Los Angeles Dodgers File Chapter 11, MLB Furious at Owner Frank McCourt
Posted on June 27, 2011The Los Angeles Dodgers filed for Chapter 11 bankruptcy protection in a Delaware court today. Owner Frank McCourt blames the filing on the refusal of Major League Baseball's Bud Selig to approve a multibillion-dollar TV deal with Fox that McCourt was counting on to keep the troubled team afloat. The L.A. Times tell tell a different story. McCourt is involved in a bitter divorce fight and a court just ruled that their antenuptial agreement is invalid. That means Mrs. McCourt has a claim to half ownership of the team.
The MLB doesn't want McCourt to get his hands on $385 million in cash from the Fox deal because he'd just pay it to his wife, instead of making the team better. It's a real mess, legally. Right now, a bankruptcy judge in L.A. is running the Dodgers. The AP reports: