September 1, 2010 |
Among the promises Frank McCourt made on the day he took over the Dodgers in 2004: He would maintain the Dodgers' player payroll within the top one-quarter of major league teams, and he had no plans to consider selling naming rights to Dodger Stadium. The business plan he filed with Major League Baseball tells a different story on both counts. In two largely similar versions of the plan, the document explains how he plans to reverse the Dodgers' financial losses in part by slashing payroll--from $100 million in 2004 to $85 million in 2006--and limiting annual growth to about 4%. The document also notes the "iconic status of Dodger Stadium" and says "there may be initial resistance to re-naming the ballpark.
September 1, 2011 |
In an international twist in the Dodgers' ownership saga, Frank McCourt has been offered $1.2 billion to sell the team to a group indirectly financed by the government of China. The bid is headed by Los Angeles Marathon founder Bill Burke, according to a letter sent to McCourt on Tuesday. The letter was disclosed to The Times by two people familiar with its content but not authorized to discuss it publicly. The proposed sale price would set a record for a Major League Baseball team.
April 11, 2011 |
The dispute between Frank McCourt and his former attorneys erupted into public view Monday when the firm filed suit against the Dodgers owner, who responded with a statement criticizing it for "trying to defend conduct that is indefensible. " Bingham McCutchen, the Boston-based firm responsible for the since-invalidated agreement that would have granted McCourt sole ownership of the Dodgers, essentially asked a Massachusetts court to deprive McCourt of the chance to sue the firm for malpractice should he lose control of the team.
November 2, 2011 |
Ding, dong, the wretch has fled. Ending the saddest chapter in Dodger history, Frank McCourt has finally agreed to sell the team, giving up ownership Tuesday on a day appropriately filled with thoughts of upcoming Thanksgiving gratitude while occurring hours after the horror of Halloween. After eight seasons that featured four playoff appearances, one divorce, one bankruptcy, and an alleged $189 million siphoned from the team for personal use, McCourt has agreed with major-league baseball to seek approval from a U.S. Bankruptcy Court for an auction of the Dodgers.
December 15, 2009 |
Frank McCourt has accused his estranged wife of undermining the Dodgers' business operations, claiming in a court filing Monday that Jamie McCourt could "continue to seek to damage the Dodgers" so long as she presents herself as a co-owner of the team. In a hearing today, Frank McCourt's lawyers plan to argue that a trial to determine ownership of the team should start in February, with the goal of resolving the matter by opening day. Jamie McCourt's lawyers plan to ask for a trial date next fall.
February 15, 2011 |
Dodgers owner Frank McCourt said Tuesday that fans should not be concerned about his financial troubles and renewed his vow to own the team whenever his costly and lengthy divorce proceedings conclude. "I'm very, very confident at the end of the process that I'm going to own the baseball team and, someday, my four kids are," McCourt said. "My confidence in that has not changed. " The Dodgers posted a losing record last season, which could affect season-ticket sales even without a struggling economy and the damaging revelations from McCourt's divorce trial.
August 25, 2010 |
Frank McCourt dismissed Jamie McCourt's allegation that he tampered with documents to deprive her of a share of the Dodgers as "offensive, flatly wrong and not supported by a shred of evidence" in court papers filed Tuesday. Exhibit A, in the version of the agreement signed by her in Massachusetts on March 31, 2004, and signed by Frank in California on April 14, 2004, provides Frank with "all securities … currently listed solely in Frank's name exclusive of the following," and specifically lists "within this exclusion ... all assets of the Los Angeles Dodgers ... and 276 acres of land located in Chavez Ravine.
January 7, 2011 |
Dodgers owner Frank McCourt met for three days this week with executives from the commissioner's office as Bud Selig considers options that could complicate McCourt's ability to remain in control of the team. McCourt met with several of Selig's lieutenants ? but not with the commissioner himself ? from Monday through Wednesday at Major League Baseball headquarters in New York, according to three high-ranking officials familiar with the discussions but not authorized to talk about them.
October 13, 2011 |
Buy team, make money. That's the tried-and-true formula in major professional sports, where even an owner who loses money running his team can cash in when he sells. Frank McCourt should be Exhibit A for this theory. McCourt bought the Dodgers for $421 million seven years ago, and the team arguably has doubled in value since then. Yet McCourt's decision to take the Dodgers into bankruptcy means he could be forced to walk away from the team with absolutely nothing. "What makes the Dodgers situation so striking is that this shouldn't be happening in a major market.
June 28, 2011 |
Seven years ago, in his first day on the job, Frank McCourt hosted his most important investors for lunch. They were about two dozen season-ticket holders. They met in the stadium club on a bright January afternoon above an empty field full of promise. McCourt wooed them, wowed them, pushed them to believe in the words behind his funny accent and the ideas inside his bold vision. Then, by most accounts, he abandoned them. Nowhere has McCourt's abuse of the Dodgers brand been more evident, or costly, than in his neglect for the group whose loyalty and passion he should have valued most.