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Monday, October 24, 2011

Creditors: TV Rights Sale Too Risky, We Want The Dodgers Sold

Great news from Bill Shaikin:
From the day he took the Dodgers into bankruptcy, owner Frank McCourt has said that selling the team's television rights would enable him to put the Dodgers on solid financial ground, including full payment for all creditors.

On Monday, the creditors disagreed. The official creditors' committee asked U.S. Bankruptcy Judge Kevin Gross to deny the Dodgers their proposed television rights auction, arguing that the prospect of a lawsuit from Fox Sports and opposition from Major League Baseball could jeopardize the money available to repay creditors.

"The committee cannot gamble the 100% recoveries of its constituents on such a risky proposition," lawyers for the committee wrote in a court filing.

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