Major League Baseball seized control of the day-to-day operations of the Los Angeles Dodgers on Wednesday, an extreme measure resulting from the tumultuous ownership of Frank McCourt and the reported $433 million he has in debt.
Commissioner Bud Selig released a statement announcing the move by MLB, making this a dark day in the club's history.
Frank and ex-wife Jamie bought the team in a heavily leveraged deal in 2004 and moved from Boston. There were debacles from the start, so many the owners had to hire a crisis management firm to address the issues. The divorce and ensuing financial woes have been the most dramatic, with the public learning of their alleged misuse of Dodgers money and the extravagant lifestyle of the owners, whose divorce settlement includes nine properties.
Earlier this week, the Los Angeles Times reported Frank McCourt took out a $30million loan from Fox, the team's television partner, to meet payroll through the end of April.
On Wednesday, Selig issued this statement: "I have taken this action because of my deep concerns regarding the finances and operations of the Dodgers and to protect the best interests of the club, its great fans and all of Major League Baseball."
Seven hours after Selig made his announcement, Frank McCourt issued a statement expressing puzzlement.
"Major League Baseball sets strict financial guidelines, which all 30 teams must follow," McCourt said. "The Dodgers are in