Dodgers owner Frank McCourt and MLB have reached a hurdle in their talks about a potential settlement, according to Bill Shaikin of the LA Times. While MLB is willing to work with McCourt on an auction, it is not willing to guarantee him a specific sale price. In other words, MLB is not prepared to make up the difference if the Dodgers sell for less than expected.
The Dodgers’ bankruptcy trial was delayed yesterday. Settlement talks took place earlier this week, so the sides may not have to go to court. McCourt aims to sell the Dodgers' media rights, while the commissioner's office is pushing to sell the Dodgers to a new owner.
McCourt estimates that the Dodgers are worth over $1 billion, including Dodger Stadium and surrounding land. Forbes, however, valued the assets at $800MM earlier in 2011. McCourt may need more than $1 billion to break even after paying off debts, according to Shaikin.
Frank the freakshow’s days are coming to an end, AMEN.
Next chapter, Nick Nolte’s signed to play Frank in “Down and out in Holmby Hills”.