Frank McCourt finally hit rock bottom. I was beginning to wonder just how far down this seemingly bottomless pit would go before he landed with a spectacular splat. Yesterday, McCourt was forced to declare bankruptcy for five different companies: Los Angeles Dodgers LLC, Los Angeles Dodgers Holding Company LLC, LA Holdco LLC, LA Real Estate LLC and LA Real Estate Holding Company LLC. In case you are wondering, those five companies add up to the entire Los Angeles Dodgers franchise.
After Bud Selig wisely rejected the Fox television deal that McCourt hoped would help keep the Dodgers afloat, McCourt was left to write a new chapter in Dodgers' history: Chapter 11. And although Selig deserves blame for allowing the problem to spiral this out of hand, he appears ready to fix the problem. He knows that the league must take the Dodgers out of McCourt's hands before the situation worsens.
And perhaps I spoke too soon about rock bottom. It appears that Mr. McCourt is still falling as he now must find a way to pay $92.5 million dollars to players (not including signing bonuses) and the nearly 300 full-time employees who work for the Dodgers. Time to see just how far this hole goes.
It is mind-boggling that a professional sports owner could screw this up as bad as McCourt has. One of the most well-known sporting franchises in all four sports, and McCourt has led it off the map worse than Edward Smith and the Titanic.
Now with the MLB attempting to block the $150 million Chapter 11 loan that McCourt applied for, the league seems finished with him and with good reason too. The man embarrassed a storied franchise, yet continues to play the victim. It will be nice to see McCourt finally hit the ground, because when he does, he'll no longer have any part with the Dodgers or professional baseball.
Again, I ask: why Frank McCourt and not Mark Cuban?
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