OT: MLB takes over (running) LA Dodgers owners divorcing; Court sup'd sale agreed to
- Thread starter LadyStanley
- Start date
King Woodballs
Captain Awesome
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
and my jaw dropped
I didnt think LA was in that bad of shape
sad to se really
LadyStanley
Registered User
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.
LadyStanley
Registered User
They are currently being run by the creditors no?Then you missed the NHL Stars whose owner is essentially bankrupt.
Roomtemperature
Registered User
Same thing that happened with the Texas Rangers before they were sold (owned previously by the same guy)
HabsByTheBay
Registered User
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.
King Woodballs
Captain Awesome
Roomtemperature
Registered User
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.
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.
KevFu
Registered User
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 Pejorative Slured 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.
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 Pejorative Slured 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.
LadyStanley
Registered User
http://www.mercedsunstar.com/2011/04/27/1869011/mlb-appointed-monitor-of-dodgers.html
AP: MLB "monitor" arrives in LA. McCourt in NY complaining to MLB about the take over.
AP: MLB "monitor" arrives in LA. McCourt in NY complaining to MLB about the take over.
AtlantaWhaler
Thrash/Preds/Sabres
- Jul 3, 2009
- 19,686
- 2,902
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...
LadyStanley
Registered User
Will be interesting mid-month if players not paid....
MicheleSteele 8:40am via HootSuite MLB union says Dodgers can become free agents if they aren't paid
MicheleSteele 8:40am via HootSuite MLB union says Dodgers can become free agents if they aren't paid
kdb209
Registered User
- Jan 26, 2005
- 14,870
- 6
PensFan1253
Registered User
"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
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
"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.
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.
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?
