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Selig rejects proposal to loan McCourt $200M

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08:21 AM ET 02.25 | According to a report, Bud Selig has rejected a proposal under which Fox would lend about $200 million to Dodgers owner Frank McCourt. McCourt would have used the Dodgers' cable television rights as collateral, extending the team's current contract with Fox by as many as four years if he did not repay the loan, according to the individuals, who were briefed on the proposal but who are not authorized to discuss it. ... Selig made his decision several weeks ago. Since then, McCourt has continued to explore financing options that would enable him to satisfy the commissioner and manage a debt that, according to court records, exceeded $430 million as of November 2009.

Los Angeles Times

Frank McCourt, Getty Images Frank McCourt, Getty Images
Comment #1 has been removed
February 25, 2011  09:20 AM ET

Make them sell and get some real owners that will bring the Dodger's back to the status they once had as one of the premier franchises in all of baseball.

February 25, 2011  09:34 AM ET

Thank god this fool didn't buy the Red Sox.

February 25, 2011  09:56 AM ET

If McCourt can't get financing from the private sector, who see him as too big of a risk, why would anyone want to lend this guy money?

February 25, 2011  10:19 AM ET

Hey Selig, can I get 10 mil? I'm good for it...

Comment #7 has been removed
February 25, 2011  10:45 AM ET
QUOTE(#7):

Good move. Only thing worse than a team with embattled ownership is one which puts up its only good collateral against staggering debt. Let someone come in and buy this classic franchise before it's completely under water.

I believe they're on life support now, underwater to the tune of $430M as of Nov. 09. Sounds like they're breathing through a snorkel with a noseful of saltwater. Bud Light needs to step up and demand this clown leave the circus before the big top comes crashing down on this storied franchise. The O'Malleys are broiling in their graves over the complete idiocy of the McCourts.

February 25, 2011  11:04 AM ET

Somewhere in Brooklyn, an old gypsy is smiling.

February 25, 2011  11:14 AM ET

Puh-leeze make him sell the team. He has ruined a great franchise. I grew up a Dodger fan in California and still follow them here in Florida (as well as the Rays). Seeing what he's done to that franchise ... well, I know how the Washington Redskins fans feel ...

February 25, 2011  11:20 AM ET

It doesn't take a bad owner very long for him to flush a franchise.

February 25, 2011  11:59 AM ET

this fool, must be a gambler, plus the wife its like dracula sucking money from this franchise, the debt its over the limits, and yeah, this team sell fifty thousand tickets every game, plus the goods that have been sold every game, parking tickets, and how many things more, that the dodgers get heavy imcome,debt?how can this lousy owner explain this debt?

February 25, 2011  12:09 PM ET

How I long for the O'Malley's...

February 25, 2011  12:14 PM ET
QUOTE(#11):

Puh-leeze make him sell the team. He has ruined a great franchise. I grew up a Dodger fan in California and still follow them here in Florida (as well as the Rays). Seeing what he's done to that franchise ... well, I know how the Washington Redskins fans feel ...

Don't feel bad Scott. It's only temporary. LA will get new ownership. Hopefully somebody that loves the Dodgers as much as Tommy Lasorda. Tommy can you hear me? Tommy can you hear me?

February 25, 2011  12:45 PM ET

This is sad. The team seemed to be turning the corner on restoring their winning tradition when all this BS hit the fan.

February 25, 2011  01:03 PM ET
QUOTE(#13):

this fool, must be a gambler, plus the wife its like dracula sucking money from this franchise, the debt its over the limits, and yeah, this team sell fifty thousand tickets every game, plus the goods that have been sold every game, parking tickets, and how many things more, that the dodgers get heavy imcome,debt?how can this lousy owner explain this debt?

MLB has very strict rules on how owners can take money out of the team. The divorce revealed that the McCourts were doing all sorts of thins to siphon money away from the team. The debt they have is because they took "loans" from the team to pay for thier lavish lifestyle. The loans would only need to be repaid when the team was sold. Thus, massive debt is generated. And that's just for starters.

February 25, 2011  01:04 PM ET
QUOTE(#15):

Don't feel bad Scott. It's only temporary. LA will get new ownership. Hopefully somebody that loves the Dodgers as much as Tommy Lasorda. Tommy can you hear me? Tommy can you hear me?

Man I hope so. It's already been too long. My Dad refers to McCourt as The Parking Lot Attendant. He won't even say the guy's name.

February 25, 2011  01:42 PM ET
QUOTE(#17):

MLB has very strict rules on how owners can take money out of the team. The divorce revealed that the McCourts were doing all sorts of thins to siphon money away from the team. The debt they have is because they took "loans" from the team to pay for thier lavish lifestyle. The loans would only need to be repaid when the team was sold. Thus, massive debt is generated. And that's just for starters.

Basically they treated the team like it was their personal candy store.

February 25, 2011  02:05 PM ET
QUOTE(#18):

Man I hope so. It's already been too long. My Dad refers to McCourt as The Parking Lot Attendant. He won't even say the guy's name.

Does he seem to be a real baseball fan? Ultimately it's that kind of guy that understands what really needs to be done with a ball club. Good luck.

February 25, 2011  02:06 PM ET

Hopefully this puts Mark Cuban one step closer to buying the Dodgers. Frank needs to go back to Boston and park cars.

 
February 25, 2011  02:08 PM ET

Hopefully this puts Mark Cuban one step closer to buying the Dodgers. Frank needs to go back to Boston and park cars....FOREVER!

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