Tuesday, June 21, 2011

McCourt Might Open a Lemonade Stand

In other words, too little too late. From "Frank McCourt reportedly mulls sale of stake in Dodgers" by Steve Dilbeck at Dodgers Blog:

For months, Frank McCourt has maintained he is the victim of a double standard, that the Dodgers and New York Mets each are in a financial bind and Commissioner Bud Selig is lending a hand to the owners of the Mets but refusing to help the Dodgers.

The response from Major League Baseball usually starts with this: The Mets' owners were willing to sell a share of their team to raise cash, but McCourt preferred to pursue loans that would burden the Dodgers with additional debt.

However, McCourt told MLB recently that he would be willing to consider the sale of a minority share, according to a person familiar with the matter. It is doubtful that any such move could satisfy McCourt's immediate cash crunch, since MLB generally takes weeks or months to investigate the background of any potential minority investor.

McCourt has not provided any names of prospective minority owners to MLB so that they might be cleared to see the team’s financial data, the person said. Also, any sale of a stake in the team would be subject to MLB approval and would require him to establish sole ownership of the Dodgers or get the consent of ex-wife Jamie McCourt, who has asserted her right to half-ownership of the team under California community property law.

You mean McCourt is considering what he should have considered months ago? Let's face it: the next move coming from McCourt is a lawsuit. It'll be hitting any second now....

2 comments:

Fernie V said...

I may be mistaken, but I read somewhere that the owners upon acquiring a team sign a document, that they will not sue the commissioner.

Mr. Customer said...

I do believe that they have to waive certain rights to sue, but I'm sure they would have to be specifically enumerated.

...and I'm too lazy to research exactly what they may be. Rest assured, there will be a gaggle of lawyers to handle that for me. If there is a legal recourse, it will be taken, and promptly.