LOS ANGELES (KTLA) — The Los Angeles Dodgers have filed for Chapter 11 bankruptcy protection. The move comes three days before payroll is due.
The team filed for bankruptcy protection, “in order to protect the franchise financially and provide a path that will enable the Club to consummate a media transaction and capitalize the team,” according to a news release.
Selig Rejects Dodgers’ Television Deal With Fox Under the filing, former Dodger Manny Ramirez is listed as the number one unsecured creditor. He’s owed nearly $21 million, according to the bankruptcy filing.
Andruw Jones, who now plays for the New York Yankees, is owed more than $11 million and Dodgers announcer, Vin Scully, is owed $152,778.
FULL BANKRUPTCY STATEMENT
The filing blames MLB Commissioner Bud Selig for rejecting a $3 billion, 17-year television deal with Fox, which would have given the team $385 million up front.
Owner Frank McCourt says he has lined up $150 million to keep control of the team during the bankruptcy proceedings.
The bankruptcy filing comes after Frank and Jamie McCourt reached an agreement in their bitter divorce. The settlement became null and void once Selig rejected the Fox deal.
BANKRUPTCY DOCUMENTS
Similar Posts:
- American wants to add flights to Brazil
- Groupon filing asks potential investors to ignore Lefkofsky ‘wildly profitable’ remark
- Twinkies maker seeks bankruptcy protection
- The tax deadline isn’t the time to cheap out
- FTC Shutting Down Fake News Affiliate Sites
