3 bureau credit report addresses when bankruptcy is removed from credit report; how to dispute wrong information on credit report online payday loans direct lenders ohio can you cancel free credit report online only free credit report consumer free credit reports usa free annual credit report mailed legal employer check your credit report clear bankruptcy my credit report free credit report ads wiki review transunion credit report again yearly free credit reports from all 3 bureaus how do i order a credit report on someone else federal government credit report website gov view credit report free once a year help reading your credit report free credit report dispute letter sample what personal info is what does charge off mean on a credit report requesting free credit report equifax how long to get rid of bad credit report fair credit reporting act dispute debt correcting a mistake on your credit report does capital one report to all 3 credit bureaus free annual government credit report will checking my own credit report lower my score inquiries what are judgements on your credit report how do red get a free copy of your credit report 3 free credit scores reports which credit report is most important get a loan with loans for bad credit in ireland removing bankruptcy from credit report what is the best site for free credit reports commercial credit reports companies credit report monitoring wells fargo annual credit report view online free credit report due denied credit foreclosure credit report date official free annual credit report site how to dispute authorized user on credit report free credit check uk no credit card tri merge credit report fico scores free business credit reports online does consumer credit laws fair credit reporting act protect you fed gov free credit report collections on credit report after 7 years safe site check your credit report free credit report guy is back instant free credit bureau free credit report south africa chase authorization to obtain credit report free transunion credit report south africa how do i get all 3 credit reports free annual credit report itin top 4 credit reporting agencies checking form letter to dispute credit report oregon employment credit report law experian annual credit report request form how to repair building credit after bankruptcy discharge long does take hard inquiry come off your credit report disputing your credit report consumer report under fair credit reporting act employment obtain free credit report after being denied credit employment how to obtain a credit report for a tenant credit report judgement points credit report gov view my credit report free canada free report gov canada credit rating how to pull a credit report for landlords order free credit report equifax canada how to fix how to improve your credit score canada getting things removed from credit report request transunion credit report phone credit report dispute form online credit report rating free call get free credit report credit report judgment debtor international credit report for individuals free massachusetts credit report care credit consumer report credit report charge off status how do i remove a charge off on my credit report reading trans union credit reports can collection agency remove entry credit report get denied loan free credit report foreclosure credit report my free year credit report how to get annual credit report for free free credit report in canada with no credit card needed free annual credit report federal law fcra transunion free credit report south africa what is tradeline on credit report remove collections my credit report repair credit report letters what information is not included in a credit report blue sky credit repair scam items to dispute on credit report how to credit report free top 3 credit reporting agency unreliable credit reports agency free credit report annually gov massachusetts credit reporting laws denied credit do get my free credit report do you get your credit score with annual credit report can checking yo credit report hurt your score how to get free annual credit report online every year top credit report agencies equifax absolutely free credit report no microsoft office trial uk correct my credit report uk the best credit repair electric company in houston tx how to improve get your credit score canada 11 credit bureau report with the 3 credit score option free credit report lyrics songs equifax free report canada online checking your credit rating how to dispute a credit report freeze your credit report online get something removed your credit report canada job offer asking credit report free credit report once a year online clear court judgement credit report view my credit report and score personal credit report australia free credit score & free credit reports. no credit card needed 3 main credit report bureaus florida government free credit report view all three credit reports consumers entitled to free credit report free credit report equifax ca transunion free credit report legitimate site experian three in one credit report obtain copy credit report free get my 1 free credit report year best free credit report company safe order credit report online equifax canada credit report score repair poor credit report best free credit reports review consumer report credit card reviews free credit report through american express fair credit report act wikipedia how to get your credit score up faster personal loans for fair credit uk free credit report no sign up uk instantly best credit report site yahoo experian check credit report for free can checking your credit report hurt your credit best free credit report online what are the 3 bureau credit reports how to receive a free credit report who are the three major credit reporting agencies top 50 credit report agencies care credit consumer reports correcting credit reporting errors consumer info free credit report debt consolidation your credit report the official free credit report government site letter remove inquiries credit report how to contact the three credit reporting agencies request all three bureaus free annual credit report equifax free credit report contact number bureau credit report checks renters where to get the real free credit report request credit report by mail bill me later report reporting credit bureaus credit report watcher totally free credit report government approved prepaid credit cards reports