- Sep 1, 2006
- 17,626
- 456
HAHA, you're a douche, choked on my water
OFFICIAL 2011 DODGERS SEASON THREAD [ 79-77 ] : MLB asks for sale of Dodgers
- Thread in 'Sports & Training' Thread starter Started by cincoseisdos,
- Start date
HAHA, you're a douche, choked on my water
- Sep 1, 2006
- 17,626
- 456
- Sep 1, 2006
- 17,626
- 456
- Apr 15, 2007
- 6,131
- 14
[h1]Jamie McCourt's role in Dodgers controversy[/h1]
[h1]Dodgers Up Against Cash Crisis[/h1]
Spoiler [+]
[h2]A lucrative TV contract with Fox lacks approval in part because the ex-wife of team owner Frank McCourt has not approved it, according to two people familiar with the matter.[/h2]
By Bill Shaikin
April 28, 2011, 9:45 p.m.
One reason Commissioner Bud Selig has not approved a television contract with Fox that would serve as a financial lifeline for Dodgers owner Frank McCourt is that McCourt's ex-wife, Jamie, has not approved the deal, according to two people familiar with the matter.
In correspondence with the commissioner's office, Jamie McCourt asserted her right to a say in the Dodgers' television deals by virtue of her half-ownership of the team, according to a person familiar with the communication.
Although he has not discussed his specific concerns publicly, Selig also has objections to the agreement beyond Jamie McCourt's claim, according to the people familiar with the situation who would speak only anonymously because of the possibility that Frank McCourt might file suit against Major League Baseball.
Selig is acting prudently by being wary of approving a deal without Jamie McCourt's consent, even though her stance might not hold up in court, said Lynn Soodik, a Santa Monica family law attorney who has closely followed the McCourt divorce.
"If I were the commissioner, that's the position I would take," Soodik said. "Why subject yourself to a potential lawsuit? I'm not saying she has to sign off, but wouldn't you want her to do it?"
Meanwhile Thursday, Frank McCourt continued to press for a meeting with Selig to discuss what McCourt believes is effectively a hostile takeover of the Dodgers, and the trustee appointed by Selig to run the team made his first appearance at Dodger Stadium.
Tom Schieffer, the trustee, said he spoke with McCourt by telephone Thursday and expects to meet with him Friday. Schieffer said he appreciated that McCourt had instructed the Dodgers' staff to be receptive to him; Dodgers general counsel Sam Fernandez met Schieffer at the ballpark and directed him to what will be his stadium office.
Schieffer said his work overseeing the Dodgers' business operations and Selig's investigation into the team's finances should not preclude McCourt's playing a meaningful role.
"He is certainly welcome to express his opinions," Schieffer said. "He is still the owner of the ballclub. We haven't seized anything. We're here to help."
Those comments are not likely to pacify McCourt. His son Drew took to Twitter on Thursday, challenging the statement by MLB Executive Vice President Rob Manfred that Frank McCourt was "not accurate" in recounting his Wednesday meeting with Manfred and other MLB officials.
"Recap of meeting with baseball was 100% accurate," Drew McCourt wrote. "Manfred's comment not truthful."
The McCourts — and the rest of the Dodgers executives who participated in Wednesday's meeting — were particularly angered by this comment from Manfred: "There has been no seizure of the Los Angeles Dodgers."
Though MLB has not revoked Frank McCourt's ownership, Selig has empowered Schieffer with financial authority over the franchise and has not approved the television contract with Fox that would have provided McCourt with an immediate infusion of close to $300 million.
That effectively constitutes a seizure, according to those close to McCourt, since his inability to access Dodgers funds could force him to miss financial obligations. At that point, Selig could say he has the evidence to show that McCourt is financially unfit to own the Dodgers and say he must install new owners.
"There has been a predetermined result here and … the investigation is not a genuine one," Frank McCourt said in his news conference Wednesday.
McCourt said he would welcome an MLB investigation so long as Selig approved the Fox contract. McCourt said the deal could be worth "in excess of" $3 billion over 17 years, equal to or better than comparable television contracts.
"This transaction is good for the Dodgers, whether I'm the owner or somebody else is the owner," McCourt said.
If Jamie McCourt believes the transaction could devalue the Dodgers — perhaps by foreclosing the launch of a cable channel solely owned by the Dodgers — she could object to the court.
The McCourts filed for divorce 18 months ago, but the court has yet to make a final determination on ownership of the team. Under California community property law, Frank McCourt would have to show why the couple should not split the Dodgers — or at least the value of the Dodgers — on a 50-50 basis.
Frank McCourt has said he can show he is the sole owner of the team and, in any case, that Jamie McCourt has not contested his role as the team's day-to-day decision-maker.
Neither Steve Sugerman, the spokesman for Frank, nor Matthew Hiltzik, the spokesman for Jamie, would discuss whether Jamie McCourt specifically had the right to approve the Fox deal.
http://www.latimes.com/sp...20110429,0,3181369.story
Frank and Jamie McCourt (Reuters) |
- Related
-
Dodgers trustee downplays role with embattled team, wants 'conversation' with McCourt -
Frank McCourt says Bud Selig has 'predetermined' agenda to force him from ownership of Dodgers -
Dodgers' Jonathan Broxton is counting on bouncing back - Stories
-
Transformed Andre Ethier keeps leading Dodgers, this time over Marlins -
Frank McCourt is suddenly the Great Communicator -
New Dodgers boss is not playing small ball
By Bill Shaikin
April 28, 2011, 9:45 p.m.
One reason Commissioner Bud Selig has not approved a television contract with Fox that would serve as a financial lifeline for Dodgers owner Frank McCourt is that McCourt's ex-wife, Jamie, has not approved the deal, according to two people familiar with the matter.
In correspondence with the commissioner's office, Jamie McCourt asserted her right to a say in the Dodgers' television deals by virtue of her half-ownership of the team, according to a person familiar with the communication.
Although he has not discussed his specific concerns publicly, Selig also has objections to the agreement beyond Jamie McCourt's claim, according to the people familiar with the situation who would speak only anonymously because of the possibility that Frank McCourt might file suit against Major League Baseball.
