Showing posts with label McCourt. Show all posts
Showing posts with label McCourt. Show all posts

Friday, May 20, 2011

Jamie McCourt request judge at Dodgers sales force

LOS ANGELES -- Ex-Los Angeles Dodgers CEO Jamie McCourt on Thursday asked a judge to order the sale of the team, saying her ex-husband has badly mismanaged the franchise since he fired her nearly two years ago and brought one of baseball's most storied franchises to the "brink of financial ruin."


The request comes less than a month after Major League Baseball Commissioner Bud Selig appointed former Texas Rangers President Tom Schieffer to oversee the Dodgers after questions arose about the team's finances.


A resolution in the Dodgers drama that began in late 2009, when Jamie McCourt filed for divorce, may be closer than once believed because of several factors:


??The resumption of settlement talks between both sides.


??Findings from the ongoing investigation by MLB.


??The inability of Frank McCourt to make the May 31 major league player payroll, according to baseball officials.


??And a June 22 hearing in front of Superior Court Judge Scott Gordon where he will hear arguments about why he should order the sale of the Dodgers.


Gordon presided over the former couple's divorce trial that centered on the validity of a postnuptial marital agreement which gave Frank McCourt sole ownership of the Dodgers. Gordon deemed the 10-page document invalid and cleared the way for Jamie McCourt to seek half the team under California's community property law.


Neither Jamie nor Frank McCourt attended a brief court hearing Thursday, but both sides stipulated to have Gordon oversee a possible settlement.


Outside of court, Jamie McCourt's attorneys said their client could no longer wait to see what may occur with the Dodgers.


"As I've said all along, my goal is to resolve this situation for my family in a way that also advances the best interests of the Dodgers fans, players and franchise," she said in a statement. "This motion will hopefully provide some momentum in the right direction."


MLB spokesman Pat Courtney declined to comment about Jamie McCourt's request.


Sorrell Trope, an attorney for Frank McCourt, said his client has no intention of selling the team.


Frank McCourt has said in various media interviews that MLB should approve a 17-year television deal with Fox which could be worth more than $3 billion. He took out a $30 million loan from Fox earlier this year.


His attorneys said in a court filing that Jamie McCourt has hampered his ability to get a TV deal done because she has publicly said she owns half of the Dodgers and would veto any potential transaction.


"This had the devastating effect of causing Major League Baseball to question who controls the Dodgers and contributed to its decision to try to seize control of the team," lawyer Ryan Kirkpatrick wrote in asking Gordon to rule that Jamie McCourt has no control over what happens with the TV deal.


In her court filing, Jamie McCourt implies her ex-husband has put the team in financial shambles since she was forced out of her executive position.


"Over the past year-and-a-half, Frank has mismanaged the Dodger assets, and in the last few months, his management of the assets has become so unprofessional and commercially unreasonable that it is threatening the very ownership and value of these assets as part of the community estate," attorney Dennis Wasser wrote.


Jamie McCourt is pushing for a private sale -- rather than one facilitated by MLB if it invokes its power to sell the team -- because she believes it will result in the highest possible sales price. Frank McCourt's attorneys have said the team and its properties are worth between $800 million and $900 million, while his ex-wife's lawyers believe the potential could be more than $2 billion.


The highest sale price for a baseball team was $845 million for the Chicago Cubs and related properties, including Wrigley Field, two years ago. Earlier this week a group led by businessman Jim Crane agreed to buy the Houston Astros for $680 million.


The former couple's lavish lifestyle was exposed in court documents where it was revealed that they took out more than $100 million in loans from Dodgers-related businesses. Their spending habits were likened to using the money from the team as if it was their personal ATM or credit card.


When pressed about his client's contribution to the Dodgers' financial woes, Wasser sidestepped the question and said the focus should be restoring the Dodgers name.


"What I think you have to do is not cast aspersions on anybody," Wasser said. "You have to deal with the situation we have now, and the situation we have now is a situation and a need for action. We've put a very short fuse on it to get it resolved."

Thursday, May 19, 2011

Report: Jamie McCourt will require the sale of the Dodgers

Jamie McCourt is likely to ask that a judge of the Superior Court of Los Angeles put the Dodgers on sale immediately, the Los Angeles Times reported Wednesday, citing two sources of knowledge of the legal proceedings.


Judge Scott Gordon, who manages the Frank and Jamie McCourt Dodgers owners divorce, should determine a date Thursday at the request of Jamie McCourt will be heard, the report.


