Dodgers Sale Expected to Improve Performance – Bankruptcy Lawyer

Bankruptcy Lawyers had their work cut, when the long feud over the Los Angeles Dodgers finally reached its conclusion.

On April 14 Saturday, marking the end of the long stalemate, the sale of the Los Angeles Dodgers has been officially approved by a federal bankruptcy judge in Delaware, ending the strife between owner Frank McCourt and the MLB.

Bankruptcy Judge Kevin Gross said late Friday, “Guggenheim Baseball had met all of the requirements for the $2.1 billion acquisition” and officially sealed the transaction.

"We are pleased to have successfully concluded the Chapter 11 reorganization process," the Dodgers said in a written statement. "All the organization's goals in the reorganization cases have been achieved. We look forward to returning all of our attention to Dodger baseball."

Fans of the team has shown overwhelming support in favor of the sale, as this marks the reversal of the team’s financial difficulties as well as ordinary performance on the field in recent years. Bankruptcy Lawyers were even optimistic that finances would be high with the change of management. 

Guggenheim Baseball is led by CEO Mark Walter along with former Los Angeles Lakers star Magic Johnson and veteran baseball executive Stan Kasten.

What happened?

The decline began when owners Frank and Jamie McCourt announced that they would be parting on October 14, 2009. This was at the time when the team was experiencing a major drop over performance and was unable to join the playoffs. Shortly after, Jamie was fired as CEO of the team, which led her to file for a divorce. 

On the following year much to the speculation of an unnamed Bankruptcy Lawyer, the judge in the divorce case of the McCourts invalidated the post-nuptial marital property agreement that Frank McCourt had claimed, which provided him with sole ownership of the Dodgers. In the wake of this decision, Frank was finally able to settle by which Jaime was to receive $130 million for her to relinquish her claims over the team.

With a bitter and expensive divorce, coupled with disputes with MLB over TV deals with Fox Sports, unable to finance payroll, the Dodgers entered Chapter 11 Bankruptcy in June 2011.

Arguments continued, as Bankruptcy Lawyers continued pestering the Dodgers to accept bankruptcy financing from MLB. The team and the league eventually reached an agreement last year authorizing the team’s sale and a process to market the media rights to games starting 2014.

“Friday’s hearing helped resolve a number of issues” said of a reputed Bankruptcy Lawyer. “With it, the issues regarding broadcasting interests as well as ownership issues would finally be put to rest.