credit bureau can remove foreclosure credit report credit reports free trial credit report ratings i1 how to dispute a credit report error view my equifax credit report fair credit reporting act consumer rights collections 11 does checking your own credit report affect your credit score one time yearly free credit report annual credit report request service form do contact questions my credit report how to get paid charge offs removed from credit report e annual credit report pull credit report prospective tenant best place obtain free credit report union trans credit report how can i order a free credit report how dog i get my free annual credit report from transunion payday home equity loans poor credit history incorrect information on credit report letter credits report pulling credit reports business clean up my credit report free i need to get my credit reports remove paid ny state tax lien credit report govt free credit report site how to get free credit report from government how to get a credit report for free in canada 3 credit scores and reports fico how to get a credit report canada transunion credit report score range free annual credit report 3 bureaus free credit report fico score online bureaus ems inquiry on credit report federal law regarding free annual credit report fair credit reporting act summary 2011 annual credit report three agencies credit union annual reports 2011 heartland united credit restoration reviews get my credit report canada free where do i get a free business credit report annual free credit report official site best website check your credit report fair credit and reporting act request free credit report form credit history free canada how can i check my credit report uk pa act 48 credit reporting system credit report laws canada experian 3 equifax three in one credit report free credit score transunion credit report your access to free credit reports at ftc gov credit how to get a free credit report with credit score request free credit report after being denied credit free credit report identity guard how long does it take to fix credit score canada can i dispute an inquiry on my credit report gov site for free credit reports credit reporting agencies dispute letter can landlord report to credit bureau can collection agency remove credit report free annual credit report check equifax consumer credit report user guide examples of credit report dispute letters credit cards reporting deceased victoria teachers credit union annual report the best credit reporting agencies how do you dispute a late payment on your credit report disputing inaccurate credit report information federal website for free credit report federal credit report experian best company to pull international credit reports real free credit report no credit card credit report shows no employment history how to remove a federal tax lien from credit report government issued annual credit report security freeze credit report credit repair organizations act.cog report my chase credit card stolen credit rating agencies texas electric rates after deregulation disputing accurate credit report items letter to remove charge off from credit report how to remove paid collections from your credit report free report usa online credit scores can anyone check your credit report lock credit report online get my credit report and score for free get free credit report new jersey name band free credit report commercial freecreditscore removed from credit report after 7 years info free credit report fcr how to fix a credit report how do you check your credit report freeware equifax free trial credit report best free credit reports site free credit report quick credit repair services in texas free financial report after denied credit equifax read bureau report singapore credit history credit and report credit report check tenant free credit report free credit check free credit bureau report government federal trade commission and fair credit reporting act free credit score report online fair credit reporting act retention requirements free credit report from the us government contact annual credit report credit report judgment collection payday advance loans online lenders what is best credit report service can get my credit report free canada how can i get my credit report without paying free government credit report uk does car insurance show up credit report how to get free copy of credit report long does payment history stay your credit report protect my id free credit report 17 does checking your own credit report affect your credit score how to remove information from my credit report free credit reports from all 3 removing state tax lien from credit report how goes i get my credit report in canada for free credit report lawyer philadelphia court judgements on credit reports legal free credit report getting credit report tenant dispute credit collection credit report report possible identity theft credit bureau free credit report.org unlimited access to 3 credit reports get your annual credit report summary of your rights under the fair credit reporting act 2013 identity theft reporting to credit bureau define credit report how long does it take to get a credit report online how to get a collections account off your credit report credit cards reporting agency how to get your credit report free credit report clark howard how to remove credit report error original free credit report song dispute equifax credit report mail transunion free credit report mail form annualcreditreport free credit report commercial set it off rental credit report check wells fargo report lost credit card credit keeper vs free credit report add eviction credit report how long does credit card charge off stay on credit report free credit report law consumer reporting agency fair credit reporting act rights under credit report section 8 for landlords in florida how do you get rid of hard inquiries on your credit report how to fix your credit report on your own credit reporting agencies address us military free credit report identity theft alert on credit report free credit report fico score online equifax how to make extra cash fast online core score credit report fair credit reporting act 2012 soft pull credit report can you lock your credit report free credit card report score credit reports company charged off credit report get credit reports check your credit report experian american credit repair 3 bureau credit