Jun 28, 2011, 4:30 PM EST
The initial hearing in the Dodgers’ bankruptcy took place this afternoon. Just adjourned in fact. The biggest takeaway: Major League Baseball has, for the time being at least, agreed to let Frank McCourt run the team with this interim financing deal.
That agreement seems like the only option at the moment, inasmuch as the judge would not rule on Major League Baseball’s alternative financing plan today, probably because he just saw the thing for the first time this morning. There will be a hearing on July 20th, however, in which MLB’s financing plan is scrutinized.
So for now, nothing changes in Dodgers land. Frank controls the team — though MLB still has oversight via the controller it installed a couple of months ago — and all operations are continuing to run up Frank McCourt’s debt.
Dig in folks. This is gonna be protracted.
- Phil Hughes signs a three-year extension with the Twins 19
- The Padres have talked to the Phillies about Cole Hamels 23
- Why is John Smoltz a shoo-in for the Hall of Fame? 62
- Phillies GM told Ryan Howard they’d be better off “not with him but without him” 85
- Trea Turner’s agent is unhappy his client is in limbo after trade to Nationals 48
- Nexen Heroes accept Jung-Ho Kang posting fee from unidentified MLB team 37
- Giants acquire Casey McGehee from the Marlins 16
- The Padres have given their fans something to talk about. Which is badly needed in San Diego. 64
- Bud Selig will get a $6 million a year pension. Which is obscene. (145)
- The United States will seek to normalize relations with Cuba (144)
- Rays, Padres, Nationals agree to 11-player trade (97)
- Chase Headley signs a four-year deal with the Yankees worth at least $52 million. (95)
- St. Petersburg City Council votes down deal to allow Rays to look for new stadium site (90)