Support for LAist comes from
We Explain L.A.
Stay Connected

Share This

This is an archival story that predates current editorial management.

This archival content was written, edited, and published prior to LAist's acquisition by its current owner, Southern California Public Radio ("SCPR"). Content, such as language choice and subject matter, in archival articles therefore may not align with SCPR's current editorial standards. To learn more about those standards and why we make this distinction, please click here.

News

McCourt Needs Another Loan to Meet Dodgers' May Payroll

Stories like these are only possible with your help!
You have the power to keep local news strong for the coming months. Your financial support today keeps our reporters ready to meet the needs of our city. Thank you for investing in your community.

Frank McCourt all-but lost ownership of the Dodgers when it was revealed that he needed a $30-million loan from Fox to pay the team last month. McCourt faces a similar conundrum this month, reveals the LA Times' Bill Shaikin

McCourt reiterated Tuesday that the Dodgers' financial difficulties would be resolved if Commissioner Bud Selig would approve a proposed $3-billion television contract with Fox, which would include an immediate payment of $285 million. By failing to approve the contract, and by appointing a trustee and empowering him with financial control of the Dodgers, McCourt believes Selig has effectively seized the team already.

While McCourt's April loan from Fox is said to cover payroll for the first half of May, it could be a couple weeks before Selig and MLB approve the proposed Fox contract, pending an investigation into the team's finances by league-appointed monitor Tom Schieffer, along with an approval from ex-wife-to-be (pending messy divorce proceedings) Jamie McCourt. It appears that Dodgers players and staff will have their salaries covered by MLB should McCourt be unable to secure the funds in time for May's second payday. But the question of who is really in control of the Dodgers remains in question and the latest revelation may lead McCourt to officially surrender the team to MLB and/or file a lawsuit against the league.

McCourt blamed Selig for the latest financial troubles this morning on KNX 1070, noting that he'd gladly sell some of his homes to ensure the organization's payroll is met. No word from Jamie McCourt on what she'd think of that.

Support for LAist comes from

“Baseball’s approval stands between us and complete financial stability for the next 20 years,” McCourt told KNX.

The McCourt-MLB drama does not seem to be affecting the 15-16 Dodgers on the field -- even if closer Jonathan Broxton couldn't manage to throw a strike last night. Andre Ethier looks to extend his hitting streak to 30 games is scratched from the lineup today in a 12:10 matinee against the Cubs.