Report: Cash-Strapped Dodgers Can't Meet May Payroll
In a stark sign of owner Frank McCourt's dire financial situation, the Los Angeles Dodgers reportedly do not have enough cash to meet their payroll obligations this month.
According to the Los Angeles Times, if McCourt can’t pay his players, Major League Baseball would sweep in to provide funding and would have the option of seizing the Dodgers from him.
The Dodgers don’t currently have enough money to meet the second May payroll that is due at month’s end, the paper reported.
McCourt, who is fighting over the Dodgers with Jamie McCourt in divorce proceedings, reportedly received a $30 million loan from FOX last month that helped lead to MLB appointing a trustee to oversee day-to-day control of the franchise. FOX is owned by FOX Business parent News Corp. (NASDAQ:NWSA).
According to the Times, McCourt reiterated on Tuesday the team’s financial needs would be solved if MLB approved a $3 billion television contract with FOX that includes an immediate $285 million payment.