report free day trial transunion credit report free long does positive information stay your credit report credit for bad credit history get copy my credit report canada free annual credit report service consumers equifax free credit report credit denied three major credit report companies contest credit report difference between consumer credit reporting companies do it yourself credit repair software free trial agency regulates fair credit reporting act commission free annual government credit report free equifax credit report canada online request free credit report all three credit bureaus request your free annual credit report transunion eviction credit report canada what are the big three credit reporting agencies experian sealed credit report best free credit history repair noodle co uk credit report get free credit report online transunion request free credit report all three bureaus experian excellent 3 credit scores explained no credit check payday loans online nz what are some free credit report sites credit report and scores one time fee wells fargo credit report offer what is cash advance interest charge how do i clear a default from my credit report credit report for free no credit card credit reporting agencies mortgage brokers totally free credit report once a years eve free credit report all 3 credit agencies how long does a paid judgement stay on your credit report how doo you get a free credit report from transunion free credit report from all three american credit reporting company updating your credit report canada fix mistakes credit report canada how can i remove late payments from my credit report free yearly report 2009 credit score how to get your free credit report from the government credit reports from all 3 bureaus forms to dispute errors on credit report bank of america free credit report offer info free credit report irvine need free credit report now craigslist job ads asking for credit report legit free credit report sites does car lease show up credit report yearly free credit report from government how often should you pull your credit report dnb personal credit report the only free credit report consumer canada credit score ranges how to dispute experian credit report online free credit report gov approved credit reporting agency used chase what is the federal credit reporting act how long does it take for your credit report to clear dispute transunion credit report by mail report lost credit cards bank america free copy of my credit report online sample consumer statement credit report who can pull your credit report tenant equifax free credit report free which credit reporting agency scores the highest difference between annual credit report free credit report get free copy credit report score speedy cash online loans cma global sovereign debt credit risk report 3rd quarter 2011 why can i not get my credit report online experian statutory credit report post charge off accounts on credit report cibil (credit information bureau (india) limited) report top three credit report companies equifax equifax credit report free mail free credit report and score from all three transunion can get credit report someone else free credit report on tenant what is an employment insight credit report can payday loans go your credit report free credit report score 3 fixing problems your credit report is it bad to pull your credit report understanding credit scores equifax credit report examples bad debt credit report often can you request your free credit report can get free credit report each agency getting paid items removed from credit report free credit bureau report transunion best credit score report website fair credit reporting act rules and regulations credit check shell oil company netherlands csc credit services consumer reporting agency credit repair counselors in charlotte nc rapid city rapid city online loans payday advance place freeze on credit report annual equifax free business credit report consumer reports best prepaid credit cards annual report credit agricole 2010 credit report annual fee federal law reporting credit bureau legally removing bankruptcy from credit report get free credit annual report online credit reports scores free credit report without paying canada bank america free credit report offer is there real credit repair credit report collections remove there any completely free credit reports installment debt credit report free credit report legit website free credit report every 12 months calendar year statute limitations texas credit report credit report companies wikipedia how can i change my address on my credit report how to unfreeze your credit report long does negative credit stay your report free credit report equifax.ca disputing credit reports online free yearly credit report irs scores receive your free annual credit report federal reserve annual credit report three fix your credit report legally corelogic introduces new credit report solution united cash loans payday loans customer service fact act free annual credit report free credit report site safe triple alert credit report monitoring contact annual credit report by phone how long does a dismissed chapter 13 bankruptcy stay on your credit report free credit report legit sites atlanta credit repair online software how do collection agencies report to credit bureaus fair credit reporting act notice rights clark howard best way to freeze credit report how to correct credit report errors free your free credit report after being denied credit what is credit bureau reports free three credit reporting agencies derogatory items were found in the credit report how long will chapter 13 stay on credit report free credit reports for military personnel i want to check my how do i check my credit report for free buy credit bureau report singapore get my credit report online csc credit report phone number view free credit report experian go get free annual credit report aaa member credit report canada what are credit scores ranges four credit bureau reporting agencies nj state free credit report new free credit report commercial freecreditscore 3 canadian credit reports credit report repair companies what shows on your credit report after a bankruptcy credit karma credit report credit report three scores fact credit report website for free credit report and score collections on credit report how to clear report errors my credit report
Home MLB News MLB Club Sales