Selig is acting prudently by being wary of approving a deal without Jamie McCourt's consent, even though her stance might not hold up in court, said Lynn Soodik, a Santa Monica family law attorney who has closely followed the McCourt divorce.
"If I were the commissioner, that's the position I would take," Soodik said. "Why subject yourself to a potential lawsuit? I'm not saying she has to sign off, but wouldn't you want her to do it?"
Meanwhile Thursday, Frank McCourt continued to press for a meeting with Selig to discuss what McCourt believes is effectively a hostile takeover of the Dodgers, and the trustee appointed by Selig to run the team made his first appearance at Dodger Stadium.
Tom Schieffer, the trustee, said he spoke with McCourt by telephone Thursday and expects to meet with him Friday. Schieffer said he appreciated that McCourt had instructed the Dodgers' staff to be receptive to him; Dodgers general counsel Sam Fernandez met Schieffer at the ballpark and directed him to what will be his stadium office.
Schieffer said his work overseeing the Dodgers' business operations and Selig's investigation into the team's finances should not preclude McCourt's playing a meaningful role.
"He is certainly welcome to express his opinions," Schieffer said. "He is still the owner of the ballclub. We haven't seized anything. We're here to help."
Those comments are not likely to pacify McCourt. His son Drew took to Twitter on Thursday, challenging the statement by MLB Executive Vice President Rob Manfred that Frank McCourt was "not accurate" in recounting his Wednesday meeting with Manfred and other MLB officials.
"Recap of meeting with baseball was 100% accurate," Drew McCourt wrote. "Manfred's comment not truthful."
The McCourts — and the rest of the Dodgers executives who participated in Wednesday's meeting — were particularly angered by this comment from Manfred: "There has been no seizure of the Los Angeles Dodgers."
Though MLB has not revoked Frank McCourt's ownership, Selig has empowered Schieffer with financial authority over the franchise and has not approved the television contract with Fox that would have provided McCourt with an immediate infusion of close to $300 million.
That effectively constitutes a seizure, according to those close to McCourt, since his inability to access Dodgers funds could force him to miss financial obligations. At that point, Selig could say he has the evidence to show that McCourt is financially unfit to own the Dodgers and say he must install new owners.
"There has been a predetermined result here and … the investigation is not a genuine one," Frank McCourt said in his news conference Wednesday.
McCourt said he would welcome an MLB investigation so long as Selig approved the Fox contract. McCourt said the deal could be worth "in excess of" $3 billion over 17 years, equal to or better than comparable television contracts.
"This transaction is good for the Dodgers, whether I'm the owner or somebody else is the owner," McCourt said.
If Jamie McCourt believes the transaction could devalue the Dodgers — perhaps by foreclosing the launch of a cable channel solely owned by the Dodgers — she could object to the court.
The McCourts filed for divorce 18 months ago, but the court has yet to make a final determination on ownership of the team. Under California community property law, Frank McCourt would have to show why the couple should not split the Dodgers — or at least the value of the Dodgers — on a 50-50 basis.
Frank McCourt has said he can show he is the sole owner of the team and, in any case, that Jamie McCourt has not contested his role as the team's day-to-day decision-maker.
Neither Steve Sugerman, the spokesman for Frank, nor Matthew Hiltzik, the spokesman for Jamie, would discuss whether Jamie McCourt specifically had the right to approve the Fox deal.
http://www.latimes.com/sp...20110429,0,3181369.story
[h1]Dodgers Up Against Cash Crisis[/h1]
Spoiler [+]
[h2]Embattled Owner McCourt Says Delay in TV-Rights Deal Puts Franchise on Brink of Distress[/h2][h3]By MATTHEW FUTTERMAN [/h3]
Associated Press
Dodgers owner Frank McCourt, pictured last June, has been working toward a new media-rights deal in an effort to stabilize team finances.
http://
The owner of the Los Angeles Dodgers said Thursday the team is heading for a cash crisis.
http://
In his first lengthy interview since Major League Baseball seized control of the team last week, Dodgers owner Frank McCourt said baseball's takeover, and its decision to block a lucrative deal for the franchise's media rights, will soon put the team in a state of distress. Mr. McCourt suggested the moves were part of a plan by MLB Commissioner Bud Selig to force a sale to a preferred owner. "Baseball is trying to make it appear that the Dodgers are under financial duress, and it's not true," Mr. McCourt said. "What is true is baseball is trying to put the Dodgers into financial duress."
http://
The war of words—the latest broadsides in a rare public war between Major League Baseball and an owner of one of its most storied franchises—came a day after a contentious meeting at MLB headquarters in New York during which Mr. McCourt tried to sell his plan to stabilize the Dodgers. The three-and-a-half-hour meeting broke off after Mr. Selig relayed the message by phone to his executives that he wouldn't approve Mr. McCourt's plan until the commissioner completed an investigation of the franchise.
Mr. McCourt said he has been working since November with News Corp.'s Fox unit to raise money to solve the team's financial challenges and settle his ongoing divorce from his wife, Jamie. He said Mr. Selig has stymied the effort by withholding approval of four proposed deals, two of which were large loans. The latest, presented Wednesday, is a media-rights deal worth about $3 billion and includes a 35% stake for Mr. McCourt in the Southern California regional sports network Prime Ticket, according to people familiar with the details. News Corp. also owns The Wall Street Journal
http://
Rob Manfred, executive vice president of MLB, declined to discuss whether Mr. Selig wanted to replace Mr. McCourt. "No one has ever suggested to Mr. McCourt we want a different owner." He said Mr. McCourt has been telling baseball officials for six months he needed approval of a new media deal with Fox or he would run out of money within weeks. "There are so many things we've been told by Dodger representatives," Mr. Manfred said. "The commissioner wants to complete his financial investigation of the club before he deals with any transactions."
The deal with Fox that Mr. McCourt proposed would have given him $285 million immediately—all of which Mr. McCourt pledged to invest in the Dodgers. In addition to the 35% stake in Fox's Prime Ticket regional sports network, the deal includes a 150% increase in the annual media-rights fees that Fox pays the Dodgers to broadcast the games, to more than $80 million a year by 2014.
http://
The deal, Mr. McCourt said, would allow the Dodgers to eliminate a significant portion of their roughly $450 million in debt and allow him to settle his divorce. Through seven years of ownership, Mr. McCourt and his soon-to be former wife paid themselves $50 million in salary from the team. Also, they used $50 million borrowed against the value of the land near the stadium to pay mortgages on their homes.
