THIS IS BREAKING NEWSâ€¦
After months of being able to cobble together payroll for the Los Angeles Dodgers, Frank McCourtâ€™s well has run dry. Unable to meet end-of-month payroll, and MLB on the verge of seizing the club, McCourt has filed for voluntary Chapter 11 bankruptcy protection.
The filing was done in response to Major League Baseball rejecting a multi-billion dollar television contract extension with FOX. The league rejected the deal that had $385 million in up-front money in the deal as over $170 million of it was going to be designated to legal fees and settlement of Frank McCourt's divorce from his estranged wife, Jamie.
The document (READ IT HERE), shows that the Dodgers are worth between $500,000 to $1 billion with liabilities only shown to be between $0 and $50,000.
Of the 40 unsecured creditors of the Dodgers listed, 28 are players.
The top 5 players shown to be owed compensation are:
- Manny Ramirez: $20,992,086
- Andruw Jones: $11,075,000
- Hiroke Kuroda: $4,483,516
- Rafeal Furcal: $3,752,275
- Ted Lily: $3,423,077
Itâ€™s not just players that are showed to be creditors of the Dodgers. The White Sox are owed $3.5 million, Levy Restaurants are shown to be owed $588,322 in â€śtrade debtâ€ť, Continental Airlines ($339,403 in trade debt), Bank of America is owed $316,243 in credit card debt, and in one of more embarrassing matters, Vin Scully is showed to be owed $152,778.
All of the Dodger shell companies are listed in the filing. They are, Los Angeles Dodgers Holding Company, LA Holdco LLC, LA Partners LLC, The McCourt-Broderick Limited Partnership, and the McCourt Company, Inc.
The Dodgers will mark the third club in five years to be placed into bankruptcy. Recently the Texas Rangers and Chicago Cubs also placed themselves into voluntary bankruptcy protection.
SPECIAL BUSINESS OF SPORTS NETWORK REPORTS:
The Labor Battle in the NFL. See BizOfFootball.com for details
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