With Commissioner Bud Selig after having appointed a supervisor to monitor the Dodgers in the team of mounting financial difficulties, the Times reported that Jamie McCourt should legal maneuver is designed to ensure that any potential sale of the Dodgers could be controlled by the McCourts over the major League Baseballmust Selig eventually pass to enter the club.


Baseball officials believe that the Dodgers do not have enough cash to make their pay end-of-may, which extends approximately 8.25 million. If Frank McCourt is unable to make payroll, MLB could intervene and pay players, avoiding a default value, which could become free agents. Baseball could then start the process of trying to force a sale of the team. Gordon j. invalidated a post-nuptial agreement giving Frank McCourt sole owner of the team, allowing Jamie to get half of the franchise.


During this time, Frank McCourt said a deal with Fox television would solve the financial problems of the Dodgers. He criticized Selig not to approve the $ 3 billion agreement which would give the club about 300 million dollars to the front.


Selig said that he not make any decision on the Fox agreement, until Tom Schieffer, Selig appointed to oversee the Dodgers, conducted a survey on the finances of the team.


The Times also reported Wednesday that Fox would not go forward with the contract, without the approval of Jamie McCourt because the TV company does not want to risk his opposing the agreement in the courts.


Sources close to Jamie McCourt said Molly Knight of ESPN The Magazine that Jamie has been alarmed by the prospect of its fairness draining the Dodgers ex-husband as he digs against the MLB in support of the club. California community property States that the named person in control of a common good is an obligation on the part not control to protect assets decrease significantly in value. Jamie lawyers are expected to argue that the ownership of Frank is seriously impair the value of the Dodgers - and with it, potential Jamie take when the team is sold.


The Dodgers should seek more than 800 million if sold this summer - but the team could go up to $ 1 billion, sources say.


Court documents filed in the issuing of contentious divorce of the McCourts owners had taken on debt $ 490 million against the Dodgers between 2004 and 2009. No new number of debt have been released to the public since then, but two sources of knowledge of the finances of the team say that number is higher now. In the case of a sale, creditors and the IRS shall be paid before either McCourt could see all of the profits; However, it is not known if there would be no cash left.

Wednesday, May 11, 2011

Selig appointed the former Jamie McCourt Consultant

 A leader of former baseball Commissioner Bud Selig appointed to oversee the troubled Los Angeles Dodgers was relieved of his duties after that it was discovered that he was a consultant paid last year, to ex-équipe CEO Jamie McCourtan attorney for Frank McCourt wrote Tuesday.

In a letter to a Dick Freeman New York law firm that represents the major League Baseball, lawyer Robert Sacks notes was presented Monday at the Dodgers employees and reviewed confidential financial documents before leaving Dodger Stadium and to inform the major League Baseball for conflict of interest.


"Unfortunately, this last episode reinforces the concern that Mr. McCourt is apparently been subjected to a treatment discriminatory and unjust through a process to achieve a predetermined result, without appropriate diligence, independence or care," Sacks wrote.


Selig announced the appointment of Freeman on a radio broadcast Monday and sent a letter to Frank McCourt, who arrived Tuesday on his decision. McCourt was unaware appointment of Freeman until he received the letter of the Selig.


Freeman informed MLB later in the day that he could assume is no longer the role to help the former Texas Rangers President Tom Schieffer monitor day-to-day operations of the Dodgers.


"It has been brought to our attention, and as soon as he came to light, she was approached,", said the spokesman for the MLB Michael Teevan.


Schieffer was named the month last by Selig after the questions have been raised to finance the team. Baseball officials believe that the Dodgers do not have enough money to make pay them may 31 Major League Player $ 8.25 million. Frank McCourt has recently released a loan of 30 million of Fox, partner of the television team.


McCourt has urged the approval of the MLB for a 17 year of television with Fox agreement which could be more than 3 billion. He said it take $ 300 million and put it in the Dodgers.


He and his ex-wife was involved in a contentious and expensive divorce for almost two years. A judge in December threw a property agreement matrimonial 2004 which gave Frank McCourt sole ownership of the Dodgers, opening the way to Jamie McCourt to search half of the team.


Matthew Hiltzik, a spokesman for Jamie McCourt, refused to comment on.


Freeman worked for the Padres from 1981 to 1995, amounting to the President of the team. He became chief operating officer of Pittsburgh Pirates in 1996 after Kevin McClatchy bought the team, then returned to the Padres, where he was President again from 2002-04. He then added the title of Director-General only to be removed to chief operating officer, when Sandy Alderson was hired in 2006.

