Tuesday, November 01, 2011

McCourt Finds Self-Backed Corner Might Be Endgame After All

The Dodgers might actually be rid of Frank McCourt soon, if anonymous sources are to be believed:

After a two-year battle to keep the Dodgers through a bruising divorce and a bankruptcy filing, owner Frank McCourt appears close to agreement with Major League Baseball on a bankruptcy settlement in which he would agree to sell the team.

McCourt would get some control over the sale, people familiar with the negotiations said Monday. The purchase probably would include Dodger Stadium and the surrounding parking lots in a package that could command a record price of $1 billion or more.

The negotiations are fluid, and settlement talks could fall apart at any time, said the people, speaking on condition of anonymity because of the confidential discussions. McCourt has not reached any final decision to sell, another person cautioned.

Dodgers spokesman Robert Siegfried, asked Monday whether a settlement appears close, said the team had no comment "to such kinds of inquiries." MLB spokesman Pat Courtney also declined to comment.

McCourt has long vowed not to surrender the Dodgers. In April, as Commissioner Bud Selig appointed a trustee to oversee the team and attendance plummeted at Dodger Stadium, McCourt insisted he would not sell.

However, analysts suggested McCourt now might be willing to sell for a simple reason: Even if he won in court, he could lose.

Based on figures McCourt submitted to the Bankruptcy Court, he would be hard-pressed to sell the Dodgers' television rights, settle his divorce and be left with enough capital to renovate Dodger Stadium and restore the team to prominence.

"I don't know that there's a way for him to win," said Marc Ganis, president of the sports business consulting firm Sportscorp Ltd.

McCourt had pledged to pass the Dodgers along to his sons rather than sell the team. But as circumstances have backed him into a corner, holding on has become an ever-decreasing likelihood.

"I have always believed — notwithstanding any protestations — everyone will sell for a certain price. Everything is a cost-benefit analysis for him," said Thomas Salerno, an attorney for the NHL's Phoenix Coyotes during that team's bankruptcy.

Kinda reminds me of a joke attributed to Winston Churchill, in a way. Look, Frank is going to get his money. I'm over it. Let's just move on.

7 comments:

Mr. Customer said...

This is fantastic (speculative) news, but I'm keeping my powder dry until Frank is out of the picture completely.

Fred's Brim said...

In the voice of the narrator from Gauntlet, "Slimy owner is about to die."

don't shoot Dodger Dogs

Mr. Customer said...

McCourt needs boot badly.

MeanieBreanie said...

Time to take out the trash!

MR.F said...

But first we're going to have to ask McCourt to leave!

Steve Sax said...

Elf -- shot the food

Steve Sax said...

Uribe needs food -- badly