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Wednesday, March 23, 2011
Forbes: McCourts Using Dodger Profits Exclusively For Debt Service
If you read nothing else in this long-form Forbes review of baseball's debt problems, consider this graf:
Court documents revealed that from 2004 to 2009 the McCourts—using the Dodgers and related assets as collateral—had racked up a staggering $459 million in debt, much of which was used personally. FORBES estimates that almost all of the team’s profits were being used to pay down just the interest.WOW.