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MLB Takes Control of the Los Angeles Dodgers

 

Published April 20, 2011

 

| FoxNews.com

 

Dodgers%20Security_Norm.jpg

 

 

April 14: Los Angeles Police Department chief Charlie Beck, left, listens in on a meeting with police officer and security at Dodger Stadium prior to the Dodgers' Major League Baseball game against the St. Louis Cardinals in Los Angeles. Bryan Stow, the father of two, was beaten in a parking lot outside Dodger Stadium after the teams' March 31 season opener and remains hospitalized in Los Angeles in a medically induced coma. (AP)

 

Major League Baseball is taking control of the financially-stricken Los Angeles Dodgers -- the first time the league has ever claimed ownership of a club in its 142-year history.

 

The move comes as the MLB is investigating the organization's financial policies and internal operations.

 

"It was not up to our standards", said one MLB exec, as the league added they were unhappy and suspicious with the way the team was being run.

 

League Commissioner Bud Selig said a new team owner will be announced in the next several days.

 

"The Dodgers have been one of the most prestigious franchises in all of sports, and we owe it to their legion of loyal fans to ensure that this club is being operated properly now and will be guided appropriately in the future," he said.

 

The Los Angeles Times reported this week that owner Frank McCourt had arranged a $30 million loan from Fox, the team's television partner. Selig has not approved a new longterm contract between team and Fox, and the Times said the money was needed to make payroll.

 

McCourt purchased the franchise from News Corporation in 2004 for $430 million. He borrowed all but $9 million to complete the acquisition, according to Forbes.

 

Since 2009, McCourt has been entangled in bitter divorce proceeding with his wife, where court documents revealed the couple had racked up $459 million in debt and used the team as collateral.

 

Selig's move might be seen by some as a precedent should the New York Mets have additional financial problems. With owners Fred Wilpon and Saul Katz under pressure from a lawsuit tied to the Bernard Madoff swindle, the Mets borrowed $25 million last year from Major League Baseball. Unlike the McCourts, Wilpon is a longtime friend of Selig.

 

News Corporation is the owner of Fox News.

 

Adam Housley,The Associated Press and NewsCore contributed to this report.

 

 

I believe FOX got it wrong, Pretty sure MLB took over the Montreal Expos as well

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LOL!!! Yeah....its the fifth inning stretch in LA....my older brother lived in LA for 20 years and I hung with him a couple of Summers...they may have a good fan base....in Brooklyn it would be a phenomenon bar none. Older relatives tell me my generation and younger don't understand what it was like to live in a town with three teams...two of them National League. Another reason why the Mets can lose 30 years in a row and still have fans is that the City never lost its love for National League Baseball.

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