Mr. McCourt has remained largely silent the past two years as he underwent embarrassing, high-profile divorce proceedings. The parties have been working toward a settlement that involves a payment of about $150 million to Jamie McCourt.
http://
After taking control of the Dodgers last week, citing his broad powers to act "in the best interests of baseball," Mr. Selig appointed Tom Schieffer, the former ambassador to Australia, to oversee the day-to-day operations of the team. Mr. Schieffer, a former minority owner of the Texas Rangers, arrived in Los Angeles Wednesday. He said he has final approval over all of the franchise's financial transactions.
The Dodgers turn about a $40 million profit annually, putting them in compliance with baseball's debt regulations. But Mr. Manfred said $500 million in debt was too muchdebt for a franchise valued at about $1 billion. Mr. McCourt said the debt will decrease as soon as he completes the media deal.
http://online.wsj.com/art...ml?mod=wsj_share_twitter
Dodgers owner Frank McCourt, pictured last June, has been working toward a new media-rights deal in an effort to stabilize team finances.
http://
The owner of the Los Angeles Dodgers said Thursday the team is heading for a cash crisis.
http://
In his first lengthy interview since Major League Baseball seized control of the team last week, Dodgers owner Frank McCourt said baseball's takeover, and its decision to block a lucrative deal for the franchise's media rights, will soon put the team in a state of distress. Mr. McCourt suggested the moves were part of a plan by MLB Commissioner Bud Selig to force a sale to a preferred owner. "Baseball is trying to make it appear that the Dodgers are under financial duress, and it's not true," Mr. McCourt said. "What is true is baseball is trying to put the Dodgers into financial duress."
http://
The war of words—the latest broadsides in a rare public war between Major League Baseball and an owner of one of its most storied franchises—came a day after a contentious meeting at MLB headquarters in New York during which Mr. McCourt tried to sell his plan to stabilize the Dodgers. The three-and-a-half-hour meeting broke off after Mr. Selig relayed the message by phone to his executives that he wouldn't approve Mr. McCourt's plan until the commissioner completed an investigation of the franchise.
Mr. McCourt said he has been working since November with News Corp.'s Fox unit to raise money to solve the team's financial challenges and settle his ongoing divorce from his wife, Jamie. He said Mr. Selig has stymied the effort by withholding approval of four proposed deals, two of which were large loans. The latest, presented Wednesday, is a media-rights deal worth about $3 billion and includes a 35% stake for Mr. McCourt in the Southern California regional sports network Prime Ticket, according to people familiar with the details. News Corp. also owns The Wall Street Journal
http://
Rob Manfred, executive vice president of MLB, declined to discuss whether Mr. Selig wanted to replace Mr. McCourt. "No one has ever suggested to Mr. McCourt we want a different owner." He said Mr. McCourt has been telling baseball officials for six months he needed approval of a new media deal with Fox or he would run out of money within weeks. "There are so many things we've been told by Dodger representatives," Mr. Manfred said. "The commissioner wants to complete his financial investigation of the club before he deals with any transactions."
The deal with Fox that Mr. McCourt proposed would have given him $285 million immediately—all of which Mr. McCourt pledged to invest in the Dodgers. In addition to the 35% stake in Fox's Prime Ticket regional sports network, the deal includes a 150% increase in the annual media-rights fees that Fox pays the Dodgers to broadcast the games, to more than $80 million a year by 2014.
http://
The deal, Mr. McCourt said, would allow the Dodgers to eliminate a significant portion of their roughly $450 million in debt and allow him to settle his divorce. Through seven years of ownership, Mr. McCourt and his soon-to be former wife paid themselves $50 million in salary from the team. Also, they used $50 million borrowed against the value of the land near the stadium to pay mortgages on their homes.
Mr. McCourt has remained largely silent the past two years as he underwent embarrassing, high-profile divorce proceedings. The parties have been working toward a settlement that involves a payment of about $150 million to Jamie McCourt.
http://
After taking control of the Dodgers last week, citing his broad powers to act "in the best interests of baseball," Mr. Selig appointed Tom Schieffer, the former ambassador to Australia, to oversee the day-to-day operations of the team. Mr. Schieffer, a former minority owner of the Texas Rangers, arrived in Los Angeles Wednesday. He said he has final approval over all of the franchise's financial transactions.
The Dodgers turn about a $40 million profit annually, putting them in compliance with baseball's debt regulations. But Mr. Manfred said $500 million in debt was too muchdebt for a franchise valued at about $1 billion. Mr. McCourt said the debt will decrease as soon as he completes the media deal.
http://online.wsj.com/art...ml?mod=wsj_share_twitter
- Apr 15, 2007
- 6,131
- 14
[h1]Jamie McCourt's role in Dodgers controversy[/h1]
[h1]Dodgers Up Against Cash Crisis[/h1]
Spoiler [+]
[h2]A lucrative TV contract with Fox lacks approval in part because the ex-wife of team owner Frank McCourt has not approved it, according to two people familiar with the matter.[/h2]
By Bill Shaikin
April 28, 2011, 9:45 p.m.
One reason Commissioner Bud Selig has not approved a television contract with Fox that would serve as a financial lifeline for Dodgers owner Frank McCourt is that McCourt's ex-wife, Jamie, has not approved the deal, according to two people familiar with the matter.
In correspondence with the commissioner's office, Jamie McCourt asserted her right to a say in the Dodgers' television deals by virtue of her half-ownership of the team, according to a person familiar with the communication.
Although he has not discussed his specific concerns publicly, Selig also has objections to the agreement beyond Jamie McCourt's claim, according to the people familiar with the situation who would speak only anonymously because of the possibility that Frank McCourt might file suit against Major League Baseball.
Selig is acting prudently by being wary of approving a deal without Jamie McCourt's consent, even though her stance might not hold up in court, said Lynn Soodik, a Santa Monica family law attorney who has closely followed the McCourt divorce.
"If I were the commissioner, that's the position I would take," Soodik said. "Why subject yourself to a potential lawsuit? I'm not saying she has to sign off, but wouldn't you want her to do it?"