Like Shoot to Thrill - An AC/DC Tribute on Facebook!

An authentic tribute of AC/DC that covers the best of the Bon Scott era and the best of Brian Johnson's material

Who's Online?

We have 416 guests online

Atom RSS

feed-image Feed Entries
MLB Club Sales
News and information about the sale of all or part of any of the 30 Major League Baseball clubs.

With Questions Lingering, Vote to Approve Sale of Astros to Jim Crane Delayed PDF Print E-mail
User Rating: / 9
PoorBest 
MLB Club Sales
Written by Maury Brown   
Monday, 15 August 2011 14:36

UPDATED: Added league statement


The scheduled vote to approve the sale of the Houston Astros from Dayton McLane to Jim Crane has been delayed, according to a report by Richard Justice of the Houston Chronicle and confirmed by league sources to BizofBaseball.com. The vote is being delayed to conduct further due-diligence – even after doing so for 3 months prior – on Crane. According to the league, the feeling is that currently there is not sufficient support to conduct a vote of the league’s 29 other owners to approve Crane. It is not known whether there is enough concern to prevent Crane from being approved in the sale, period, even after further due-diligence is conducted.

The league released a statement reading, “The standard due diligence that must be completed before any transaction of this magnitude can close remains ongoing. Because that procedure is continuing, it is not expected that the proposed sale of the Astros will go to the approval process at this week’s owners meetings. Major League Baseball will continue to work as expeditiously as possible to complete the process.”

The league would not say whether Crane’s company, Eagle Global Logistics prior dealings with Equal Employment Opportunity Commissioner in 1997, or war profiteering during the Iraq War continues to play a part. After stories surfaced here on BizofBaseball.com, Forbes, and the New York Times, it was reported that Crane diversified his ownership group with more minorities. Former Houston Rocket great Clyde Drexler has been rumored to be part of Crane’s group.

SEE Why Jim Crane Could Become Baseball’s Most Controversial Owner

Sources did say that the financial structure of the deal between Crane and Drayton McLane was “not something to focus on.” Crane’s deal would be leveraged and put the club in violation of the league’s debt service rules, but unlike Dodgers owner Frank McCourt, who had a leveraged purchase, Crane has a considerable amount of liquid capital at his disposal.

As early as two weeks ago, sources to The Biz of Baseball felt confident that a vote to approve Crane would take place.

RELATED CONTENT:


Maury BrownMaury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey, and is a contributor to Forbes SportsMoney blog.. He is available as a freelance writer. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network (select his name in the dropdown provided).

Follow Maury Brown on Twitter Twitter

Follow The Biz of Baseball on TwitterTwitter

FacebookFollow the Business of Sports Network on Facebook

 
Dodger Losses Projected to be $27M for This Year, Down $42M Since 2009 PDF Print E-mail
User Rating: / 10
PoorBest 
MLB Club Sales
Written by Maury Brown   
Saturday, 13 August 2011 11:38

Based on final financial numbers submitted to Major League Baseball last year, the Los Angeles Dodgers are on pace to lose $27 million, according to league executives. The losses this season could be worse, should declines continue through the second half of August and through September.

The losses are tied to the decline in attendance. Ticket sales, parking revenue, concessions, and other related revenues are all attributed to the decline. Television revenues will remain flat compared to last year. Frank McCourt is seeking to auction off future television rights through a Delaware bankruptcy court. The action is being requested through the courts as MLB rejected an extension from Dodgers with FOX. That deal would have seen $385 million in up-front payments, but the league scoffed at the deal as just $235 million would have gone to the Dodgers. The rest of the balance would have gone to McCourt to pay for legal bills associated to his divorce from former wife, Jamie.

Also, Bill Shaikin of the LA Times is reporting today that based on court documents that Dodgers are likely to lose $42 million since 2009. The year prior, Manny Ramirez, a huge marketing draw, arrived in the second half of the season. The team went on to win the NL West and NLCS that season and in 2009.

Other information from the court documents filed Friday, according to Shaikin:

  • The Dodgers owe severance payments of $1.025 million to former executive vice president Charles Steinberg and $254,800 to former president Dennis Mannion.
  • The Dodgers paid $324,546 last April to Kroll, the consulting firm that employs former Los Angeles Police Department Chief William Bratton. In the wake of the Bryan Stow beating, the Dodgers retained Bratton to lead a Kroll team to develop a long-term "security blueprint" for Dodger Stadium and the surrounding parking lots.
  • The Dodgers Dream Foundation, a club charity, was penalized $4,080 by the Internal Revenue Service. The Dodgers have reimbursed $361,432 to the charity to resolve an investigation by the state attorney general.
  • The Dodgers spent $5,630 on "Boston Red Sox tickets for McCourt family and guests." The filing does not specify the games for which tickets were purchased, but the payment was made in June 2010, a month in which the Dodgers played the Red Sox in Fenway Park.

