Selig Nixes $200M Loan From FOX To Dodgers

By Matt Snyder
CBSsports.com

Frank McCourt was ready to accept a $200 million loan from FOX until baseball’s commissioner stepped in. According to the Los Angeles Times , the Dodgers owner was going to use the team’s cable TV rights as collateral and accept the money. The report stated if he wasn’t able to repay, the Dodgers’ deal with FOX would be extended by as many as four years. McCourt has money woes due to a massive debt — upwards of $430 million, according to reports — and also due to a messy and costly divorce from his former wife Jamie.

The divorce certainly clouds matters for McCourt, since Jamie contends she is still a half-owner of the Dodgers. Any deal made would be subject to division by the court, in her view. Frank, of course, believes he is the sole owner of the Dodgers and can make any deal he wishes.

But McCourt is going to have to find another way to get himself out of the hole, because Bud Selig reportedly blocked the loan.

Back in 2004, when McCourt bought the Dodgers from FOX, he was lent $145 million by the company. He used his Boston parking lots as collateral, but FOX has since foreclosed on the property and sold it.

Basically, the whole situation is a mess. It won’t affect the Dodgers on the field per se, but payroll could become quite strapped in future seasons for a franchise that should be able to handle one of the league’s biggest payrolls.

Comments

One Comment

  1. L.A. Dodger Fan says:

    This is a sad day here in Dodger Town where we have to deal with FM’s personal short comings and battle with Jamie. The focus is not on the season but where this carpet bagger is going to get the payroll for the team.
    He recently dismissed a few executives a couple of months ago, there was one he should have kept Ray Maytorena.
    As for FOX back in the mix and the house this was the demise of the Dodger organization back then, good for the Commissioners block on the $200 mil. loan from FOX.
    Don’t think we will see Sandy Koufax in the stadium this year.
    My loyalty to the Team will remain forever, respect and loyalty to the owner…never. Frank belongs back in the parking lot business! Valet!
    Go Dodgers!

  2. gdog07 says:

    Frank, just sell the team. As a loyal Dodger fan I must admit this will not be a good year. Go Dodgers

  3. fish wrap says:

    Yeah but Bernie madoffs mets got a 25 million dollar loan from MLB. selig didn’t object to that. selig is a slimeball and by the way bud how is that application from Pete rose doing to get back into baseball

  4. Mark says:

    I miss the O’Malley’s….

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Los Angeles

KNX 1070 Newsradio
Play.It

Listen Live