Meanwhile Thursday, Frank McCourt continued to press for a meeting with Selig to discuss what McCourt believes is effectively a hostile takeover of the Dodgers, and the trustee appointed by Selig to run the team made his first appearance at Dodger Stadium.
Tom Schieffer, the trustee, said he spoke with McCourt by telephone Thursday and expects to meet with him Friday. Schieffer said he appreciated that McCourt had instructed the Dodgers' staff to be receptive to him; Dodgers general counsel Sam Fernandez met Schieffer at the ballpark and directed him to what will be his stadium office.
Schieffer said his work overseeing the Dodgers' business operations and Selig's investigation into the team's finances should not preclude McCourt's playing a meaningful role.
"He is certainly welcome to express his opinions," Schieffer said. "He is still the owner of the ballclub. We haven't seized anything. We're here to help."
Those comments are not likely to pacify McCourt. His son Drew took to Twitter on Thursday, challenging the statement by MLB Executive Vice President Rob Manfred that Frank McCourt was "not accurate" in recounting his Wednesday meeting with Manfred and other MLB officials.
"Recap of meeting with baseball was 100% accurate," Drew McCourt wrote. "Manfred's comment not truthful."
The McCourts — and the rest of the Dodgers executives who participated in Wednesday's meeting — were particularly angered by this comment from Manfred: "There has been no seizure of the Los Angeles Dodgers."
Though MLB has not revoked Frank McCourt's ownership, Selig has empowered Schieffer with financial authority over the franchise and has not approved the television contract with Fox that would have provided McCourt with an immediate infusion of close to $300 million.
That effectively constitutes a seizure, according to those close to McCourt, since his inability to access Dodgers funds could force him to miss financial obligations. At that point, Selig could say he has the evidence to show that McCourt is financially unfit to own the Dodgers and say he must install new owners.
"There has been a predetermined result here and … the investigation is not a genuine one," Frank McCourt said in his news conference Wednesday.
McCourt said he would welcome an MLB investigation so long as Selig approved the Fox contract. McCourt said the deal could be worth "in excess of" $3 billion over 17 years, equal to or better than comparable television contracts.
"This transaction is good for the Dodgers, whether I'm the owner or somebody else is the owner," McCourt said.
If Jamie McCourt believes the transaction could devalue the Dodgers — perhaps by foreclosing the launch of a cable channel solely owned by the Dodgers — she could object to the court.
The McCourts filed for divorce 18 months ago, but the court has yet to make a final determination on ownership of the team. Under California community property law, Frank McCourt would have to show why the couple should not split the Dodgers — or at least the value of the Dodgers — on a 50-50 basis.
Frank McCourt has said he can show he is the sole owner of the team and, in any case, that Jamie McCourt has not contested his role as the team's day-to-day decision-maker.
Neither Steve Sugerman, the spokesman for Frank, nor Matthew Hiltzik, the spokesman for Jamie, would discuss whether Jamie McCourt specifically had the right to approve the Fox deal.
http://www.latimes.com/sp...20110429,0,3181369.story
|
Frank and Jamie McCourt (Reuters) |
- Related
-
Dodgers trustee downplays role with embattled team, wants 'conversation' with McCourt -
Frank McCourt says Bud Selig has 'predetermined' agenda to force him from ownership of Dodgers -
Dodgers' Jonathan Broxton is counting on bouncing back - Stories
-
Transformed Andre Ethier keeps leading Dodgers, this time over Marlins -
Frank McCourt is suddenly the Great Communicator -
New Dodgers boss is not playing small ball
By Bill Shaikin
April 28, 2011, 9:45 p.m.
One reason Commissioner Bud Selig has not approved a television contract with Fox that would serve as a financial lifeline for Dodgers owner Frank McCourt is that McCourt's ex-wife, Jamie, has not approved the deal, according to two people familiar with the matter.
In correspondence with the commissioner's office, Jamie McCourt asserted her right to a say in the Dodgers' television deals by virtue of her half-ownership of the team, according to a person familiar with the communication.
Although he has not discussed his specific concerns publicly, Selig also has objections to the agreement beyond Jamie McCourt's claim, according to the people familiar with the situation who would speak only anonymously because of the possibility that Frank McCourt might file suit against Major League Baseball.
Selig is acting prudently by being wary of approving a deal without Jamie McCourt's consent, even though her stance might not hold up in court, said Lynn Soodik, a Santa Monica family law attorney who has closely followed the McCourt divorce.
"If I were the commissioner, that's the position I would take," Soodik said. "Why subject yourself to a potential lawsuit? I'm not saying she has to sign off, but wouldn't you want her to do it?"
Meanwhile Thursday, Frank McCourt continued to press for a meeting with Selig to discuss what McCourt believes is effectively a hostile takeover of the Dodgers, and the trustee appointed by Selig to run the team made his first appearance at Dodger Stadium.
Tom Schieffer, the trustee, said he spoke with McCourt by telephone Thursday and expects to meet with him Friday. Schieffer said he appreciated that McCourt had instructed the Dodgers' staff to be receptive to him; Dodgers general counsel Sam Fernandez met Schieffer at the ballpark and directed him to what will be his stadium office.
Schieffer said his work overseeing the Dodgers' business operations and Selig's investigation into the team's finances should not preclude McCourt's playing a meaningful role.
"He is certainly welcome to express his opinions," Schieffer said. "He is still the owner of the ballclub. We haven't seized anything. We're here to help."
Those comments are not likely to pacify McCourt. His son Drew took to Twitter on Thursday, challenging the statement by MLB Executive Vice President Rob Manfred that Frank McCourt was "not accurate" in recounting his Wednesday meeting with Manfred and other MLB officials.
"Recap of meeting with baseball was 100% accurate," Drew McCourt wrote. "Manfred's comment not truthful."
The McCourts — and the rest of the Dodgers executives who participated in Wednesday's meeting — were particularly angered by this comment from Manfred: "There has been no seizure of the Los Angeles Dodgers."
Though MLB has not revoked Frank McCourt's ownership, Selig has empowered Schieffer with financial authority over the franchise and has not approved the television contract with Fox that would have provided McCourt with an immediate infusion of close to $300 million.
