Embattled Dodgers’ owner Frank McCourt makes payroll
Los Angeles, CA, United States (AHN Sports) – The once-proud Los Angeles Dodgers organization seems safe … for a little while longer anyway.
According to a report by ESPN Tuesday, embattled owner Frank McCourt got advances from team sponsors to meet the Dodgers’ payroll for May. This came after McCourt had to take a $30 million loan to pay his April bills.
The Los Angeles Times reported that the payroll for May was an estimated $9.8 million, but that June’s will be higher since Manny Ramirez has over $6 million due him in deferred compensation. According to the Times, McCourt is still searching for funding to meet June’s payroll.
According to the report, since McCourt has been unable to secure traditional loans to fund the cash-strapped Dodgers, front office executives in charge of revenue were charged with finding more creative ways to help float the troubled franchise for two more weeks.
Current team sponsors were contacted and offered discounts on their annual bills and luxury box stadium seats in exchange for cash up front, according to two sources. It is not known which sponsors took the offer, or the depth of discount they were given.
Major League Baseball Commissioner Bud Selig took over control of the club in April and assigned former Texas Ranger president Tom Schieffer to oversee all financial decisions for the financially-troubled team, and speculation is that it may just be a matter of time before MLB takes over the team entirely.
The Dodgers’ finances have become an issue ever since McCourt and his wife Jamie decided to divorce. The settlement has been nasty and very public, with Jamie McCourt recently asking the Superior Court to order sale of the team.
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