Oct 14, 2011, 3:00 PM EST
For as ugly as the Dodgers stuff has gotten, there was always the two-steps-back reality check for Frank McCourt: if he pulled the rip cord he could still walk away personally wealthy given how much more the Dodgers are worth now than when he bought them.
Except, according to this report by Bill Shaikin of the Los Angeles Times, his debts and tax liabilities are more than most folks presume and — if forced to sell — he could walk way with nothing to show for the past seven years of his life:
McCourt bought the Dodgers for $421 million seven years ago, and the team arguably has doubled in value since then. Yet McCourt’s decision to take the Dodgers into bankruptcy means he could be forced to walk away from the team with absolutely nothing … If the long-term debts funded by Dodgers revenue are $550 million, if the Dodgers exhaust their bankruptcy financing, and if a sale results in the maximum tax liability stated by Frank McCourt, then the team would need to sell for $900 million just for McCourt to break even.
I know. I’d be just as crushed as you would be if such a thing happened.
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- The Cubs have offered Jon Lester “north of $135 million” 68
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- Report: Pablo Sandoval chose the Red Sox over the Giants because he felt disrespected (137)
- UPDATE: The Pablo Sandoval-Red Sox deal is done, pending a physical (133)