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L.A. Dodgers File for Bankruptcy

6/27/2011 6:02 AM PDT BY TMZ STAFF

The Los Angeles Dodgers have filed for bankruptcy.

Los Angeles Dodgers Bankrupt

It's a huge development in the saga of the troubled team.  Frank McCourt has been struggling to make the payroll.  Interestingly, the creditors include 23 current team members and former Dodger Manny Ramirez, who is owed $20,992,086.  Andrew Jones, also a former member, is owed $11,075,000 and current slugger Matt Kemp is owed $216,944. 

And legendary announcer Vince Scully is a creditor who is owed $152,778.

The top 40 creditors are owed a total of $74,121,433.

Sources tell TMZ ... the decision to file was made by Frank McCourt ... NOT MLB Commissioner  Bud Selig or trustee Tom Schieffer.

The trigger for the Chapter 11 Bankruptcy filing was Selig's decision to kill the $3 billion Fox deal to broadcast Dodger games.

McCourt was bitter, saying Selig has "turned his back on the Dodgers, treated us differently, and forced us to the point we find ourselves in today."

The documents list Dodger assets between $500 million and 1 billion dollars. 

The team will continue playing and all salaries will be paid, according to McCourt.

0627_cuban_launch2Sources connected with the team tell TMZ bankruptcy was McCourts only viable option.  If McCourt sued Selig for nixing the Fox deal, the lawsuit would have allowed Selig to seize the team, and that's something McCourt wanted to avoid at all costs.


For more sports stories, check out tmzsports.com!
59 COMMENTS

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1.

Snerkles    

But the McCourts managed to live like kings. Disgusting.

1182 days ago
2.

wasted days and wasted nights    

It is after the gold rush.

1182 days ago
3.

Sloane    

for me, in a perfect world, ball players (athletes like that) would not be paid millions of dollars until the brain surgeons, leading cancer reshearchers, leader of the country, top educators, remarkable physicists, military, firefighters, etc. were making a wage commensurate with their value in the world

so sad where ost in our society place their value....

sports is entertainment..medicine/education is life

too many are worshipping athletes and stars like gods, following their every tweet
and nobody can name a recent Nobel Prize winner in any category

it disturbs me if I think about it at any great length

but that's just me

1182 days ago
4.

PFG    

Doing what they do best...spend! Wanting for this, wanting that & spending this for that. Supreme operandi is, yep you got right on target! Ponzi schemes...rob this to pay for that, make this deal to pay for this & now the shares being called in. Voila! Ya think...bankruptcy & yet another way out of a jam brought by greed...yep learned premise.

1182 days ago
5.

Jj    

I suppose if the ship's going down, the most desired thing is to bring it down by your own hand.

1182 days ago
6.

PFG    

Hey SLOANE...only way out of the $$$ scam that atheletes & promoters get the huge bucks....Don't attend. Why would anyone pay $$ hundreds of dollars for a concert, athelete pay a game or all this. WHY? Agree, and DR.S, Lawyers getting huge bucks to is crazy too. Why put yourself in messes that allow these people to be paid. If we didn't pay to have all this being done, than it would be CRAZY costs like they ARE.....HELLO, EllO people. I get better viewing most times vis TV anyways, my home and I can do the fun their betta!

1182 days ago
7.

Hoopee    

Chelsea Handler keeps saying she wants to buy a professional sports team. Maybe this would be a good start. Oh wait, she's only worth $25million. Maybe she could get a team mortgage, or work off the team members salary in 'trade.' She's not far from Kim Kardashian, I'm sure she could work her way through the entire team in one season.

1182 days ago
8.

JJ    

GOOD...............they stink & so does teh entire State of California.

1182 days ago
9.

Sloane    

2PFG 6 minutes ago
--------------

you are sooooo right
lucky for me I was raised in a family that didn't buy into the $port$ money machine..or movie $tar or rock band$ etc. especilly attending live events

wouldn't spend a weeks grocery money or a months mortgage (probably in the case of the court side seats where we see all the stars sitting on camera) to attend anything short of the second coming if you now what I mean!!

1182 days ago
10.

PFG    

BOYCOTT ALL THE CRAP THAT REQUIRES BIG BUCKS...ATHELETES GAMES, CONCERTS AND WATCH THE PRICES FALL to reasonable market and the CRAZY deals go away. Who ever attends these functions pays the payroll. WHY! Life is better without scamming crazy fools...so BOYCOTT them with me. Let it be in the past versus a ongoing continum.....BOYCOTT the "PROFESSIONAL" Crap they want, think and feel they deserve over and better than people doing the right kind of living.....

1182 days ago
11.

LonnieB    

Bu...but...it's pro baseball!!

It's too big/important to fail!

Call the sports-obsessed gomer sitting in the White House. He'll bail them out. Afterall, pro athletes (& Hollywierd halfwits) are just soooo important to our society.
They give the people something to ogle at and worship...while the government picks our pockets and strips our rights & freedoms.

Athletes and actors used to be considered low life. But that was back when honesty, accountability and morality were considered virtues.
Now, they're snickered at by that same lowlife-raised-to-god-status crowd....and their sycophants!

1182 days ago
12.

Carter Swenson    

@lonnie

"Athletes and actors used to be considered low life. But that was back when honesty, accountability and morality were considered virtues.
Now, they're snickered at by that same lowlife-raised-to-god-status crowd....and their sycophants!"

Oh you mean low life athletes of yore like Lou Gehrig, Ted Williams, Byron Whizzer White, Gerald Ford?

And what about all the old school low-life actors like John Wayne, Jimmy Stewart, Katherine Hepburn and cough cough...Ronald Reagan?

1182 days ago
13.

PFG    

I could attend them & I don't pay interest either on anything...duh! I don't have any desire to promote or pay into this crap being slung for years via media, publicity stunts, & the whole make ME feel good with my need for attantion.

Super I am not alone with boycotting the stupid crap being sold. There will be a buyer, it would be nice to see them scammers get what they deserve...losing out. Media sells this hypocracy, and the young people don't know any better than thinking they too deserve more over last as every working person all think they deserve gold however they can scam it. Sad state of affairs being marketed, sold via stories again & again by our media. NO ROLE MODELS, doing the right things, how we can live well, teamwork, but this doesn't sell or does it? It's all in how much effort in how it's spun, marketed & put out there. It's so much easier to sell the bad, off color, & oddities with it being stupid, inappropriate & awful being done. Even I get caught up in it...I'm here aren't I, but I WON'T pay for it.

1182 days ago
14.

Jonathan Smith    

Safe to say Cuban isn't going to buy in.. Last thing he wants is to invest in that..

1182 days ago
15.

Me    

Perfect timing for a Twins win!


http://shrt.fm/iZWN5D

1182 days ago
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