RELATED CONTENT:


Maury BrownMaury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey, and is a contributor to Forbes SportsMoney blog.. He is available as a freelance writer. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network (select his name in the dropdown provided).

Follow Maury Brown on Twitter Twitter

Follow The Biz of Baseball on TwitterTwitter

FacebookFollow the Business of Sports Network on Facebook

 
Vote to Approve Jim Crane as New Owner of Astros Likely Part of Upcoming Owners Meetings PDF Print E-mail
User Rating: / 11
PoorBest 
MLB Club Sales
Written by Maury Brown   
Tuesday, 02 August 2011 08:39

Barring an unforeseen hitch, MLB’s owners will be discussing and putting to vote the sale of the Houston Astros to Jim Crane as part of the upcoming quarterly MLB owners meetings set for August 17-18, according to league sources.

The sale has been held up as the league has addressed the bankruptcy of the Los Angeles Dodgers and looked further into Crane’s background (see Why Jim Crane Could Become Baseball’s Most Controversial Owner) and the financial structure of the $680 million deal which will put Crane in violation of MLB’s debt service rule.

The sale transfer must be approved by 75 percent of the league’s thirty owners. Rarely do votes take place unless Commissioner Selig is aware of their positive outcome.


Maury BrownMaury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey, and is a contributor to Forbes SportsMoney blog.. He is available as a freelance writer. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network (select his name in the dropdown provided).

Follow Maury Brown on Twitter Twitter

Follow The Biz of Baseball on TwitterTwitter

FacebookFollow the Business of Sports Network on Facebook

 

 
Dodgers Bankruptcy Hearing Reveals McCourt Putting Club in Deeper Debt PDF Print E-mail
User Rating: / 13
PoorBest 
MLB Club Sales
Written by Maury Brown   
Wednesday, 20 July 2011 14:02

A hearing in a Delaware bankruptcy courtroom today will seek to determine whether a hedge fund or Major League Baseball will fund all or part of the remaining balance of $150 million in debtor in possession (DIP) financing for the Dodgers as it weaves through the process.

As the hearing has unfolds before Judge Kevin Gross, some details are emerging:

  • Frank McCourt refinanced a $67 million loan for Blue Land Co. an entity McCourt has created, and pays $14 million in year in rent to – ostensibly moving money from one hand to the other. Initially, Sovereign Bank declined the refinance, but later agreed to at higher fees and interest.
  • McCourt’s lawyer has argued that the difference between the loan from hedge fund Highbridge and the one MLB is offering, is really $6.5 million, not $15 million as the league has said, when other bookkeeping is factored in.
  • McCourt’s lawyer said that the league is ill-equipped to handle a loan of the size needed for DIP financing, yet in a deposition, Exec. VP of Administration for MLB, John McHale, Jr. said the league had $400 million in Central Fund money with which to work from, more than enough to satisfy the DIP funding.
  • On cross-examination, Jeff Ingram, the Dodgers Vice-Chairman admits that Highbridge has never provided DIP financing to anyone in the past.
  • Ingram also admits that the loan from MLB would actually be $14 million cheaper than the one from Highbridge.
  • The Dodgers are still holding firm that they believe that money aside, the true endgame by MLB is to take control of the club, and that they would rather use Highbridge DIP financing than MLB’s as they believe it will offer more control by the league as a threat to remove McCourt.
  • If the loan from MLB is approved, McCourt is personally on the hook for $5.25 million. If the loan goes to Highbridge, just the fees and interest would apply.

Follow @EricFisherSBJ, @BillShaikin, and @Boomskie on Twitter for a running account of the hearing as it plays out.

The hearing is continuing. Updates as they become available.

RELATED CONTENT:


Maury BrownMaury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey, and is a contributor to Forbes SportsMoney blog.. He is available as a freelance writer. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network (select his name in the dropdown provided).

Follow Maury Brown on Twitter Twitter

Follow The Biz of Baseball on TwitterTwitter

FacebookFollow the Business of Sports Network on Facebook

 
New York Times Sells $117 million Stake in Boston Red Sox PDF Print E-mail
User Rating: / 11
PoorBest 
MLB Club Sales
Written by Maury Brown   
Friday, 01 July 2011 15:32

The Red SoxThe New York Times has sold off a considerable share of Fenway Sports Group, the venture company that owns the Boston Red Sox, for $117 million to three separate undisclosed buyers, according to the Boston Globe.

