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Major League Baseball Takes Over Dodgers

Dodger manager Don Mattingly (right) shaking hands with owner Frank McCourt with Joe Torre looking on during a press conference at Dodger Stadium on Sept. 17, 2010. (AP Photo/Alex Gallardo)
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The end is near. Major League Baseball released an official statement at 5:04 p.m. ET that the league will take over finances and operations of the Dodgers. Says Commissioner Bud Selig in the release,

Pursuant to my authority as Commissioner, I informed Los Angeles Dodgers owner Frank McCourt today that I will appoint a representative to oversee all aspects of the business and the day-to-day operations of the Club. I have taken this action because of my deep concerns regarding the finances and operations of the Dodgers and to protect the best interests of the Club, its great fans and all of Major League Baseball. My office will continue its thorough investigation into the operations and finances of the Dodgers and related entities during the period of Mr. McCourt's ownership. I will announce the name of my representative in the next several days. The Dodgers have been one of the most prestigious franchises in all of sports, and we owe it to their legion of loyal fans to ensure that this club is being operated properly now and will be guided appropriately in the future.

From this point on Major League Baseball will have to approve any trades, signings or other significant transactions involving the team.

This comes on the heels of Bill Shaikin of the Los Angeles Times reporting on Saturday that McCourt took out a second personal $30 million loan from FOX in order to bypass the commissioner’s approval. Selig had previously rejected a reported $200 million loan to the Dodgers from Fox during the offseason using future television rights as collateral.

More on this as the story unfurls.