Jun 28, 2011, 4:30 PM EDT
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.
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