LOS ANGELES (CBS) — The Los Angeles Dodgers have filed for Chapter 11 Bankruptcy Protection.

According to a statement released by the team early Monday morning, the Dodgers filed for Chapter 11 Monday in a Delaware court “in order to protect the franchise financially and provide a path that will enable the Club to consummate a media transaction and capitalize the team.”

The filing also includes Dodger Stadium.

KNX 1070’s Legal Analyst Royal Oakes discusses the filing.

Dodgers owner Frank McCourt is blaming Major League Baseball Commissioner Bud Selig’s recent refusal to approve a multibillion dollar Fox deal as the reason for the filing.

“We turned the team around financially after years of annual losses before I purchased the team. We invested $150 million in the stadium. We’ve had excellent on-field performance, including playoff appearances four times in seven years. And we brought the Commissioner a media rights deal that would have solved the cash flow challenge I presented to him a year ago, when his leadership team called us a ‘model franchise.’ Yet he’s turned his back on the Dodgers, treated us differently, and forced us to the point we find ourselves in today. I simply cannot allow the Commissioner to knowingly and intentionally be in a position to expose the Dodgers to financial risk any longer. It is my hope that the Chapter 11 process will create a fair and constructive environment to get done what we couldn’t achieve with the Commissioner directly,” McCourt said in a press release.

The Chapter 11 filing will allow the team to use $150 million of debtor-in-possesion financing to meet current financial obligations such as payroll, salaries, benefits and ordinary day-to-day-business.

Dodger officials also said all ticket prices will remain the same and purchased tickets and promotions will continue to be honored.

The bankruptcy filing lists 40 of the Dodgers’ largest creditors, which includes past and current players and Dodger announcer, Vince Scully.

Manny Ramirez: $20,992,086
Andruw Jones: $11,075,000
Chicago White Sox: $3,500,000
Juan Uribe: $3,241,758
Andre Ethier: $559,066
Vince Scully: $152,778

The top 40 creditors are owed over $74 million. For a full list of creditors, click here.

In a statement through her attorney, Jamie McCourt said, “The rule or ruin philosophy that appears to have motivated today’s filing is bad for everyone who cares about, or has an interest in, the Dodgers.”

Jamie McCourt’s lawyer, David Boies, went on to say, “Today’s bankruptcy filing is disappointing and disturbing. During the years Jamie McCourt was CEO of the Dodgers, the team’s financials, although heavily leveraged, were stable and improving. In the almost two years since Mr. McCourt fired her and took over management of the Dodgers, Mrs. McCourt has made repeated proposals to resolve her right to 50% of the team in a way that would preserve the value and integrity of the Dodgers for Dodger fans, for Los Angeles, and for her family. She has continued to do so despite the many personal attacks against her by Mr. McCourt and his representatives.”

If Frank McCourt misses Thursday’s payroll deadline, the MLB will be permitted to take over the Dodgers.

Comments (12)
  1. Efrain says:

    Mark Cuban or Chapo Guzman should purchase the Dodgers.

    1. Saber 1 says:

      And move them to another state. Let them deal with all the trash.

  2. Mark Silvers says:

    Maybe the O’Malley’s will take the team back. It was a family atmosphere back then

  3. fed up says:

    NOTHING is ever McCrack’s fault. He is such an angel. GETTTTTTTTTTTTTTTTT OUTTTTTTTTTTTTTTTTT!!!!!

  4. Lou says:

    Sell the team and move back to new york, such a boring event, no cheerleaders, fat nose picking managers,chewing tobsacco arguing with umpires,nasal passage voice of 80 year old vince scully, need a NFL team in LA>

    1. me says:

      Lou, if you don’t like or approve of baseball, then I suggest that you do not pay any attention to the sport. Millions of people do like it, and guess what? There are some people that like not only BOTH, but other sports too! And one thing that we DO NOT need in LA is a football team. We have enough problems!

    2. LOU says:

      millions of sedentary, senior citizens, convalascent patients , most cannot stand for the stupid 7 inning stretch.

  5. John West says:

    McCourt is delusional, greedy, and an absolute ass. We can’t get rid of him soon enough. MLB should move ASAP to throw the bum out, and start restoring the good name of the Dodgers to where it was before the SOB carpet-bagger showed up.

  6. Carlos Rodriguez says:

    Frank McCourt L.A don’t like you leave Dodgers to someone that really care’s for the club, you’re better off cause you ruined everything for the Dodger club and stop blaming the MLB for your faults clean up the mess you made for the Dodgers and there fans cause we need our hope and your not helping it at all. Thank you from a fan who love’s his team!!!

  7. kevconn says:

    McCourt if you know whats good for you you better move Vin Scully to the top of yor creditors list or you will see a real revolt of true Dodger fans!

  8. BD McGee says:

    Heheheh….not enough pain for the stinkin’ Dodgers and their dopey fans….hehehe

  9. kris says:

    BTW its VIN SCULLY not VINCE..

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