Sunday, May 1, 2011

Owner of Los Angeles Dodgers, Frank McCourt responds with MLB, calls the actions of Bud Selig "non-américaine."

Los Angeles Dodgers owner Frank McCourt expressed defiance and outrage during a news conference in New York on Wednesday after McCourt said baseball commissioner Bud Selig vetoed McCourt's agreed-upon deal with Fox for a regional sports network. McCourt said the deal would infuse the club with enough cash to be competitive on the field for the forseeable future.


McCourt went so far as to describe Selig as "un-American" for what he sees as an attempt by Selig to unlawfully seize McCourt's property after MLB assumed control of the Dodgers last week.


"No one handed me the Dodgers and no one is going to take it away from me," McCourt said.


McCourt spoke after meeting with several baseball officials, but not Selig, at MLB headquarters in Manhattan. It was at the end of that meeting that McCourt said he learned, through MLB executive vice president Rob Manfred, that Selig had vetoed McCourt's agreement with Fox on a regional sports network.


MLB took control of the Dodgers last week after it was revealed that McCourt had arranged a $30 million loan from Fox to meet payroll. Now baseball must approve any expenditure of more than $5,000 made by the team.


McCourt said the loan was used for the team and will have to be repaid.


McCourt has been embroiled in a nasty and costly divorce battle with his former wife and ex-Dodgers' CEO Jamie McCourt.


Court documents indicated the McCourts had taken out more than $100 million in personal loans from Dodger-related businesses.


A judge in December threw out a 2004 marital property agreement that gave Frank McCourt sole ownership of the Dodgers, clearing the way for Jamie McCourt to seek half the team.


Frank McCourt calls a news conference to lash out at Bud Selig's decision to take over the Dodgers' operations.

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McCourt said he would take $300 million from the TV deal with Fox and put it into the Dodgers and not toward funding a possible settlement in his divorce. McCourt said the 17-year deal with Fox could be worth more than $3 billion.


"The lack of a decision to allow us to do this media transaction is what's creating all of this noise about the financial duress of the Dodgers," he said.


McCourt said the team can meet its payroll.


"We are current on all of our obligations, all of our payments," he said. "We have never asked for a penny of emergency funding from MLB."


McCourt implied that Selig is attempting to force him to sell the Dodgers.


"It is my personal opinion that there has been a predetermined end result here and that this investigation is not a genuine one," McCourt said. "It is designed to interfere with our ability to close this transaction."


However, in a statement released after the news conference Wednesday, Manfred took issue with McCourt's comments, both for airing them publicly and for being "not accurate."


"It is unfortunate that Mr. McCourt felt it necessary to publicize the content of a private meeting," Manfred said in the release. "It is even more unfortunate that Mr. McCourt's public recitation was not accurate. Most fundamental, Commissioner Selig did not 'veto' a proposed transaction. Rather, Mr. McCourt was clearly told that the Commissioner would make no decision on any transaction until after his investigation into the Club and its finances is complete so that he can properly evaluate all of the facts and circumstances."


McCourt hinted at a possible lawsuit against Selig and Major League Baseball.



 I am not going anywhere. This is the team I love and the community I love. These are my hard-earned dollars I put into this franchise, and I am going to protect my rights, obviously.

” -- Dodgers owner Frank McCourt

"I have not decided exactly what we're going to do, but we will keep you posted," McCourt said. "As I said, I am not going anywhere. This is the team I love and the community I love. These are my hard-earned dollars I put into this franchise, and I am going to protect my rights, obviously."


McCourt also was asked to clarify a statement he made to a television reporter earlier in the day in which he called Selig "un-American."


"What I said was un-American was somebody's property being seized unlawfully," McCourt said. "There are core values in this country, and fairness is one of them. Transparency is another, and private property is another. Thankfully, it's not appropriate for one person's property to be seized by somebody else just because they get divorced or just because of some arbitrary reason. That is one of the great core principles and core values of this country, and that is what I'm referring to when I say it's just un-American to me."


Selig appointed former Texas Rangers president Tom Schieffer on Monday as a monitor to oversee the team's finances.


"There's nothing more American than following the law, and that's what we're doing in this regard," Schieffer said Wednesday night on 710 ESPN's Mason & Ireland radio show.


McCourt implied that he doesn't believe Schieffer is being sent to monitor the Dodgers so much as he is being sent to wrest the organization from McCourt's control and that, as such, McCourt isn't likely to cooperate with Schieffer.


