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Tuesday, January 10, 2012

Dodgers, Fox Cease Hostilities

Very interesting consequences from today's agreement, with both sides agreeing to cease legal actions against each other. The Dodgers will no longer pursue a TV rights sale, while leaving Frank on the hook to pay back a $30M loan Fox gave him personally to make payroll in April, 2011.
That loan is secured by McCourt's malpractice claim against Bingham McCutchen, the Boston-based law firm responsible for the faulty marital property agreement upon which McCourt relied to establish his sole ownership of the Dodgers. The agreement was invalidated, and ultimately McCourt agreed to settle his divorce by paying his ex-wife $131 million by April 30.

Fox retained the right to challenge any sale of the team, in part or in whole, to Time Warner Cable. The settlement also clarified that Time Warner Cable is bound by a provision of the TV contract that hampers the ability of ESPN, Comcast or Time Warner to hold a share of a Dodgers' cable channel.

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