There is slight hope that the McCourts will have to sell the Dodgers. At this point I'm desperate for any hint of a possibility that the Dodgers will be freed of the McCrooks.
According to an article found here, the McCourts are running out of money. Frank has been borrowing money from whomever he can to get cash. He has big bills that are outstanding on a personal level. He has not paid ANY taxes in the six years that he has owned the Dodgers (isn't that a crime?) When he bought the Dodgers from Fox, he had to borrow money from Fox to get the deal done. This guy is apparently worth close to a BILLION dollars. But he has NO CASH.
To me he is a fraud. I don't see how he can have such extreme debts when he is worth this much money. (It seems like he has greater debt than what his assets are worth. Doesn't that make him broke?) Now granted I don't know a ton about finance, but it seems like if you need money, and you don't have the money IN the bank, then you SELL stuff to get cash. Cash is KING!
So Frank, instead of borrowing hundreds of thousands of dollars from family, friends, and associates...sell properties to cover your backside. If you are in a hole (debt), you can't get out of that hole by digging deeper.
How about selling the Dodgers. That should take care of most of your debts. But my guess is that he will still find a way to be in trouble. Call Dave Ramsey and get some help buddy.
Frank took out a loan against the Dodgers' future ticket sales to the tune of $390 MILLION!!! One may wonder what the heck is he going to do with all that cash??
Maybe he'll surprise everyone and use that to address needs on his team, you know he is the owner after all. Maybe he'll spend money on a big free agent (Cliff Lee).
My guess is he'll use that money for personal use...like settling his divorce.
OR to help pay his two sons a total of $600,000 for doing NOTHING. His sons are on the payroll. So what do they do? One has another full-time job, so probably nothing. The other is attending grad school. Valuable employees right there.
In June, The Los Angeles Times reported that the McCourts secretly paid Vladimir Shpunt, a 71-year-old who said he was a scientist and a healer, more than $100,000 to help the Dodgers win by sending positive energy from his Boston-area home.
He is driving the Dodgers into the ground folks. Someone needs to stop the insanity! Judge, please step in and order the McCourts to sell the Dodgers.
Mark Cuban to the rescue!!!