According to the report, the Times Co. sold off 390 units, according to a filing with securities regulators, and has reduced its stake to 7.3 percent of Fenway Sports Group.

The Times purchased a 17 percent stake in the then New England Sports Ventures for $75 million in 2002. According to filings, the Times Co. will get a pre-tax gain of approximately $64 million in the deal.

The Times officially put the 17 percent stake in the club for sale in Dec. of 2009.

Fenway Sports Group includes English Premier League club Liverpool FC; approx. 80 percent of regional sports network NESN; and 50 percent of Roush Fenway Racing.


Maury BrownMaury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey, and is a contributor to Forbes SportsMoney blog.. He is available as a freelance writer. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network (select his name in the dropdown provided).

Follow Maury Brown on Twitter Twitter

Follow The Biz of Baseball on TwitterTwitter

FacebookFollow the Business of Sports Network on Facebook

 
Los Angeles Dodgers Payroll Checks Bounce PDF Print E-mail
User Rating: / 12
PoorBest 
MLB Club Sales
Written by Maury Brown   
Thursday, 30 June 2011 21:42

The sad state of affairs under the Frank McCourt ownership continues, as celebrity website TMZ is reporting that at least one Dodger employee had their $497.54 payroll check bounce. The report, replete with an image of the check in question, shows Frank McCourt’s signature on the line.

With McCourt filing Chapter 11 bankruptcy protection, and a judge allowing McCourt to use an initial debtor in possession financing amount of $60 million, the club said told the employees that new checks have been reissued and will not bounce. Of course, who knows whether they picked up any overdraft fees that may have hit the poor souls’ bank accounts.

RELATED CONTENT:


Maury BrownMaury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey, and is a contributor to Forbes SportsMoney blog.. He is available as a freelance writer. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network (select his name in the dropdown provided).

Follow Maury Brown on Twitter Twitter

Follow The Biz of Baseball on TwitterTwitter

FacebookFollow the Business of Sports Network on Facebook

 
Selig on Dodgers Chapter 11: "Action taken today by Mr. McCourt does nothing but inflict further harm to this historic franchise" PDF Print E-mail
MLB Club Sales
Written by Maury Brown   
Monday, 27 June 2011 16:03

DodgersCommissioner Selig issued the following statement today regarding the Los Angeles Dodgers filing for Chapter 11 Bankruptcy:

“The Commissioner’s Office has spent the better part of one year working with Mr. McCourt and his representatives on the financial situation of the Los Angeles Dodgers, which was caused by Mr. McCourt’s excessive debt and his diversion of club assets for his own personal needs. We have consistently communicated to Mr. McCourt that any potential solution to his problems that contemplates mortgaging the future of the Dodgers franchise to the long-term detriment of the club, its loyal fans and the game of Baseball would not be acceptable.

“My goal from the outset has been to ensure that the Dodgers are being operated properly now and will be guided appropriately in the future for their millions of fans. To date, the ideas and proposals that I have been asked to consider have not been consistent with the best interests of Baseball. The action taken today by Mr. McCourt does nothing but inflict further harm to this historic franchise.”

Source: Major League Baseball

Maury Brown will be on ESPN 710 in Los Angeles at 2:15pm PT to talk the latest on the Dodgers

MORE NEWS AS IT BECOMES AVAILABLE


SPECIAL BUSINESS OF SPORTS NETWORK REPORTS:
The Labor Battle in the NFL. See BizOfFootball.com for details

Welcome to the 2011 Business of Sports Network Autism Challenge


Maury BrownMaury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey, as well as a contributor to FanGraphs and Forbes SportsMoney. He is available for hire or freelance. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.

Follow Maury Brown on Twitter Twitter

Follow The Biz of Baseball on Twitter Twitter

FacebookFollow the Business of Sports Network on Facebook

 

 

 
Los Angeles Dodgers File for Chapter 11 Bankruptcy Protection PDF Print E-mail
User Rating: / 15
PoorBest 
MLB Club Sales
Written by Maury Brown   
Monday, 27 June 2011 08:39

THIS IS BREAKING NEWS…

After months of being able to cobble together payroll for the Los Angeles Dodgers, Frank McCourt’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

It’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 “trade debt”, 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

Welcome to the 2011 Business of Sports Network Autism Challenge


Maury BrownMaury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey, as well as a contributor to FanGraphs and Forbes SportsMoney. He is available for hire or freelance. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.

