Less than a week after a report surfaced that Los Angeles Dodgers owner Frank McCourt arranged for a $30 million personal loan from TV partner Fox to help pay the team’s bills, Major League Baseball owner Bud Selig said today that the league is taking over financial control of the franchise. He said he will appoint a representative to run the day-to-day business. “The Dodgers have been one of the most prestigious franchises in all of sports, and we owe it to their legion of loyal fans to ensure that this club is being operated properly now and will be guided appropriately in the future,” Selig said Wednesday in a statement, adding that he has “deep concerns regarding the finances and operations of the Dodgers.” Frank and Jamie McCourt are in the midst of a messy divorce that has thrown the team’s financial future into doubt. A new long-term TV deal with Fox that the Times’ Bill Shaikin reported could be in the neighborhood of $3 billion over 20 years would go along way to stabilizing things at Chavez Ravine, and McCourt recently took the offer to Selig, who already had rejected a proposed $200 million loan to McCourt from Fox using the future TV contract as collateral.
By THE DEADLINE TEAM | Wednesday April 20, 2011 @ 2:36pm PDTTags: Bud Selig, Frank McCourt, Los Angeles Dodgers, Major League Baseball
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This article was printed from http://www.deadline.com/2011/04/major-league-baseball-to-take-over-dodgers-after-news-of-loan-from-fox/