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Saturday, October 25, 2014

MLB: Frank McCourt Tried to Take $20 Million from Dodgers in April

Dodgers owner Frank McCourt and Major League Baseball are embroiled in a legal argument over the irresponsible handling of the historic franchise. MLB says Frank has mishandled the franchise by keeping too much of the team’s money for himself. McCourt says the club wouldn’t have financial issues if Major League Baseball would approve the TV deal he’s negotiated with FOX. MLB rejected the deal because they feel McCourt will mishandle that money, and worse yet, lose all lifelines because the last stream of revenue for the team will be gone.

Why would they feel that way? Because as recently as April, they say he tried to take money away from the team.

From the LA Times, who seems to be spoon fed their scoops from MLB:

The league also alleged in [legal documents filed Wednesday] that McCourt tried to take $20 million out of the Dodgers in late April, amid the team’s payroll crisis. The league previously has cited divorce court filings that show McCourt and his ex-wife, Jamie, used more than $100 million of team revenues for personal purposes.

In mid-April, McCourt took a $30-million personal loan from Fox, using $20 million to fund the first payrolls of the season. Commissioner Bud Selig soon thereafter appointed a trustee to oversee the Dodgers’ finances, after which McCourt asked that the $20 million be returned to him since he would not have final say over the money, according to a person familiar with the request but not authorized to discuss it. The request was denied, the person said.

Typical McCourt, right? He wanted control of the money so he could screw around with it as he pleased. MLB wanted to ensure the money would go towards important needs, like meeting payroll.

Sadly we’re left dealing with the reality that McCourt won’t give up his legal fight until he’s exhausted every option. I’m still wondering who will finance his battle considering he’s bankrupt What we need is the media to keep hammering McCourt until he finally loses the Dodgers. He’s lost the right to own them with his horrible practices as an owner.

Thanks to Marcas G for the heads up



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