That effectively constitutes a seizure, according to those close to McCourt, since his inability to access Dodgers funds could force him to miss financial obligations. At that point, Selig could say he has the evidence to show that McCourt is financially unfit to own the Dodgers and say he must install new owners.
"There has been a predetermined result here and … the investigation is not a genuine one," Frank McCourt said in his news conference Wednesday.
McCourt said he would welcome an MLB investigation so long as Selig approved the Fox contract. McCourt said the deal could be worth "in excess of" $3 billion over 17 years, equal to or better than comparable television contracts.
"This transaction is good for the Dodgers, whether I'm the owner or somebody else is the owner," McCourt said.
If Jamie McCourt believes the transaction could devalue the Dodgers — perhaps by foreclosing the launch of a cable channel solely owned by the Dodgers — she could object to the court.
The McCourts filed for divorce 18 months ago, but the court has yet to make a final determination on ownership of the team. Under California community property law, Frank McCourt would have to show why the couple should not split the Dodgers — or at least the value of the Dodgers — on a 50-50 basis.
Frank McCourt has said he can show he is the sole owner of the team and, in any case, that Jamie McCourt has not contested his role as the team's day-to-day decision-maker.
Neither Steve Sugerman, the spokesman for Frank, nor Matthew Hiltzik, the spokesman for Jamie, would discuss whether Jamie McCourt specifically had the right to approve the Fox deal.
http://www.latimes.com/sp...20110429,0,3181369.story
[h1]Dodgers Up Against Cash Crisis[/h1]
Spoiler [+]
[h2]Embattled Owner McCourt Says Delay in TV-Rights Deal Puts Franchise on Brink of Distress[/h2][h3]By MATTHEW FUTTERMAN [/h3]
Associated Press
Dodgers owner Frank McCourt, pictured last June, has been working toward a new media-rights deal in an effort to stabilize team finances.
http://
The owner of the Los Angeles Dodgers said Thursday the team is heading for a cash crisis.
http://
In his first lengthy interview since Major League Baseball seized control of the team last week, Dodgers owner Frank McCourt said baseball's takeover, and its decision to block a lucrative deal for the franchise's media rights, will soon put the team in a state of distress. Mr. McCourt suggested the moves were part of a plan by MLB Commissioner Bud Selig to force a sale to a preferred owner. "Baseball is trying to make it appear that the Dodgers are under financial duress, and it's not true," Mr. McCourt said. "What is true is baseball is trying to put the Dodgers into financial duress."
http://
The war of words—the latest broadsides in a rare public war between Major League Baseball and an owner of one of its most storied franchises—came a day after a contentious meeting at MLB headquarters in New York during which Mr. McCourt tried to sell his plan to stabilize the Dodgers. The three-and-a-half-hour meeting broke off after Mr. Selig relayed the message by phone to his executives that he wouldn't approve Mr. McCourt's plan until the commissioner completed an investigation of the franchise.
Mr. McCourt said he has been working since November with News Corp.'s Fox unit to raise money to solve the team's financial challenges and settle his ongoing divorce from his wife, Jamie. He said Mr. Selig has stymied the effort by withholding approval of four proposed deals, two of which were large loans. The latest, presented Wednesday, is a media-rights deal worth about $3 billion and includes a 35% stake for Mr. McCourt in the Southern California regional sports network Prime Ticket, according to people familiar with the details. News Corp. also owns The Wall Street Journal
http://
Rob Manfred, executive vice president of MLB, declined to discuss whether Mr. Selig wanted to replace Mr. McCourt. "No one has ever suggested to Mr. McCourt we want a different owner." He said Mr. McCourt has been telling baseball officials for six months he needed approval of a new media deal with Fox or he would run out of money within weeks. "There are so many things we've been told by Dodger representatives," Mr. Manfred said. "The commissioner wants to complete his financial investigation of the club before he deals with any transactions."
The deal with Fox that Mr. McCourt proposed would have given him $285 million immediately—all of which Mr. McCourt pledged to invest in the Dodgers. In addition to the 35% stake in Fox's Prime Ticket regional sports network, the deal includes a 150% increase in the annual media-rights fees that Fox pays the Dodgers to broadcast the games, to more than $80 million a year by 2014.
http://
The deal, Mr. McCourt said, would allow the Dodgers to eliminate a significant portion of their roughly $450 million in debt and allow him to settle his divorce. Through seven years of ownership, Mr. McCourt and his soon-to be former wife paid themselves $50 million in salary from the team. Also, they used $50 million borrowed against the value of the land near the stadium to pay mortgages on their homes.
Mr. McCourt has remained largely silent the past two years as he underwent embarrassing, high-profile divorce proceedings. The parties have been working toward a settlement that involves a payment of about $150 million to Jamie McCourt.
http://
After taking control of the Dodgers last week, citing his broad powers to act "in the best interests of baseball," Mr. Selig appointed Tom Schieffer, the former ambassador to Australia, to oversee the day-to-day operations of the team. Mr. Schieffer, a former minority owner of the Texas Rangers, arrived in Los Angeles Wednesday. He said he has final approval over all of the franchise's financial transactions.
The Dodgers turn about a $40 million profit annually, putting them in compliance with baseball's debt regulations. But Mr. Manfred said $500 million in debt was too muchdebt for a franchise valued at about $1 billion. Mr. McCourt said the debt will decrease as soon as he completes the media deal.
http://online.wsj.com/art...ml?mod=wsj_share_twitter
Dodgers owner Frank McCourt, pictured last June, has been working toward a new media-rights deal in an effort to stabilize team finances.
http://
The owner of the Los Angeles Dodgers said Thursday the team is heading for a cash crisis.
http://
In his first lengthy interview since Major League Baseball seized control of the team last week, Dodgers owner Frank McCourt said baseball's takeover, and its decision to block a lucrative deal for the franchise's media rights, will soon put the team in a state of distress. Mr. McCourt suggested the moves were part of a plan by MLB Commissioner Bud Selig to force a sale to a preferred owner. "Baseball is trying to make it appear that the Dodgers are under financial duress, and it's not true," Mr. McCourt said. "What is true is baseball is trying to put the Dodgers into financial duress."
http://
The war of words—the latest broadsides in a rare public war between Major League Baseball and an owner of one of its most storied franchises—came a day after a contentious meeting at MLB headquarters in New York during which Mr. McCourt tried to sell his plan to stabilize the Dodgers. The three-and-a-half-hour meeting broke off after Mr. Selig relayed the message by phone to his executives that he wouldn't approve Mr. McCourt's plan until the commissioner completed an investigation of the franchise.
