Dodging Debt
11/09/2011 | | Dodgers, Dodgers Bankruptcy, Frank McCourt, LA Dodgeres, LA Dodgers Divorce, Sales of LA Dodgers
Frank McCourt, embattled owner of the LA Dodgers is selling the club. By craftily splitting the sale of the team and the sale of the team’s media rights, he expects to net $1 billion. But, he has bills! The club is already carrying about $500 million of debt, it owes Major League Baseball $150 million and capital gains taxes will be about $150 million. He also owe his ex wife $131 million. Luckily, he only paid $421 million for the club in ’04.