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Los Angeles Dodgers File For Bankruptcy

The Los Angeles Dodgers filed for bankruptcy protection today in Delaware. The organization blamed the move on the fact that the MLB would not approve owner Frank McCourt’s big TV deal. McCourt explained that the Dodgers had tried for almost a year to get MLB commish Bud Sileg to approve their $385  Million TV deal with Fox. The deal would have given the Dodgers the money upfront and helped put to rest a binding divorce settlement between McCourt and his ex-wife, former Dodger CEO Jamie McCourt. During the divorce process, court documents revealed that the McCourt’s spent money like teen-aged hip hop artists and that they had used the Dodger’s finances for personal loans up to $100m.

According to a team statement, the bankruptcy allows the Dodgers to use $150 million for operations and buys the club time to bring home a media deal.

More at Huff Post.