No money, more problems… According to The LA Times, Dodgers part owner Frank McCourt recently had to take out a $30 million dollar loan from television and media powerhouse FOX in order to meet payroll and other expenses. Here are some details:
Frank McCourt took a $30-million loan this week from Fox to meet the Dodgers’ payroll obligations, according to three people briefed on the arrangement.
The arrangement is expected to cover the Dodgers’ expenses into next month. Commissioner Bud Selig has yet to say whether he will approve a proposed television contract between Fox and the Dodgers, which McCourt has presented as a long-term solution to the team’s financial troubles.
The loan marks the second time since the end of last season that Fox has provided money to the Dodgers’ owner so he could cover expenses. The loan was furnished to McCourt personally rather than to the Dodgers, according to the people briefed on the deal.
I wonder what kind of credit or how much blood you have to give up to secure a personal loan for a cool $30mil. The Dodgers financial and ownership situation have been in a state of flux ever since the McCourt divorce proceedings, which left ownership of the team split between Frank and Jamie.
If you recall, MLB rejected a previous McCourt$200mil loan request from FOX. According to reports, Frank McCourt is trying to find ways to balance about $430mil in debt. I can’t imagine having to balance that type of paycheck. Most of us have issues managing the balance of our gas expenses.
Best of luck to Frank & the Dodgers. If worse comes to worse, maybe he and Jamie can work out some type of settlement to help alleviate some of the financial setbacks facing the Dodgers franchise. If not, there’s always FOX’s deep pockets as a fall back plan, right?