Dodgers Seek Bankruptcy Court Approval of Major League Baseball Settlement
By Edvard Pettersson – Dec 7, 2011 12:04 AM ET
The sale will include the team, its future telecast rights and Dodger Stadium, lawyers for the Dodgers said in the request filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware. The sale won’t include the surrounding land and parking lots, which are also owned by Dodgers owner Frank McCourt, according to the filing.
The Dodgers and Major League Baseball want to have initial bids submitted before Jan. 13 and complete an auction for the team no later than April 1, according to the filing. The sale should be finished April 30, according to the filing.
“The agreement is a ‘win-win’ not only for the debtors and MLB but for all parties in interest in these bankruptcy cases,” lawyers for the team said in the filing.
The Dodgers may sell for a record $1 billion, sports bankers including Gordon Saint-Denis, president of Katonah, New York-based Major League Sports Consulting LLC, said after the team entered bankruptcy on June 27. Forbes magazine values the Dodgers at $800 million, the third-highest in baseball after the New York Yankees and Boston Red Sox.
MLB Commissioner Bud Selig said in June that a 17-year TV rights deal between the Dodgers and Fox Sports, which McCourt valued at about $3 billion, would harm the franchise in the long term and rejected the proposal. The Dodgers filed for bankruptcy a week later, listing assets of $370.6 million and debt of $643.9 million as of June 30.
The case is In re Los Angeles Dodgers LLC, 11-12010, U.S. Bankruptcy Court, District of Delaware (Wilmington).
To contact the reporter on this story: Edvard Pettersson in Los Angeles at email@example.com
To contact the editor responsible for this story: Michael Hytha at firstname.lastname@example.org