OT: MLB takes over (running) LA Dodgers owners divorcing; Court sup'd sale agreed to

Discussion in 'Fugu's Business of Hockey Forum' started by LadyStanley, Apr 21, 2011.

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  1. LadyStanley

    LadyStanley RIP Fugu

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  2. King Woodballs

    King Woodballs Captain Awesome

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    Driving to work this morning I heard about this on Mike&Mike on ESPN radio
    and my jaw dropped
    I didnt think LA was in that bad of shape
    sad to se really
     
  3. rj

    rj Registered User

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    Dodgers, Mets, Coyotes, Thrashers, NBA Kings, Hornets...any more?
     
  4. LadyStanley

    LadyStanley RIP Fugu

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    Thrashers and NBA Kings are not run nor controlled by their respective leagues. (But that's not to say there aren't issues with those franchises.)

    (Can't address Mets or Hornets as I haven't been following them.)
     
  5. rj

    rj Registered User

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    Wasn't saying they were controlled by their leagues, just major financial difficulties.

    Hornets are league-owned and have a lot of similarities with the Coyotes. The Mets' owners the Wilpon family were involved in the Bernie Madoff scandal and had a take a loan from MLB.
     
  6. LadyStanley

    LadyStanley RIP Fugu

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    Then you missed the NHL Stars whose owner is essentially bankrupt. :naughty:
     
  7. Roadrage

    Roadrage Registered User

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    They are currently being run by the creditors no?
     
  8. Roomtemperature

    Roomtemperature Registered User

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    Same thing that happened with the Texas Rangers before they were sold (owned previously by the same guy)
     
  9. HabsByTheBay

    HabsByTheBay Registered User

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    LA got bought with very little of Frank McCourt's own money and he's been taking money out of the franchise like crazy to fund a life of prolific spending.

    The Dodgers will draw 3 million plus if they're remotely competitive; this isn't some derelict team (and neither are the Mets). This is just a situation where the owner's inability to manage their finances (or their investments with Ponzi scheme operators) is coming back to haunt the team.
     
  10. King Woodballs

    King Woodballs Captain Awesome

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    This is why it was a shock to hear the struggles.
     
  11. 17*

    17* Guest

    Move the team back to Brooklyn.
     
  12. kdb209

    kdb209 Registered User

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    In recent history, you could also add the Cubs - which were sold off in 2009 because of the bankruptcy of the Tribune Company (which was saddled with huge debt from Sam Zell taking them private in 2007).
     
  13. Roomtemperature

    Roomtemperature Registered User

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    Part of it (at least for the Mets) is that the owners have to spend to a certain level to pull in fans as listen to any NYC sports radio show and you think that the Mets wanting to reduce payroll is a war crime. And when they spend to the number they want but the results aren't there the fans stop showing and they lose more money then they thought they would have. And if they don't have the cash they thought they would have from losing what they were getting from Madoff and now losing more do to the lawsuit. Its just a mess.
     
  14. Melrose Munch

    Melrose Munch Registered User

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    This is becoming a farce.
    Dodgers are a marquee team. I concur
    In a big market you have to spend like one. The Mets should have a big payroll.
     
  15. obsenssive*

    obsenssive* Guest

    it's the faaking players unions and their ridiculous salaries!!
     
  16. KevFu

    KevFu Registered User

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    MLB took action when they were worried that McCourt was using the Dodgers moneys as his own. His personal finances and the Dodgers finances are heavily entwined AND he's currently in court amid a messy divorce with his wife, both seeking ownership of the Dodgers as part of the separation.


    The Mets issue is a pretty big disaster. The Mets owners invested their own person funds, funds from almost all of their business properties (including the Mets) with Bernie Madoff, who was running a Ponzi scheme and stealing millions.

    They are seeking a minority owner to cover their expenses because a former trustee is suing them for billions, claiming they were complicit in the scheme -- which is basically false. The claim stems from the fact that the Mets removed money from their Madoff accounts and "turned a profit," which is quite erroneous. They removed some money from the accounts, but when they're being told their money would make 19% and they take out some in order to conduct normal business, it's not a profit.

    Also, if they were complicit, they'd be completely ******ed to put so much of their own money into a scheme, and wouldn't have turned people away from investing with Madoff.

    MLB has not stepped in and seized control of the Mets because they don't have to...

    the Mets hired a new General Manager... from the commissioner's office. Sandy Alderson worked as an exec for MLB after leaving his GM/President post with the A's, then Padres.

    So, Selig has a guy running the show whom he trusts. He suggested Alderson to the Mets and asked Alderson to consider the job.
     
  17. LadyStanley

    LadyStanley RIP Fugu

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  18. AtlantaWhaler

    AtlantaWhaler Thrash/Preds/Sabres

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    Can't even pay the players. Nice.

    http://sports.espn.go.com/los-angeles/mlb/news/story?id=6473682
     
  19. Roadrage

    Roadrage Registered User

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    So McCourt was only able to meet the first month's payroll, needed a loan from Fox to meet the 1st half of the 2nd month's payroll, and now is now tapped out without looking for another loan? There are 4 more months of regular season baseball left after May (8 more pay periods). WOW...
     
  20. LadyStanley

    LadyStanley RIP Fugu

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  21. kdb209

    kdb209 Registered User

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    http://www.nytimes.com/2011/05/05/sports/baseball/05payroll.html

     
  22. PensFan1253

    PensFan1253 Registered User

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    "If baseball does not help McCourt — and he finds no other revenue source to pay his players — the players would be able to file notices of default with baseball. If McCourt does not pay within 10 days after May 31, they could become free agents"

    Oh, Selig is going to help McCourt. By making him trade off any marquee player he has and forcing him to sell the team. This is not the NBA or NHL. Baseball will not pay LA's payroll, they made Montreal continuously slash payroll when they owned them

    Rumors are that Ethier and Kemp are on the trading block. We know things are bad in Queensville, because the Mets are shopping Jose Reyes
     
  23. Enstrom39

    Enstrom39 Registered User

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    "Selig is wary of approving the 17-year Fox contract because a $385 million upfront payment to McCourt would diminish the agreement’s long-term value, said a person briefed on the contract."

    This is precisely how Howard Baldwin looted the Pittsburgh Penguins. He got loans for FUTURE revenue now and spent all the money. MLB would be wise to block this contact with Fox if McCourt is going to spend 17 years of future commitment today.
     
  24. Enstrom39

    Enstrom39 Registered User

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    Tampa Bay had to get a loan to cover payroll under their previous owners. The Thrashers owners have sued each other for years but as one NHL office official put it "at least you guys pay your own bills."
     
  25. kaiser matias

    kaiser matias Registered User

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    Weren't payroll issues the reason behind the Senators and Sabres each being quickly sold to Melnyk and Golisano, respectively, even at under market values?
     

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