Follow Maury Brown on Twitter Twitter

Follow The Biz of Baseball on Twitter Twitter

FacebookFollow the Business of Sports Network on Facebook

 
Mark Cuban Interested in Purchasing the "Mess" that is the Dodgers PDF Print E-mail
User Rating: / 30
PoorBest 
MLB Club Sales
Written by Maury Brown   
Wednesday, 22 June 2011 00:00

Mark CubanMark Cuban said on TMZ today that he has an interest in purchasing the Dodgers, but said, the clubs "such a mess," and really isn’t worth the investment.

Cuban said that if the club came up for sale that, "If they're fixable and the deal is right, then I'm very interested."

The key is “fixable” and “deal is right”.

Cuban may spend money, but it isn’t done foolishly. In fact, Cuban was keenly aware of the value that he saw the Texas Rangers were worth, and conceded to the group led by Chuck Greenberg and Nolan Ryan when they bid over that figure last year when the club was up for auction.

In other words, Cuban isn’t likely interested to take on an endeavor dripping with massive debt. He also isn’t likely to be interested unless the whole enchilada – Dodgers, Dodger Stadium, parking revenues, and land around the ballpark – are in the mix. With the way Frank McCourt broke off assets of the Dodgers, even if the league wrests control of the Dodgers away from McCourt, he could fight to retain the other pieces. For Cuban (and likely any other investor worth their salt), that won’t make for “deal is right.”

Still, Cuban’s stock has certainly risen after the Mavericks won the NBA Championship. As one MLB club exec said to me, “He showed a whole lot of class throughout the Game 6 celebration.”


SPECIAL BUSINESS OF SPORTS NETWORK REPORTS:
The Labor Battle in the NFL. See BizOfFootball.com for details

Welcome to the 2011 Business of Sports Network Autism Challenge


Maury BrownMaury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey, as well as a contributor to FanGraphs and Forbes SportsMoney. He is available for hire or freelance. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.

Follow Maury Brown on Twitter Twitter

Follow The Biz of Baseball on Twitter Twitter

FacebookFollow the Business of Sports Network on Facebook

 
MLB Rejects FOX Deal for Dodgers, McCourt Threatens Legal Actions PDF Print E-mail
User Rating: / 16
PoorBest 
MLB Club Sales
Written by Maury Brown   
Monday, 20 June 2011 19:46

It came as no surprise today that Commissioner Selig rejected the proposed FOX television contract extension with the Dodgers. The deal, which had $385 million in up-front money as part of a $3 billion deal, was tied to a divorce settlement between Frank and Jamie McCourt.

Commissioner Selig released a statement, saying:

“Pursuant to my authority as Commissioner, I have informed Los Angeles Dodgers owner Frank McCourt today in a detailed letter that I cannot approve the club’s proposed transaction with FOX. This decision was reached after a full and careful consideration of the terms of the proposed transaction and the club’s current circumstances. It is my conclusion that this proposed transaction with FOX would not be in the best interests of the Los Angeles Dodgers franchise, the game of Baseball and the millions of loyal fans of this historic club.

“Mr. McCourt has been provided with an expansive analysis of my reasons for rejecting this proposed transaction. Critically, the transaction is structured to facilitate the further diversion of Dodgers assets for the personal needs of Mr. McCourt. Given the magnitude of the transaction, such a diversion of assets would have the effect of mortgaging the future of the franchise to the long-term detriment of the club and its fans.

“As I have said before, we owe it to the legion of loyal Dodger fans to ensure that this club is being operated properly now and will be guided appropriately in the future. This transaction would not accomplish these goals.”

In a sign that Frank McCourt will most assuredly be suing MLB in order to allow the deal to go through, the Dodgers released a statement through McCourt’s lawyer, Steve Susman of the law firm Susman Godfrey:

“We are extremely disappointed with the Commissioner’s rejection of the proposed FOX transaction which would inject $235 million into the Los Angeles Dodgers.  As Commissioner Selig well knows, this transaction would make the Dodgers financially secure for the long term and one of the best capitalized teams in Major League Baseball.

