Tuesday, May 31, 2011

Dodgers make payroll thanks to corporate sponsors

Embattled Los Angeles Dodgers owner Frank McCourt was able to make the team’s payroll on Tuesday by securing cash advances drawn on the team’s corporate sponsorship arrangements, according to an ESPN report.

According to the report, current team sponsors were contacted and offered discounts on their on annual bills and luxury box stadium seats in exchange for cash up front.

McCourt has been unable to secure traditional loans to fund the team.

McCourt could have trouble making the team’s next payroll on June 15 and the report indicates that he is looking for funding to make that payroll. If McCourt can not make payroll, Major League Baseball would cover it and seize the team.

McCourt has been urging commissioner Bud Selig to approve a 17-year contract with FOX that could be worth more than $3 billion and would also include a front-loaded payment of roughly $300 million to the cash-strapped club.

Selig has appointed former Texas Rangers president Tom Schieffer to oversee the team’s operations.


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