Monday, June 27, 2011

Breaking: Los Angeles Dodgers File for Chapter 11


Update: In a bid to halt a takeover of the team by Major League Baseball, Dodgers owner Frank McCourt has filed for bankruptcy. A battle over control of the team has been in play, since McCourt's then-wife was caught with an heir to the Pillsbury fortune. First, it was McCourt's wife who battled for part of the team and then, when Dodger financial documents, in divorce court, showed the team in precarious financial position, Major League Baseball sought to takeover control of the team.

MLB Commissioner Bud Selig most recently refused to approve a multi-million dollar television contract that McCourt had negotiated and which would have given him financial breathing room.

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