Mr. McCourt said he has been working since November with News Corp.'s Fox unit to raise money to solve the team's financial challenges and settle his ongoing divorce from his wife, Jamie. He said Mr. Selig has stymied the effort by withholding approval of four proposed deals, two of which were large loans. The latest, presented Wednesday, is a media-rights deal worth about $3 billion and includes a 35% stake for Mr. McCourt in the Southern California regional sports network Prime Ticket, according to people familiar with the details. News Corp. also owns The Wall Street Journal
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Rob Manfred, executive vice president of MLB, declined to discuss whether Mr. Selig wanted to replace Mr. McCourt. "No one has ever suggested to Mr. McCourt we want a different owner." He said Mr. McCourt has been telling baseball officials for six months he needed approval of a new media deal with Fox or he would run out of money within weeks. "There are so many things we've been told by Dodger representatives," Mr. Manfred said. "The commissioner wants to complete his financial investigation of the club before he deals with any transactions."
The deal with Fox that Mr. McCourt proposed would have given him $285 million immediately—all of which Mr. McCourt pledged to invest in the Dodgers. In addition to the 35% stake in Fox's Prime Ticket regional sports network, the deal includes a 150% increase in the annual media-rights fees that Fox pays the Dodgers to broadcast the games, to more than $80 million a year by 2014.
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The deal, Mr. McCourt said, would allow the Dodgers to eliminate a significant portion of their roughly $450 million in debt and allow him to settle his divorce. Through seven years of ownership, Mr. McCourt and his soon-to be former wife paid themselves $50 million in salary from the team. Also, they used $50 million borrowed against the value of the land near the stadium to pay mortgages on their homes.
Mr. McCourt has remained largely silent the past two years as he underwent embarrassing, high-profile divorce proceedings. The parties have been working toward a settlement that involves a payment of about $150 million to Jamie McCourt.
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After taking control of the Dodgers last week, citing his broad powers to act "in the best interests of baseball," Mr. Selig appointed Tom Schieffer, the former ambassador to Australia, to oversee the day-to-day operations of the team. Mr. Schieffer, a former minority owner of the Texas Rangers, arrived in Los Angeles Wednesday. He said he has final approval over all of the franchise's financial transactions.
The Dodgers turn about a $40 million profit annually, putting them in compliance with baseball's debt regulations. But Mr. Manfred said $500 million in debt was too muchdebt for a franchise valued at about $1 billion. Mr. McCourt said the debt will decrease as soon as he completes the media deal.
http://online.wsj.com/art...ml?mod=wsj_share_twitter
- Sep 5, 2005
- 15,762
- 517
Frank was weighing heavily on that $375 million. And all his assets are pretty much frozen because of the marriage, so he can go off an sell his real estate right?
His creditors are gonna come knocking on his door in no time.
His creditors are gonna come knocking on his door in no time.
- Sep 5, 2005
- 15,762
- 517
Frank was weighing heavily on that $375 million. And all his assets are pretty much frozen because of the marriage, so he can go off an sell his real estate right?
His creditors are gonna come knocking on his door in no time.
His creditors are gonna come knocking on his door in no time.
- Apr 15, 2007
- 6,131
- 14
[h1]Baseball owners could end up footing Dodgers' bills[/h1]
Spoiler [+]
[h2]Team Vice Chairman Steve Soboroff warns that if Commissioner Bud Selig continues to block owner Frank McCourt from completing a lucrative TV deal with Fox, other teams could be forced to underwrite Dodger payroll.[/h2]
By Bill Shaikin
April 29, 2011, 1:05 p.m.
The owners of the 29 other major league clubs could be stuck paying the Dodgers' bills very soon, the team's vice chairman said Friday.
"If I'm an owner in Kansas City or Washington, the last thing I want to do is to put $1 million a month into the Dodgers when there's $3 billion sitting in the bank," Vice Chairman Steve Soboroff said.
With Commissioner Bud Selig taking no action on a proposed long-term television deal with Fox valued by the Dodgers at $3 billion, Dodgers owner Frank McCourt needed to get a $30-million loan to meet the April payroll. Now that Selig has taken control of the team's finances, McCourt could run out of cash, which could require the other owners to finance the May payroll.
McCourt told the Wall Street Journal on Thursday that Selig has created the cash-flow problem by refusing to approve the Fox deal in order to accelerate an ownership change.
"Baseball is trying to make it appear that the Dodgers are under financial duress, and it's not true," McCourt said. "What is true is baseball is trying to put the Dodgers into financial duress."
In a round of interviews Thursday with CNBC, Bloomberg and the Wall Street Journal, McCourt targeted his remarks not for Dodgers fans so much as fellow owners who might persuade Selig to reconsider. No owner has spoken out publicly against Selig, a noted consensus-builder, regarding his decision to wrest financial control of the Dodgers from McCourt.
"I can't think of one owner that is going to say Bud is wrong and Frank is right," said an owner of another major league club, speaking anonymously because of the possibility that McCourt might sue Selig.
A lawsuit could take more than a year to resolve, but sports business consultant Marc Ganis said owners would not rebel at supporting the Dodgers during that time because they would be at the head of the line for repayment, whether McCourt sells the team or regains financial control.
"McCourt has a cash-flow issue," Smith College sports economist Andrew Zimbalist said. "Major League Baseball does not have a cash-flow issue."
Soboroff reiterated that McCourt would work with Selig to resolve concerns about McCourt's operation of the Dodgers.
"We want a chance," Soboroff said. "Let it be probation."
He said McCourt can settle his divorce without team revenues by using a share of the ownership stake he would get in Prime Ticket as part of the Fox deal.
"He can use that money to pay Jamie off," Soboroff said. "That has nothing to do with the Dodgers."
McCourt is willing to hire a club president, according to Soboroff. The Dodgers have operated without an experienced sports executive at the top since McCourt ousted club president Dennis Mannion last fall.
