Dodgers $433,000,000 in debt

[realmofotalk]

Bill Shaikin Frank McCourt has taken Dodgers deep in debt - latimes.com

Since buying the Dodgers for $430 million six years ago, Frank McCourt has so heavily leveraged the team — $433 million in debt as of last year — that he has struggled to find additional financing.

The debt load has limited how the Dodgers can pay their players and could affect the team's ability to sign talent.

**** shit **** mother****ing shit *********
Of all the teams it could happen to, it had to be mine. FML.

if the Dodgers were sold today and the McCourts were to split the proceeds, the debt and tax burdens would be so great that each of the McCourts might walk away with about 10 cents on the dollar.

Even without any additional tax liability, if Jamie McCourt were to persuade the court that the Dodgers are jointly owned and the team were to be sold based on the numbers on Frank McCourt's financial statement, each of the McCourts would get half the proceeds — or little more than $80 million.

**** you Bud Selig for allowing these morons to buy the team. I hope you die.

[Slyder]

Paging Mark Cuban... Paging Mark Cuban its MLB on line 1 for you sir.

[redsfan28]

Hey, they could ask the federal government for a bailout. Their debt meets the prerequisite for excessiveness.

And we thought Florida's owners were douchebags. The McCourts make Loria look like a freakin saint.

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Susman: "Why did you start your own company?"
McCourt: "Probably so I wouldn't screw up my dad's."
#dodgers #frankbeinghuman

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And we thought Florida's owners were douchebags. The McCourts make Loria look like a freakin saint.

Don't kid yourself. Loria is a douchebag. His team is still the only one that required MLB and the players' association to mandate an increase in player payroll.

I think if Loria was running the Dodgers, Ethier, Kemp, and Billingsley all would have been traded by now.

[realmofotalk]

Basically, if he wins the trial or settles, Frank's best hope at keeping the team is to have Fox pay him a cash advance as part of a contract extension of their TV rights.

Of course, all bets are off if he loses the trial and he appeals unsuccessfully or if Fox decides not to do business with him again after he failed to fully repay his previous loan from Fox, which seized his Boston parking lot as collateral.

[Slyder]

There is an easy answer to this...

Paging Mark Cuban, Bud Selig is on line 1.

I dont see why Cuban's group wouldnt be willing to pony up a good chunk of change for one of baseball's most prestigous franchises after attempting to try and buy the Rangers out of bankruptcy and attempting to buy the Cubs. It would be a good fit and you would be sure that Cuban would want to produce a winner in LA.

[Tobywan]

Think it's time for a Save The Dodgers campaign!

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Overlooking the fact that this case could be mired in appeal for the next 3 years and the team remains in McCourt ownership until it is resolved, Mark Cuban said he is "not a fan of debt driven acquisitions" when asked about his interest in owning the Dodgers. I think even Cuban would be spooked by the massive debt that the McCourts created and the overhead that comes with owning a large market baseball team.

It's going to take a Russian obligarch or an Arab Oil Sheik to put the team back in the black.

[realmofotalk]

Bud Selig is considering trying to make things right. The key being considering, because we all know he has no backbone to do the right thing.

LOS ANGELES - The inability of Frank and Jamie McCourt to settle their divorce case and the prospect of several more years of litigation has prompted Major League Baseball Commissioner Bud Selig to consider intervening on behalf of the Los Angeles Dodgers.

Selig has remained virtually silent on the issue since the McCourts filed for divorce 11 months ago, saying only that the legal proceedings needed to play out.

However, according to four people who have spoken with him, Selig is dismayed at the public spectacle surrounding the divorce and concerned about the potential for lasting damage to the league and its flagship West Coast franchise. He has told those people he wants the Dodgers’ ownership situation resolved long before his scheduled retirement in 2012.

The trial to determine who owns the Dodgers is set to resume Monday and end by Sept. 30, after which Los Angeles Superior Court Judge Scott Gordon has 90 days to rule.

Yet, with both sides openly discussing possible appeals and additional legal maneuvers, a final decision on whether Frank McCourt is the sole owner of the team or Jamie McCourt is a co-owner could be two to three years away, according to attorneys involved in the case.

Baseball weighs options as McCourts’ spectacle plays out - BostonHerald.com

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And here is the list of billionaires who will surely not own the Dodgers anytime soon.

The list of potential buyers is headed by Southern California residents, including Milwaukee Brewers owner Mark Attanasio, former player agent Dennis Gilbert, Boston Red Sox [team stats] Chairman Tom Werner, former commissioner Peter Ueberroth and real estate developer Alan Casden.

Dallas Mavericks owner Mark Cuban and software mogul Larry Ellison also have been mentioned as potential buyers, and one baseball source said Asian investors might explore a bid as well.

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Captain Obvious to the rescue
Dodgers: Peter O'Malley says Frank McCourt needs to sell the Dodgers - latimes.com

O'Malley, whose family owned the team for 47 years, says the current ownership has 'lost all credibility throughout the city.' O'Malley says local investors are needed to restore the team's luster.

"The issue is not community property," O'Malley said. "The issue is that, from what we have all learned in the documents filed in the proceeding, we now know how they have used the Dodgers."

In court papers, Jamie McCourt's lawyers have said the couple took $108 million in personal distributions from the Dodgers from 2004 to 2009, using revenue from the team "as if it was their personal ATM or credit card" to support a lavish lifestyle that included side-by-side homes in Holmby Hills and Malibu.

O'Malley selling out to FOX was the beginning of the team's downfall, so screw him.

[realmofotalk]

Basically, if he wins the trial or settles, Frank's best hope at keeping the team is to have Fox pay him a cash advance as part of a contract extension of their TV rights.

yup

molly_knight: To keep team F has to pay J off. Since F won't give J a chunk of the team and banks won't lend him $, look for F to extend TV deal with Fox.

Hopefully Frank doesn't already have a deal in place with Fox because Frank is just going to spend the TV revenue on paying Jamie off in a settlement.

DO NOT do this deal, FOX!

[realmofotalk]

DODGERS: Fox advances Frank McCourt money to help cover Dodgers' operating expenses - latimes.com

It figures their spending spree of 40-45 million on garbage had to come from somewhere and it wasn't coming from Frank's own pocket.

[realmofotalk]

Dodger Divorce: The song remains the same.
MrTemecula said...

Come on, Frank, show some dignity. Spending three days on your knees at the commish's office must have been so embarrassing. Plus, you didn't even get to see the big man. Take the hint and take a hike.

I just heard you took an advance from Fox, so now you can't even pay the bills in the off season. Lawyers are expensive and they are draining you and that means they are draining your sole source of income, the Dodgers. Furthermore, by taking the advance, those vampires at Fox has now preclude you from starting a more valuable Dodgers network. Good job in sticking another knife in the organization.