Wednesday, July 06, 2011

Dodgers declare bankruptcy

The Dodgers have filed for bankruptcy protection, a bid by Frank McCourt to preserve his ownership of the team by prodding a judge to override the rules of Major League Baseball.

McCourt will ask a Delaware bankruptcy judge Tuesday to approve interim financing to meet this week's payroll. McCourt would then retain immediate control of the Dodgers, with the intention of negotiating a television rights deal that would satisfy the court by paying off all creditors in full.

The 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 his ex-wife, Jamie.

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