Rosenthal: Mets', Dodgers' owners dragging down baseball

[realmofotalk]

Mets', Dodgers' owners dragging down baseball - MLB News | FOX Sports on MSN

A good summary of the turmoil surrounding the owners of both teams, with the Mets being sued for their involvement in the Bernie Madoff scandal, and the Dodgers with Divorce McCourt.

The exact damage from the Mets’ involvement with Bernie Madoff is not yet known. Ownership’s decision to sell 20 to 25 percent of the franchise, however, is directly related to a lawsuit by the trustee of the victims of Madoff’s multi-billion dollar Ponzi scheme — a lawsuit that seeks as much as $1 billion from the Mets’ owners, claiming they knew or should have known that Madoff was operating a fraud, the New York Times reported.

Maybe the Mets’ owners will find minority investors, settle the lawsuit and regain their financial footing. Or maybe the team’s increasingly bleak outlook — the looming damage from Madoff, plus the New York Post’s report that the franchise is $700 million in debt — will force Wilpon and Co. to sell the entire team.

McCourt, even before entering into divorce proceedings with his wife, Jamie, has always operated the team on a tight budget. His purchase of the club was highly leveraged, raising some to wonder why it was even approved. Since then, he has driven the franchise deeper into debt, according to court documents obtained by the Los Angeles Times.

The extent of the team’s debt — $433 million as of 2009, according to the Times — makes it difficult to imagine how Frank or Jamie McCourt could remain owner, no matter who ended up with the club after their divorce.

Rosenthal goes on to say Bud Selig is "totally fed up" with both McCourts and could force them out. It's unlikely Selig would do the same for Wilpon because they are old friends, and Wilpon hasn't broken the fans' trust in the same way the McCourts have.

[Kingdom]

Almost rock bottom when you're associated with the Mets. All that's left is LA trading for Oliver Perez and Armageddon will hit.

[realmofotalk]

The Dodgers could tap a variety of revenue streams, including a new local television contract with FOX. But would that money go toward paying the divorce settlement — the McCourts, as courts documents show, maintain lavish lifestyles — or toward operating the club?

I hate to sound like a broken record, but what a fucking rip-off — siphoning off TV revenue just to feed the cancer that is the divorce settlement. If our owner doesn't give a fuck anymore about operating the club, what's the point of remaining a fan?

[love_that_reefer]

What is the source? All I've heard is the Dodgers getting fronted TV revenue money to maintain baseball operations which is why they were able to be buyers this offseason.

[realmofotalk]

It's from the same Rosenthal article. I just didn't include that snippet in in my opening post so I could respond to it separately. Anyway, it's nothing new. It's been widely speculated that Frank plans to pay off Jamie, using the future TV revenue, if he is to keep the team. He hasn't yet because he first wants a re-trial.

[love_that_reefer]

Looks like the baseball world has turned its head to the Mets debacle.

[realmofotalk]

Almost rock bottom when you're associated with the Mets. All that's left is LA trading for Oliver Perez and Armageddon will hit.

I think it is already quite damning that the commissioner of Major League Baseball has more respect for a man who had been associated with Bernie Madoff than he does for the McCourts.