End to LA Dodgers Loan Disagreement Nears
July 21, 2011
The Los Angeles Dodgers are set to find out whether they can borrow US$150 million from a unit of JPMorgan Chase & Co., store or must accept a loan from Major League Baseball (MLB), healing which has battled the club since it filed bankruptcy last month.
U.S. Bankruptcy Judge Kevin Gross said he will issue a written decision by tonight.
Gross said: “To me this is about dollars and cents.”
The MLB contended its loan would cost less, physician while the Dodgers claimed they should not be forced to accept financing from MLB because claims that Baseball Commissioner Bud Selig’s is in disagreement with the team and its owner Frank McCourt.
The Dodgers filed for bankruptcy last month after Selig rejected a proposed cable-TV rights deal McCourt negotiated with News Corp. (NWSA)’s Fox Sports.
Bruce Bennett, a Dodgers attorney, said that the team intends to try to sell those rights while in bankruptcy and will propose rules for marketing them next month.
Bennett added that the team cannot trust MLB to be its banker.