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Posts Tagged "Frank McCourt"

Dodgers on the brink: Owner has to borrow money to pay employees

Los Angeles Dodgers owner Frank McCourt is apparently in a world of financial hurt, as he had to borrow $30 million from Fox to pay his employees according to the Los Angeles Times.

Wait, let me rephrase that.

The owner of one of the marquee North American sports franchises had to borrow money from Fox to pay his employees this month, reports the Los Angeles Times.

The arrangement is expected to cover the Dodgers’ expenses into next month. Commissioner Bud Selig has yet to say whether he will approve a proposed television contract between Fox and the Dodgers, which McCourt has presented as a long-term solution to the team’s financial troubles.

The loan marks the second time since the end of last season that Fox has provided money to the Dodgers’ owner so he could cover expenses. The loan was furnished to McCourt personally rather than to the Dodgers, according to the people briefed on the deal.

There aren’t many Dodgers fans who want Selig to approve the television contract. In fact, there shouldn’t be any. The Dodgers, in that media market, could get a huge TV contract that would let them compete with the teams in the AL and NL East when it comes to payroll (well payroll while making money at least).

McCourt has been a disaster for the Dodgers as an owner — and hopefully this is one of the last acts that we see from him as owner of the Los Angeles Dodgers.