L.A. Dodgers Declare Bankruptcy

Monday, 27 Jun 2011 02:45 PM

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The Dodgers, one of Major League Baseball’s most beloved and historic franchises, has officially filed for bankruptcy, reports TMZ.

Frank McCourt, owner of the troubled team, filed bankruptcy papers earlier this morning after months of financial drama. The tipping point came as MLB Commissioner Bud Selig killed the $3 billion deal with Fox to broadcast Dodger games.

The top 40 creditors in the Dodgers organization are owed a reported $74,121,433. Former Dodgers Manny Ramirez and Andrew Jones are each owed $20,992,086 and $11,075,000 respectively.

McCourt has criticized Commissioner Selig for “turning his back” on the Dodgers by refusing to help bail them out. Though he had contemplated suing Selig, he knew that a lawsuit would allow Selig to seize ownership of the team.

The Dodgers will continue play as normal and all salaries will be paid, but the future of the organization is in danger.

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