AP Frank McCourt’s debt addiction got him and the Dodgers into their current dire straits, so it makes total sense that, as May payroll loomed yesterday, he continued to borrow in order to avoid a takeover by Major League Baseball. It’s just what he does.
That according to ESPN’s Molly Knight, who reports that McCourt met payroll by taking cash advances drawn from the team’s corporate sponsorship deals. Knight reports that the sponsors — unnamed at the moment — took discounts on their annual bills and on luxury box seats in exchange for the up front cash.
Of course, as was reported last week, June payroll is going to be way bigger because Manny Ramirez is owed a deferred compensation payment, so the inevitable has only been delayed. Which just means that, thanks to McCourt and his financial irresponsibility, whoever owns the Dodgers next will have their revenue streams needlessly diminished.
Doin’ a heckuva job there, Frankie.
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- ultimatecardinalwarrior - Jun 1, 2011 at 9:48 AM
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This sad saga just needs to end.
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- bigxrob - Jun 1, 2011 at 9:55 AM
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Frank needs to borrow Chrisny3 from the Wilpon’s to refute your negative Dodgers posts. I would enjoy that.
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- teke184 - Jun 1, 2011 at 10:00 AM
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McCourt really has a few choices before this gets out of control.
1. Cut day-to-day costs in order to ensure more liquidity
2. Do something to raise his regular income as opposed to getting advances on future income
3. Declare bankruptcy to reorganize the team’s debt
4. Sell outI’m not sure he’s capable of doing #1 or #2 considering that MLB is overseeing his financial operations.
#4 is what MLB wants but not what he wants.
#3 may end up being the option, as it means he might keep the team and has the added bonus of screwing his ex in the divorce. All debt holders would have to be satisfied before she could get any money from the team.
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- Mr. Jason "El Bravo" Heyward - Jun 1, 2011 at 10:25 AM
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Having Manny’s name appear again has brought a sadistic smile to my face. How fitting, really.
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- hep3 - Jun 1, 2011 at 12:57 PM
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Frank can’t make June 15th payroll and Manny gets stiffed on his payment.
Sounds like a big win-win to me.
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- jamie54 - Jun 1, 2011 at 11:06 AM
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What does he care now? Leaves a mess for a new owner to clean up. Just leave Frank, and take the ex with you.
