The Dodgers file for bankruptcy protection
Today, the beloved Los Angeles Dodgers filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware. The Dodgers are moving for Chapter 11 protection to prevent MLB from taking over the team. In the meantime, while owner Frank McCourt is balancing a struggling divorce with his former wife, he was able to secure $150 million to keep the divorce rolling and the team operational during the bankruptcy.
The filing indicates that the Dodgers hold approximately $500 million to $1 billion in estimated assets but $0 to $50,000 in liabilities (which will surely increase as the case continues).
On a side note, the Dodgers owe money to a number of high profile creditors to include Manny Ramirez ($20,992,086), Andruw Jones ($11,075,000), and Hiroki Kuroda ($4,483,516).
As the bankruptcy papers are filed, please check back for updates.
