The Los Angeles Dodgers have filed for bankruptcy protection today in a Delaware Court. Such financing will allow the team to continue with their day-to-day financial operations in the short term, giving them $150 million in daily operations. There had been much speculation in recent days that the Dodgers would be unable to meet their June 30 payroll and that the MLB would take over the team as a result.
The Dodgers’ cited reason for the move blames Major League Baseball for denying the team a multibillion-dollar television deal. Dodgers owner Frank McCourt had been planning to solve the team’s financial woes through this deal, and now must find another way to meet their immediate financial commitments.
The move also gives the Dodgers a bit more time to find a way to solve their current financial issues as they hunt for a new media deal to help bring some economic stability to the storied franchise.
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