McCourt Agrees To Sell

The deal could still fall apart, but the L.A. Times reports Frank McCourt is close to selling the Dodgers to an anonymous buyer for over a billion dollars. The sale would include the team AND Dodger Stadium, and other entities he's created to siphon money off the team. Apparently, he's finally had that epiphany everyone else had about his finances a while back, in that even if he had his way in the BK proceedings, after paying off everyone he owes including his wife, he wouldn't have enough to renovate the Stadium and run the team.

Updated: It's official, the jerk is out.

http://www.cnn.com/2011/11/02/sport/dodgers-sale/index.html?hpt=hp_c2

7 months ago BeerCub 8 comments 0 recs |

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Good.

Getting Frank McCourt out of baseball can’t come soon enough.

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by Al Yellon on Nov 1, 2011 8:33 AM CDT reply actions

Same can be said for Bud Selig too.

McCourt wasn’t the only one with blood on his hands in this whole mess.

Lou Brown: "My kinda team, Charlie, my kinda team..."

by ballhawk on Nov 1, 2011 8:59 AM CDT up reply actions

Just the same...

…. Selig didn’t encourage McCourt to create multiple, smaller corporations for the sole purpose of borrowing money against their manufactured equity and then default on it all to where it can be proven he siphoned off at least $189M over time.

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by BeerCub on Nov 1, 2011 9:04 AM CDT up reply actions

Or...

… default on a debt total that’s more than what he paid for the club.

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by BeerCub on Nov 1, 2011 9:06 AM CDT up reply actions

But Bud (and fellow owners) did welcome McCourt into their "club" not that long ago.

I just have a hard time believing that McCourt was this Grade-A squeaky clean above-board very credible upstanding businessman one moment and then turned into this seamy, sleazy, unethical leech of a scumbag since becoming owner of the Dodgers.

I’m more likely to believe that either Bud and MLB were lax in their due diligence efforts and/or they got a whiff of what McCourt was like and decided they could manage him. I’m pretty sure Fox wanting to unload the team quickly and them being a broadcast partner of MLB had something to do with it as well.

All in all, IMO it was poor decision-making on the part of Bud & his cohorts back then and it came back to bite them in the ass. So I have no patience or sympathy for Bud wringing his hands and bemoaning what has become of a great franchise like the Dodgers when he had a part in its demise.

Lou Brown: "My kinda team, Charlie, my kinda team..."

by ballhawk on Nov 1, 2011 10:27 AM CDT up reply actions

Also...

… I think it’s extremely cool that the judge in the bankruptcy trial is named Kevin Gross.

That’s the same name as a pitcher for the Dodgers in the mid 1990s.

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by Al Yellon on Nov 1, 2011 8:35 AM CDT reply actions

I wonder how long before the new owners take control

The Houston Astros were sold on May 16 and the deal is still being approved by MLB because MLB is concerned about how its being financed. I think this deal is far, far from being completed. Not only would MLB have to approve the deal and the financing, but also the owners. I believe that the Astros new owners were already approved by MLB.

by jerry morales rules on Nov 1, 2011 6:25 PM CDT reply actions