The Los Angeles Dodgers filed for protection under Chapter 11 of the U.S. Bankruptcy Code in Delaware Monday, blaming Major League Baseball for refusing to approve a multibillion-dollar TV deal that owner Frank McCourt was counting on to keep the troubled team afloat.
McCourt believes the bankruptcy will allow him the time to secure funding for his team while protecting his ownership against Major League Baseball’s advances.
Yahoo Sports reports
McCourt also announced he’d “received a commitment” for another $150 million in financing – a loan taken outside the authority of baseball – that would allow him to pay his players and employees, run the day-to-day operations of the club and acquire more players.
Creditors listed in the filing include Manny Ramirez(nearly $21 million), who last played for the team in 2010, Andruw Jones ($11 million), the Chicago White Sox ($3.5 million), Continental Airlines ($339,000), the City of Los Angeles ($240,000) and Vin Scully ($153,000)
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