Thursday, June 23, 2011

Major League Baseball and the Dodgers: Rejection of TV deal may doom Frank McCourt as owner - latimes.com

Major League Baseball and the Dodgers: Rejection of TV deal may doom Frank McCourt as owner - latimes.com

The fate of Frank McCourt, the beleaguered owner of the Los Angeles Dodgers, got bleaker Monday when Major League Baseball Commissioner Bud Selig rejected a proposed $1-billion-plus deal between Fox and the Dodgers for television rights.

McCourt, who has struggled to make his last five Dodgers payrolls, saw that deal as manna from heaven — a way to assure future payrolls and the club's financial health for a while, as well as solving his personal money problems. The deal was worth an estimated $1.7 billion to $3 billion over 17 years. McCourt was counting on a $385-million upfront advance against the agreement, which wouldn't even take effect for two years. Out of that money, McCourt and his ex-wife, Jamie, had agreed Friday to put $235 million into the Dodgers. The remainder would have covered lawyers' fees, the debts on various McCourt companies — and themselves.

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