“For  weeks Major League Baseball  has consistently made public pronouncements asserting that Jamie McCourt’s agreement of the Fox transaction also was  needed; that the Court adjudicating the McCourt divorce grant its approval of the transaction; and the Dodger organization provide all data requested by Major League Baseball to satisfy the so-called investigation ordered by  Commissioner Selig last April – the latter also being the excuse he gave at that time  for delaying his approval of the proposed FOX transaction.

“All the requirements for the Commissioner to approve the FOX transaction were put in place by last Friday: Frank and Jamie McCourt entered into an agreement based on the proposed transaction; the Court ordered, among other things, that the FOX transaction is “in the best interest of the Los Angeles Dodgers and should be consummated immediately;”and all information requested by Major League Baseball under its so-called investigation has been provided by the Dodgers.

“Commissioner Selig’s letter of rejection is not only a disappointment, but worse, is potentially destructive to the Los Angeles Dodgers, and Major League Baseball.  Accordingly, we plan to explore vigorously our options and remedies with respect to Commissioner Selig’s rejection of the proposed FOX transaction and our commitment to protect the long-term best interests of the Los Angeles Dodgers.”

The reason for the rejection lies within the Susman response: just $235 million of the $385 million in money fronted would go to the Dodgers. As highlighted in the proposed divorce settlement between Jamie and Frank McCourt reached last Friday that was contingent on the approval of the FOX extension.

In reading the settlement terms, out of that infusion of cash in the rejected FOX extension , each party would have received $5 million in attorneys’ fees and costs… each party would have received $5 million to use has he or she desires. From there, the approx. $235 million would have gone to the Dodgers, but the caveat was that it would have included repayment back to Frank to advance the Dodgers in 2011, a sum that was not to exceed $23.5 million. An additional $80 million was to be used to pay down indebtedness, and the remaining amount of approx. $50 million would be put into an account subject to McCourt’s orders.

As we wrote last week (see Divorce Settlement Shows Frank McCourt is Rearranging Deckchairs on the Titanic with the Dodgers):

Frank, you’re on the edge. The only thing saving you from losing the Dodgers is the FOX deal. There seems little reason for the league to approve it. It’s clearly needed to deal with a personal matter, not improve attendance at the ballpark or the team on the field.

Frank, you’re rearranging deckchairs on the Titanic now to meet payroll each month. There’s little hope MLB will be willing to let you do so with the FOX television extension.

That was then, and here we are now. On August 4, unless McCourt were to somehow wrangle the TV deal away from MLB, Judge Scott Gordon will likely order the Dodgers sold and the proceeds split between Frank and Jamie. Before then, it’s also likely Frank will be unable to make payroll (although he has somehow been able to reach payroll each of the last 2 months by taking cash advances on sponsorship deals. Eventually, McCourt will be bled dry, and MLB will seize the club.

As far as the chances of Frank winning in court by suing Commissioner Selig, consider this portion from MLB’s Constitution (bolding, author):

The Major League Clubs recognize that it is in the best interests of Baseball that all actions taken by the Commissioner under the authority of this Constitution, including, without limitation, Article II and this Article VI, be accepted and complied with by the Clubs, and that the Clubs not otherwise engage in any form of litigation between or among themselves or with any Major League Baseball entity, but resolve their differences pursuant to the provisions of this Constitution. In furtherance thereof, the Clubs (on their own behalf and including, without limitation, on behalf of their owners, officers, directors and employees) severally agree to be finally and unappealably bound by actions of the Commissioner and all other actions, decisions or interpretations taken or reached pursuant to the provisions of this Constitution and severally waive such right of recourse to the courts as would otherwise have existed in their favor.

To add to the passage in the ML Constitution there's this: Tom Hicks had a TV extension with FOX rejected by the league when the Rangers were falling into bankruptcy. The position of the league was the same: using money to improve the ballpark, or pour into player payroll is acceptable. Allowing money to come in via an extension to deal with personal issues of debt, is not. Frank McCourt, you aren't the first to be told no.


SPECIAL BUSINESS OF SPORTS NETWORK REPORTS:
The Labor Battle in the NFL. See BizOfFootball.com for details

Welcome to the 2011 Business of Sports Network Autism Challenge


Maury BrownMaury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey, as well as a contributor to FanGraphs and Forbes SportsMoney. He is available for hire or freelance. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.

Follow Maury Brown on Twitter Twitter

Follow The Biz of Baseball on Twitter Twitter

FacebookFollow the Business of Sports Network on Facebook

 
«StartPrev12345678910NextEnd»

Page 3 of 19
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?