Tom Schieffer, the trustee appointed by Selig to oversee the Dodgers' business operations, is the former president of the Texas Rangers.
Former Dodgers owner Peter O'Malley said last fall that McCourt had "lost all credibility through the city." Soboroff said McCourt deserves a chance to implement plans to revitalize the Dodgers, on the field and within the community.
"I guarantee you there is no owner or prospective owner in Los Angeles that has a better handle on the community than we do," Soboroff said.
Dodgers owner Frank McCourt, left, and team Vice Chairman Steve Soboroff speak with reporters on Wednesday. The Dodgers' financial troubles could become a problem for other team owners. (Mary Altaffer / Associated Press / April 27, 2011) |
- Related
-
Does Bud Selig owe Frank McCourt a meeting? -
Jamie McCourt's role in Dodgers controversy -
Dodgers' Jonathan Broxton is counting on bouncing back - Stories
-
Frank McCourt is suddenly the Great Communicator -
Dodgers trustee downplays role with team -
Beaten Giants fan shows improvement - See more stories »
By Bill Shaikin
April 29, 2011, 1:05 p.m.
The owners of the 29 other major league clubs could be stuck paying the Dodgers' bills very soon, the team's vice chairman said Friday.
"If I'm an owner in Kansas City or Washington, the last thing I want to do is to put $1 million a month into the Dodgers when there's $3 billion sitting in the bank," Vice Chairman Steve Soboroff said.
With Commissioner Bud Selig taking no action on a proposed long-term television deal with Fox valued by the Dodgers at $3 billion, Dodgers owner Frank McCourt needed to get a $30-million loan to meet the April payroll. Now that Selig has taken control of the team's finances, McCourt could run out of cash, which could require the other owners to finance the May payroll.
McCourt told the Wall Street Journal on Thursday that Selig has created the cash-flow problem by refusing to approve the Fox deal in order to accelerate an ownership change.
"Baseball is trying to make it appear that the Dodgers are under financial duress, and it's not true," McCourt said. "What is true is baseball is trying to put the Dodgers into financial duress."
In a round of interviews Thursday with CNBC, Bloomberg and the Wall Street Journal, McCourt targeted his remarks not for Dodgers fans so much as fellow owners who might persuade Selig to reconsider. No owner has spoken out publicly against Selig, a noted consensus-builder, regarding his decision to wrest financial control of the Dodgers from McCourt.
"I can't think of one owner that is going to say Bud is wrong and Frank is right," said an owner of another major league club, speaking anonymously because of the possibility that McCourt might sue Selig.
A lawsuit could take more than a year to resolve, but sports business consultant Marc Ganis said owners would not rebel at supporting the Dodgers during that time because they would be at the head of the line for repayment, whether McCourt sells the team or regains financial control.
"McCourt has a cash-flow issue," Smith College sports economist Andrew Zimbalist said. "Major League Baseball does not have a cash-flow issue."
Soboroff reiterated that McCourt would work with Selig to resolve concerns about McCourt's operation of the Dodgers.
"We want a chance," Soboroff said. "Let it be probation."
He said McCourt can settle his divorce without team revenues by using a share of the ownership stake he would get in Prime Ticket as part of the Fox deal.
"He can use that money to pay Jamie off," Soboroff said. "That has nothing to do with the Dodgers."
McCourt is willing to hire a club president, according to Soboroff. The Dodgers have operated without an experienced sports executive at the top since McCourt ousted club president Dennis Mannion last fall.
Tom Schieffer, the trustee appointed by Selig to oversee the Dodgers' business operations, is the former president of the Texas Rangers.
Former Dodgers owner Peter O'Malley said last fall that McCourt had "lost all credibility through the city." Soboroff said McCourt deserves a chance to implement plans to revitalize the Dodgers, on the field and within the community.
"I guarantee you there is no owner or prospective owner in Los Angeles that has a better handle on the community than we do," Soboroff said.
- Apr 15, 2007
- 6,131
- 14
[h1]Baseball owners could end up footing Dodgers' bills[/h1]
Spoiler [+]
[h2]Team Vice Chairman Steve Soboroff warns that if Commissioner Bud Selig continues to block owner Frank McCourt from completing a lucrative TV deal with Fox, other teams could be forced to underwrite Dodger payroll.[/h2]
By Bill Shaikin
April 29, 2011, 1:05 p.m.
The owners of the 29 other major league clubs could be stuck paying the Dodgers' bills very soon, the team's vice chairman said Friday.
"If I'm an owner in Kansas City or Washington, the last thing I want to do is to put $1 million a month into the Dodgers when there's $3 billion sitting in the bank," Vice Chairman Steve Soboroff said.
With Commissioner Bud Selig taking no action on a proposed long-term television deal with Fox valued by the Dodgers at $3 billion, Dodgers owner Frank McCourt needed to get a $30-million loan to meet the April payroll. Now that Selig has taken control of the team's finances, McCourt could run out of cash, which could require the other owners to finance the May payroll.
McCourt told the Wall Street Journal on Thursday that Selig has created the cash-flow problem by refusing to approve the Fox deal in order to accelerate an ownership change.
"Baseball is trying to make it appear that the Dodgers are under financial duress, and it's not true," McCourt said. "What is true is baseball is trying to put the Dodgers into financial duress."
In a round of interviews Thursday with CNBC, Bloomberg and the Wall Street Journal, McCourt targeted his remarks not for Dodgers fans so much as fellow owners who might persuade Selig to reconsider. No owner has spoken out publicly against Selig, a noted consensus-builder, regarding his decision to wrest financial control of the Dodgers from McCourt.
"I can't think of one owner that is going to say Bud is wrong and Frank is right," said an owner of another major league club, speaking anonymously because of the possibility that McCourt might sue Selig.
A lawsuit could take more than a year to resolve, but sports business consultant Marc Ganis said owners would not rebel at supporting the Dodgers during that time because they would be at the head of the line for repayment, whether McCourt sells the team or regains financial control.
"McCourt has a cash-flow issue," Smith College sports economist Andrew Zimbalist said. "Major League Baseball does not have a cash-flow issue."
Soboroff reiterated that McCourt would work with Selig to resolve concerns about McCourt's operation of the Dodgers.
"We want a chance," Soboroff said. "Let it be probation."
