LA Dodgers file for bankruptcy protection
The Los Angeles Dodgers filed for bankruptcy protection in a Delaware court today, and its run-down of top creditors is a who's-who list of players from its line-up.
Creditors in a typical bankruptcy filing include banks or financial institutions, but when it comes to a baseball team that's not necessarily the case. Manny RamÃrez, the retired outfielder, is the team's biggest creditor. He is owed a whopping $20.9 million from a previously-signed contract. Coming in fifth on the list is rival team, the Chicago White Sox. Other players include former Dodger Andruw Jones (No. 2 at $11 million), Hiroki Kuroda (No. 3 at $4.4 million), and Rafael Furcal (No. 4 at $3.7 million).
The bankruptcy filing (PDF) comes after months of high-profile attention for the Dodgers. Recently, Major League Baseball took over the day-to-day operations of the Dodgers. And, owner Frank McCourt cited MLB commissioner Bud Selig's refusal to approve a Dodgers TV deal with Fox Sports as the cause for Monday's bankruptcy filing.
In a news release, the team says Chapter 11 bankruptcy protection will provide the Dodgers with a process to address its immediate financing requirements and obtain the capital necessary to ensure the baseball franchise's long-term financial stability.
Not surprisingly, Dodgers fans are voicing their opinions online. Here are some of Marketplace's favorite #dodgers Tweets.
Depending on how I feel today, I am either going to buy a sandwich or the Dodgers.
And the Dodgers file for bankruptcy. Can't say I didnt see that coming. Is it alright if I blame this on Manny Ramirez?
So... When are they moving the Dodgers to Montreal? That's how this works, right? I learned this by watching the NHL.
Los Angeles Dodgers file for bankruptcy protection. What effect will this have on my Steve Sax rookie cards?
I love that Manny is the Dodgers' biggest creditor. I can't wait to see his legal filings. On letterhead from a hotel on Mars, I assume.
With additional reporting from The Associated Press.
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