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Dodgers' $150 Million Bankruptcy Bailout Rejected

7/22/2011 10:24 AM PDT BY TMZ STAFF

A judge shut down the Los Angeles Dodgers' bankruptcy financing plan to score $150 million for the team -- meaning Frank McCourt may have to turn to Major League Baseball for a loan instead.

0722-mlb-dodgers-bn

McCourt was trying to strike a deal with Highbridge Capital to keep the team afloat, but today a judge in Delaware rejected that bid.

MLB has offered the Dodgers a lower interest loan with no liens attached -- an alternative the team seemed more open to after today's ruling.

An attorney for the Dodgers released a statement today saying, "A short form unsecured credit agreement with MLB, when combined with other sources of revenues, should provide the Dodgers with ample liquidity to meet team payroll and other expenses."

The statement also says the Dodgers plan to emerge from Chapter 11 before the end of this year.

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

No Avatar

1.

SmackSaw    

McCourt...you leave town tonight, right now. And when you're gone, you stay gone, or you be gone. You lost all your L.A. privileges.

1086 days ago
2.

Eric Anderson    

Someone in the Dodgers organization donated their money to the Japan Sunami and Earthquake fund!

1086 days ago
3.

tmzdon'tsurf    

Please, for the love of all that is BLUE.....sell the team you FU**K**G East Coast JACKOFF.

Boycott all games until this FU**KW*D sells.

1086 days ago
4.

Kate    

SERIOUSLY....NO, REALLY...YOU ENTITLED PIECE OF S**T! F**K OFF AND DIE!

1086 days ago
5.

frank farrell    

Jeez Harvey if the Kansas City Royals or the Toronto Blue Jays were in this much trouble there wouldn't be a peep. TMZ and primarily you Harvey need to lay off the Dodgers story. Whether it this or your constant ass kissing of anything laker's or the NBA it just drives me. There are things sports related outside your ***** Lakers, nba or the Dodgers.

1086 days ago
6.

fuward fughes    

I joust gav1Dollar$4thost De`whole team and I`am breaking~UM the team and sellin toffie the bits for major profits the rest of the teams are payin top dollar for those leftovers and New york and now also be the dodger yankies

1083 days ago
7.

Wandy    

In fact, this bankruptcy proceedings mean the Dodgers could end a third consecutive season with no resolution to an ownership issue clouded by the divorce of McCourt and Jamie. The divorce case however, near its two-year anniversary, revealed how the McCourts had diverted more than $100 million from the team to keep up a lavish lifestyle that included side-by-side homes in Holmby Hills and Malibu, private jet travel and his-and-hers house calls from hairdressers. The middle-class people who now live on the verge of poverty, through cash advances can hardly understand this bohemian lifestyle. But it can be clearly seen that the team is now also on the verge of running out of cash, the result of a perfect storm of events…

873 days ago

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