He said McCourt can settle his divorce without team revenues by using a share of the ownership stake he would get in Prime Ticket as part of the Fox deal.
"He can use that money to pay Jamie off," Soboroff said. "That has nothing to do with the Dodgers."
McCourt is willing to hire a club president, according to Soboroff. The Dodgers have operated without an experienced sports executive at the top since McCourt ousted club president Dennis Mannion last fall.
Tom Schieffer, the trustee appointed by Selig to oversee the Dodgers' business operations, is the former president of the Texas Rangers.
Former Dodgers owner Peter O'Malley said last fall that McCourt had "lost all credibility through the city." Soboroff said McCourt deserves a chance to implement plans to revitalize the Dodgers, on the field and within the community.
"I guarantee you there is no owner or prospective owner in Los Angeles that has a better handle on the community than we do," Soboroff said.
|
Dodgers owner Frank McCourt, left, and team Vice Chairman Steve Soboroff speak with reporters on Wednesday. The Dodgers' financial troubles could become a problem for other team owners. (Mary Altaffer / Associated Press / April 27, 2011) |
- Related
-
Does Bud Selig owe Frank McCourt a meeting? -
Jamie McCourt's role in Dodgers controversy -
Dodgers' Jonathan Broxton is counting on bouncing back - Stories
-
Frank McCourt is suddenly the Great Communicator -
Dodgers trustee downplays role with team -
Beaten Giants fan shows improvement - See more stories »
By Bill Shaikin
April 29, 2011, 1:05 p.m.
The owners of the 29 other major league clubs could be stuck paying the Dodgers' bills very soon, the team's vice chairman said Friday.
"If I'm an owner in Kansas City or Washington, the last thing I want to do is to put $1 million a month into the Dodgers when there's $3 billion sitting in the bank," Vice Chairman Steve Soboroff said.
With Commissioner Bud Selig taking no action on a proposed long-term television deal with Fox valued by the Dodgers at $3 billion, Dodgers owner Frank McCourt needed to get a $30-million loan to meet the April payroll. Now that Selig has taken control of the team's finances, McCourt could run out of cash, which could require the other owners to finance the May payroll.
McCourt told the Wall Street Journal on Thursday that Selig has created the cash-flow problem by refusing to approve the Fox deal in order to accelerate an ownership change.
"Baseball is trying to make it appear that the Dodgers are under financial duress, and it's not true," McCourt said. "What is true is baseball is trying to put the Dodgers into financial duress."
In a round of interviews Thursday with CNBC, Bloomberg and the Wall Street Journal, McCourt targeted his remarks not for Dodgers fans so much as fellow owners who might persuade Selig to reconsider. No owner has spoken out publicly against Selig, a noted consensus-builder, regarding his decision to wrest financial control of the Dodgers from McCourt.
"I can't think of one owner that is going to say Bud is wrong and Frank is right," said an owner of another major league club, speaking anonymously because of the possibility that McCourt might sue Selig.
A lawsuit could take more than a year to resolve, but sports business consultant Marc Ganis said owners would not rebel at supporting the Dodgers during that time because they would be at the head of the line for repayment, whether McCourt sells the team or regains financial control.
"McCourt has a cash-flow issue," Smith College sports economist Andrew Zimbalist said. "Major League Baseball does not have a cash-flow issue."
Soboroff reiterated that McCourt would work with Selig to resolve concerns about McCourt's operation of the Dodgers.
"We want a chance," Soboroff said. "Let it be probation."
He said McCourt can settle his divorce without team revenues by using a share of the ownership stake he would get in Prime Ticket as part of the Fox deal.
"He can use that money to pay Jamie off," Soboroff said. "That has nothing to do with the Dodgers."
McCourt is willing to hire a club president, according to Soboroff. The Dodgers have operated without an experienced sports executive at the top since McCourt ousted club president Dennis Mannion last fall.
Tom Schieffer, the trustee appointed by Selig to oversee the Dodgers' business operations, is the former president of the Texas Rangers.
Former Dodgers owner Peter O'Malley said last fall that McCourt had "lost all credibility through the city." Soboroff said McCourt deserves a chance to implement plans to revitalize the Dodgers, on the field and within the community.
"I guarantee you there is no owner or prospective owner in Los Angeles that has a better handle on the community than we do," Soboroff said.
- Feb 5, 2003
- 5,258
- 11
Is Soboroff being paid in IOU's?
- Feb 5, 2003
- 5,258
- 11
Is Soboroff being paid in IOU's?
- Apr 15, 2007
- 6,131
- 14
Sounds like everybody's gonna be paid in IOUs soon.
Ironman
Ironman
- Apr 15, 2007
- 6,131
- 14
Sounds like everybody's gonna be paid in IOUs soon.
Ironman
Ironman
- Oct 14, 2005
- 12,443
- 1,194
I miss Carolyn Hughes
- Oct 14, 2005
- 12,443
- 1,194
I miss Carolyn Hughes
- Sep 1, 2006
- 17,626
- 456
Originally Posted by laker4lifeman
I miss Carolyn Hughes
I loved this woman.
Lowe loved her more
- Sep 1, 2006
- 17,626
- 456
Originally Posted by laker4lifeman
I miss Carolyn Hughes
I loved this woman.
Lowe loved her more
- Apr 15, 2007
- 6,131
- 14
She has a sturdy chin.
- Apr 15, 2007
- 6,131
- 14
She has a sturdy chin.
- Oct 14, 2005
- 12,443
- 1,194
Originally Posted by CincoSeisDos
Originally Posted by laker4lifeman
I miss Carolyn Hughes
I loved this woman.
Lowe loved her more
But Atlanta has not been having a good week with media.
- Oct 14, 2005
- 12,443
- 1,194
Originally Posted by CincoSeisDos
Originally Posted by laker4lifeman
I miss Carolyn Hughes
I loved this woman.
Lowe loved her more
But Atlanta has not been having a good week with media.
- Jan 19, 2002
- 23,413
- 5,523
Lowe just got a DUI last night
- Jan 19, 2002
- 23,413
- 5,523
Lowe just got a DUI last night
- Sep 1, 2006
- 17,626
- 456
- Sep 1, 2006
- 17,626
- 456
