May 4, 2011, 5:30 PM EDT
Josh Fisher of Dodger Divorce has a guest column up over at ESPN today in which he outlines what the new Dodgers’ Lord Protector Tom Schieffer needs to do in order to restore order at Chavez Ravine.
It’s a pretty exhaustive list. But , for the purposes of the outside observer who is more interested in the McCourt saga as cautionary tale than anything else, the recitation of the details of the McCourts’ mismanagement of the Dodgers Josh provides along the is arguably more important than the next steps. Because, boy howdy, is it easy to forget them when new things keep rolling in day after day. They can kind of all be summed up in this item:
It is clear that the McCourts did not separate their personal finances from club operations, and figuring out how to keep Dodgers revenue inside the organization might be both Schieffer’s most important and most difficult task. Potentially complicating his efforts are the numerous debt instruments encumbering various revenue streams, such as ticket sales.
This is why Frank McCourt’s public statements — which he has amped up this week — are almost all misleading. He and his wife set the Dodgers up to funnel money out of the team and into either into allied businesses or subsidiaries or into his own coffers. Between the holding companies, LLCs and the complex debt arrangements, he is able to make broadly truthful statements about the state of the team which are nonetheless misleading or, at the very most, less-than-illuminating.
Josh notes a particular one: McCourt has been accused of taking $100 million out of the team for personal use. Frank says that’s not true. Josh shows that, yeah, once you figure in the debt guarantees the team has given the McCourts, it really is. In other words: Frank McCourt has zero credibility on this stuff.
Great work by Josh both in breaking this all down and in suggesting how it can be built back up.
- Monday’s White Sox/Orioles game postponed due to ongoing protests and violence in Baltimore 82
- Cardinals confirm Adam Wainwright is done for season with torn Achilles 13
- Source: Josh Hamilton rejected a trade to a National League team because he wanted to go back to Texas 34
- Deal done: Josh Hamilton traded to the Texas Rangers for cash considerations 40
- Pitchers batting is dumb and the DH should be universal 350
- And That Happened: Sunday’s scores and highlights 88
- Alex Rodriguez hits 659th career home run, now one shy of tying Willie Mays 60
- Max Scherzer doubtful for next start due to thumb injury 5
- Pitchers batting is dumb and the DH should be universal (350)
- Comment of the Day: do not underestimate the seriousness of the anti-DH crowd (185)
- The early leaders in MLB’s “Franchise Four” thing have been announced (166)
- The Royals and White Sox had a benches-clearing fracas, five players ejected (161)
- Protesters converge on Oriole Park at Camden Yards (149)