drinking buddies, so for the second time in one inning McCourt could be gunned down at the plate with a chance to score a major run. In any case this has been a farce from the beginning. I realize there are some major cons to business ownership of a franchise, but some of the worst travesties have come at the heels of personal ownership (ie; the fire sale of the Oakland A’s in the 70’s at the hands of Charlie Finley) and the fact the one of MLB’s most storied franchises is being dismantled because of a lover’s quarrel makes a mockery of the great American pastime. Only in Hollywood could something like this play out, could you imagine the McCourts being able to show their face on streets of New York after 12 noon if they did this to the Yankees? Rest assured Bud will have a counter strike planned and hopefully the bad soap opera will be put to rest for the good of a potentially great ball club, and the betterment of the league.
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