June 27, 2011 |
A look at the Dodgers under Frank McCourt: 2004 Jan. 29: Major League Baseball unanimously approves the sale of the Dodgers to Frank McCourt for $430 million by News Corp. It is a leveraged deal financed mostly by debt. McCourt's attorney Steve Susman says at a divorce trial in 2010 that McCourt put "not a penny" of his own cash into the deal. In McCourt's first season, the Dodgers win 93 games and take the National League West title for the first time since 1995. 2006 The Dodgers win the NL wild-card spot with an 88-74 record.
August 26, 2011
If Frank McCourt took the same test the Dodgers sent fans about Vin Scully: 1. Knowledge of baseball: "A small white sphere thrown around by grown men who make me millions. " 2. Knowledge of Dodgers: "Great Dodger Dogs. " 3. Objectivity: "I try not to attend because it's not safe" 4. Accuracy of calls: "I never answer. It could be Jamie's lawyers. " 5. Storytelling ability: "Did you hear the one about the priest and the rabbi walking into the bar? …" 6. Focus on the game: "I can't afford cable.
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.
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.
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.
March 29, 2012 |
Six months ago, the smart money had Frank McCourt walking away from the Dodgers with little more than a battered reputation. The beleaguered owner had sunk into a quagmire of debt — taking the team into bankruptcy — and had settled a contentious divorce with his ex-wife, Jamie, by agreeing to pay the seemingly massive sum of $131 million. Most experts figured he'd be lucky to unload the franchise for just enough to break even. But that was then. This week, McCourt stands to pocket, after all the bills are paid, about half of the $2.15 billion offered by a group led by Magic Johnson.
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.