MLB taking over Dodgers' day-to-day operations

Twitter Sources: Frank McCourt met Dodgers payroll today with cash advances drawn on team's corporate sponsorship deals. Story soon on espn.com..

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McCourts given a Friday deadline in divorce settlement talks- latimes.com

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After a brief meeting with both attorneys, Gordon agreed to give the parties one last chance to settle overnight.

"I think we are close," said Dennis Wasser, the attorney for Jamie McCourt.

A settlement would likely leave Frank McCourt in control of the Dodgers, at least temporarily.

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http://www.youtube.com/watch?v=umDr0mPuyQc

Frank and Jamie McCourt talk Dodgers future, divorce settlement - latimes.com

Frank:

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"I fully expect MLB to approve the Fox transaction. MLB has taken the position that, before they approved the transaction, they wanted to see either a settlement of the divorce, or Jamie's consent, or an order from the judge. Today, they received all three. I fully expect that they will be good to their word, and they'll approve the transaction in a timely way."

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I'm gonna be sick.

BillShaikin: McCourt settlement calls for $385m up-front "loan" from Fox, incl. $235m used for #dodgers, $80m for debt payments

DodgerDivorce: The key to the settlement agreement is MLB's approval of a near-$400 million TV rights deal with Fox. Of that money, $10 million would go to Jamie directly, $50 million would be placed in a lock box (more on that in a moment), and about $80 million would go to paying off debt on Dodgers land.


Why should ANY of the $385m secured by Dodgers TV rights be used for anything besides the Dodgers? FUCK THIS SHIT.

50 million in a lock box? So is that box going to be the new starting LF?

I'm sorry

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Originally Posted by Kingdom_of_Zito

50 million in a lock box? So is that box going to be the new starting LF?

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45 million more to Jamie, 5 million to her lawyers.

I just can't imagine in a sane world that Selig would approve the Dodgers' Fox contract and have the backing of the other owners to allow it. But goddamn, it's like Frank has 500 lives.

Molly Knight doesn't think Selig will according to sources

I doubt Selig approves the loan. I'm sure he wants the McCourts out as do other owners.

BillShaikin: MLB notified McCourt this afternoon that Selig has rejected #Dodgers' TV deal with Fox.


http://www.youtube.com/watch?v=n93E3Q7qbx4

Link

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Whatever money the McCourts needed, the Dodgers borrowed for them. To facilitate this borrowing, Frank McCourt blew up the Dodgers into 20-odd separate businesses. The Dodgers’ organization chart looks like this:

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http://1.bp.blogspot.com/-n9K4tzTazm.../Flowchart.jpg

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Confused? In a fundamental sense, all this is simple to understand. The only thing on the above chart that generates money is the Dodgers. Nearly everything else on the chart feeds off the Dodgers. In turn, the McCourt family feeds off the chart. Frank McCourt likes to refer to his “overall businesses” – for example, McCourt claims that his $5 million annual salary “wasn’t from the Dodgers, but it was from my overall businesses.” But McCourt’s “overall business” IS the Dodgers.

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Oh snap! That's huge! Back to the drawling board

Does California have the Powerball?

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Originally Posted by love_that_reefer

Does California have the Powerball?

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MegaMillions

I can see Frank staking his prospective winnings in order to borrow money from Fox to meet the June 30 payroll.