The Los Angeles Dodgers filed for bankruptcy protection, blaming Major League Baseball Commissioner Bud Selig for rejecting a television deal with Fox Network to give the financially strapped baseball team a quick injection of cash.
Monday's filing marks a dramatic attempt by Dodgers owner Frank McCourt to keep the league from seizing the storied team, which he has owned since 2004.
McCourt has been struggling to meet payroll and other financial commitments, having been heavily in debt and locked in a bitter divorce battle with his estranged wife Jamie.
DODGERS PLAN TO MAKE PAYROLL
Monday's filing punctuates a stunning fall for one of baseball's marquee teams, whose roots date to 1884 when it played in New York as the Brooklyn Atlantics.
The Dodgers said it has arranged $150 million of financing so that it can operate normally while in bankruptcy, including paying employees and vendors.
Its Chapter 11 filing in the U.S. bankruptcy court in Delaware shows between $500 million and $1 billion of assets and between $100 million and $500 million of liabilities.
According to the filing, the team's largest unsecured creditors include former Dodger players Manny Ramirez, who is now retired, and Andruw Jones, who now plays for the New York Yankees.
LAMediaWatch.com
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