The Los Angeles Dodgers are going to the bankruptcy court, while Frank McCourt hopes that a Delaware judge accepts his plan to stabilized the troubled baseball franchise. Recently McCourt obtained $150 million from a interim financing hedge fund, however this loan must be approved by the court in a hearing this Tuesday.
However, the Baseball commissioner, Bud Selig stated, “The action taken on Monday by Mr. McCourt does nothing but inflict further harm to this historic franchise.” The Baseball team owes several millions, and many of its players have millionaire debts.
The Vice Chairman of the team, Jeff Ingram informed that there has been a significant drop in the attendance of fans. This contributed with the 10% of Dodger revenues. To maintain the team afloat McCourt has taken many loans and now he has several financial problems. The bankruptcy fills a list of up to $1 billion and debts up to $500 million. (AV)
Source: The Wichita Eagle Newspaper