“Welcome to a new era of Dodger baseball. I intend to restore the glory days of Dodger baseball with a team worthy of support from our fans. We’ve committed not just to buy this team, but to win a world championship,” said Frank McCourt, current owner of Major League Baseball’s Los Angeles Dodgers, when he purchased the team from News Corp. in 2004.
It’s been the opposite so far as one of baseball’s most storied franchises is marred in scandal. McCourt financed his purchase of the team mostly on debt, using several parking lots he owned as collateral. According to the Los Angeles Times, McCourt’s own attorney said he didn’t put “a single penny” of cash in to the $430 million purchase.
The Times said according to court records, the Dodgers have accumulated more than $400 million in long-term debt. McCourt divorce court papers indicated that Frank and wife, Jamie, took some $100 million from the team and used the money to fund their lavish lifestyles.
The MLB took over the team in April after McCourt asked FOX for a $30 million loan to meet payroll and after the MLB rejected a $200 million loan from FOX, where McCourt would use the team’s television rights as collateral.