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 Ramírez, 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.

@BonnieBernstein:
#Dodgers file for Chapter 11 bankruptcy. At this point, not sure what's thicker, this plot, or LA smog.





@michaelianblack:
Depending on how I feel today, I am either going to buy a sandwich or the Dodgers.





@bshedwick:
And the Dodgers file for bankruptcy. Can't say I didnt see that coming. Is it alright if I blame this on Manny Ramirez?





@kairyssdal:
And baseball fans everywhere. "@MicheleSteele: Dodgers' top 3 creditors: Manny Ramirez ($20.9m); Andruw Jones ($11m);Hiroki Kuroda ($4.5m)"





@JoeYerdonPHT:
So... When are they moving the Dodgers to Montreal? That's how this works, right? I learned this by watching the NHL.





@EricStangel:
Los Angeles Dodgers file for bankruptcy protection. What effect will this have on my Steve Sax rookie cards?





@craigcalcaterra:
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.





@Bripilot34:
Dodgers #bankrupt I bet Manny still gets his paycheck though. Sad to see such a storied franchise in such disarray. oh well, go yanks!!





With additional reporting from The Associated Press.



More Dodgers coverage from Marketplace:

Los Angeles Dodgers may not meet payroll

Strikeout: Bud Selig rejects Dodgers TV deal

MLB takes over Los Angeles Dodgers

Dodger owner divorce gets messy, in court and in the clubhouse

So, who owns the Dodgers?

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