All NEW Investors: Your gift matched $ for $ this week! GIVE NOW
News In Brief

LA Dodgers file for bankruptcy protection

Katharine Crnko Jun 27, 2011

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?

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.