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.
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