LA Dodgers file for bankruptcy protection

The Los Angeles Dodgers have filed for bankruptcy protection. The organization’s owner Frank McCourt blamed Major League Baseball for rejecting a $3 billion television deal that he says would have solved the Dodgers’ cash flow problems. The deal would have given News Corp’s Fox Network broadcasting rights for Dodger’s games and injected the beleaguered organization with $385 million upfront. McCourt is heavily in debt, having been unable to fulfill payroll and other financial obligations. He is also reportedly mired in bitter divorce proceedings with his estranged wife Jamie. A Los Angeles Superior Court judge is expected to decide in August whether the McCourts will divide ownership of the baseball team.

Reuters