Los Angeles Dodgers Bankruptcy Filing

First they were ripped from the streets of Brooklyn back in the 1950s and sent to Los Angeles, now the LA Dodgers have filed for bankruptcy.

The team and franchise has been in trouble much too many times lately, however, being unable to pay their players, to the tune of tens of millions of dollars as well as past team members, the owner, Frank McCourt decided to file for bankruptcy.

What this means is that the Dodgers have some time to get their financial act together. They’ll have to look at what they ow, what they may take in and see if they can deal with their creditors within the guidelines of the courts.

Businesses and the MLB Commissioner Bud Selig are going to watch intensely as with today’s economic crisis, a smart business entity could swoop in and take over the Dodgers.

Many in New York are hoping the Dodgers are bought up by one of the many multi-billionaire groups and move the team back to Brooklyn. That may be a very smart move because just the merchandise licensing alone would rake in billions of dollars within just a year.

No one is talking about it but word on the streets is that in NY banking circles as well as foreign banking circles they they’ve looked not at the ticket booth sales but in the licensing where the real money is made.

This is going to be one interesting event to follow.

Category: MLB