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Entries in Los Angeles Dodgers (2)

Monday
Oct172011

Jamie McCourt Relinquishes Dodgers Ownership

Joe Robbins/Getty Images(LOS ANGELES) -- Frank McCourt, the owner of the Los Angeles Dodgers, has reached a divorce settlement with his wife, ending a bitter personal battle that tarnished his beleaguered team.

Citing “people familiar with the agreement,” the Los Angeles Times was the first to report Monday that Frank McCourt will retain control of the Dodgers, while his wife and former team CEO, Jamie McCourt, will get $130 million.

The McCourt divorce might end up being the costliest in California’s history, the Times reported, with an estimated $34 million in legal fees.

The couple, who has been separated since 2009, listed their net worth as $1.2 billion in court documents filed that year.

Although the agreement eliminates Jamie McCourt’s claim to the team, Frank McCourt still faces an uphill battle with baseball Commissioner Bud Selig that ought to heat up at the end of the month when a bankruptcy hearing is slated to begin.

The league took control of the Dodgers in April. McCourt wanted Selig to approve a lucrative TV contract with Fox to keep ownership, but Selig rejected the deal in June and wants McCourt to sell the team.

In an exclusive interview with ABC’s Good Morning America in May, one month before the Dodgers filed for bankruptcy, McCourt said he and his wife’s extravagant lifestyle became the source of their problems.

“It was unhealthy, and unsustainable,” McCourt said. “I became a caricature of myself, and I became a caricature of somebody who was uncaring, unfeeling, excessively living, bad guy. And that’s just not who I am.”

Copyright 2011 ABC News Radio

Monday
Jun272011

Los Angeles Dodgers File for Chapter 11 Bankruptcy

Joe Robbins/Getty Images(LOS ANGELES) -- The Los Angeles Dodgers filed for Chapter 11 bankruptcy protection Monday, citing the league's refusal to approve a television deal that the team says would have solved its “cash flow challenge.”

“[Major League Baseball commissioner Bud Selig]'s turned his back on the Dodgers, treated us differently, and forced us to the point we find ourselves in today,” Dodgers owner Frank McCourt said. “I simply cannot allow the Commissioner to knowingly and intentionally be in a position to expose the Dodgers to financial risk any longer.  It is my hope that the Chapter 11 process will create a fair and constructive environment to get done what we couldn't achieve with the Commissioner directly."

The team has been working on a television deal with FOX that would “immediately infuse hundreds of millions of dollars of capital into the Los Angeles Dodgers,” the Dodgers said in explaining the bankruptcy filing.

“The Commissioner's office last week rejected the deal, despite having been made aware by the Dodgers since the spring of 2010 of the franchises' cash projections and in turn liquidity needs for 2011.”

The organization has received a $150 million commitment in Debtor-in-Possession financing.

Day-to-day baseball and business operations should continue as usual, the team said.

ESPN's Jayson Stark said the Chapter 11 filing prevents the franchise from being seized by Major League Baseball.

"Everything now gets thrown into the hands of a bankruptcy court. And the bankruptcy judge now determines where the franchise goes from here, not Bud Selig," Stark said.

Copyright 2011 ABC News Radio







ABC News Radio