Breaking: Selig expected to announce this afternoon MLB will take over #dodgers financial operations. More soon at latimes.com
UPDATE: From "Bud Selig confirms appointment of Dodgers trustee, investigation into club finances" by Bill Shaikin at the LA Times:
MLB Commissioner Bud Selig announced Wednesday that his office will assume control of the Dodgers' operations. Owner Frank McCourt needed a personal loan from Fox in order to meet the Dodgers' payroll last week.
The official statement from Commissioner Bud Selig:
"Pursuant to my authority as Commissioner, I informed Los Angeles Dodgers owner Frank McCourt today that I will appoint a representative to oversee all aspects of the business and the day-to-day operations of the Club. I have taken this action because of my deep concerns regarding the finances and operations of the Dodgers and to protect the best interests of the Club, its great fans and all of Major League Baseball. My office will continue its thorough investigation into the operations and finances of the Dodgers and related entities during the period of Mr. McCourt's ownership. I will announce the name of my representative in the next several days. The Dodgers have been one of the most prestigious franchises in all of sports, and we owe it to their legion of loyal fans to ensure that this club is being operated properly now and will be guided appropriately in the future."