"I am not sure that we got clarification on that because we did have discussions on that and there still seems to be some confusion as to what the responsibility of the monitor is," McCourt said. "Words are funny things just because you can call somebody a monitor and not make them a monitor. What was explained to us as the role of this monitor is nothing short of a receiver, somebody who would come in and control my business, and I'm not going to accept that for sure."


Meanwhile, Manfred challenged McCourt's notion that MLB had "seized" the Dodgers and disputed McCourt's claim that Schieffer's role with the Dodgers wasn't discussed during the meeting.


"There has been no seizure of the Los Angeles Dodgers," he said in the release. "Mr. Schieffer has been appointed as a monitor, and a multi-page written directive from the Commissioner describing his role has been provided to Mr. McCourt. In our meeting, no one from the Dodgers asked a single, specific question about the terms of the document setting forth the monitor's role.


"Finally, Mr. McCourt is well aware of the basis of Baseball's investigation and has been provided an eight-page document describing the issues of concern to Major League Baseball."


Schieffer held a news conference in Los Angeles later Wednesday, saying he has yet to be fully briefed on the team's finances and is looking forward to meeting with McCourt.


McCourt's defiant tone was in direct contrast to the folksiness of Schieffer, the brother of CBS' "Face the Nation" host Bob Schieffer.


"I look forward to talking to Mr. McCourt and hopefully we can have a nice visit and see what it is he's concerned about," said Schieffer, who listened to McCourt's conference call with reporters before his own news conference at a hotel near Los Angeles International Airport. McCourt's remarks delayed Schieffer's appearance at the podium by nearly 30 minutes.


McCourt said Schieffer's appointment has created "chaos."


Schieffer affirmed that McCourt was the owner of the franchise, but said that the commissioner of baseball was currently running the team. He viewed his position as a representative extension of the commissioner's office, operating from offices at Dodger Stadium "until the job is done."


Asked if he anticipated any problems with McCourt, Schieffer said, "I hope that there won't be friction but that's really his choice."


Pressed on whether he was concerned about his impending dealings with McCourt, Schieffer said, "I've dealt with the North Koreans."


Schieffer was U.S. ambassador to Australia and Japan under former President George W. Bush and is now senior counsel at a law firm.


Schieffer sought to reassure Dodgers fans about the future of the storied franchise, saying he wanted to "give them some confidence that the instability and turmoil is coming to an end."


Schieffer said he hoped to open an office at Dodger Stadium in the coming days and meet with team employees. He said he has no timetable in which to complete his job, and he said Selig hadn't discussed salary when he accepted the position on Monday.


Schieffer said on Mason & Ireland that he didn't think the Dodgers' baseball operations would be hamstrung by the turmoil, citing the Rangers' run to the World Series last year despite having an MLB-appointed overseer.


"[Dodgers GM] Ned [Colletti] is working under a budget, and he has the ability to move the numbers around with that budget and whatnot," Schieffer said. "Again, I think the situation in Texas is a good template. John McHale was there and he understood because he'd been through it himself as a general manager. He knew what it was to acquire that last piece of the puzzle to get [the Rangers] to the World Series. That's what they did. It worked, and I think that's a good template for all of us and one that could serve us well here."


When asked if he was surprised or shocked by the state of the Dodgers' financial situation, Schieffer took a lengthy pause, then said, "I'm not sure 'surprised' or 'shocked' would be the proper terms, but it was a little different than I expected."


Retired Dodgers manager Joe Torre was on hand for Schieffer's appearance in his new role as MLB's executive vice president for baseball operations, but he declined to take questions.


An emotional McCourt expressed regret about his and his ex-wife's lavish spending habits during their marriage that included owning multiple homes.


"I made some mistakes. I am sorry about that. I think everyone deserves a second chance," he said.


McCourt's primary purpose in meeting with MLB officials was to plead his case once again for Selig's approval of the Fox deal, which Selig previously had neither approved nor vetoed. McCourt also expressed frustration with the fact Selig, who primarily works out of his office in Milwaukee, declined to take part in the meeting. McCourt went on to imply that Selig won't even return his phone calls.


"I was disappointed, obviously, that the commissioner wasn't there," McCourt said. "I have asked to meet with the commissioner on several occasions, and he has been unwilling to meet with me on this transaction. ... I sent Commissioner Selig a letter a month ago, and I'm not going to go into detail because it was very personal, but telling him I wanted to move on and that I apologized for any embarrassment I caused him or the game of baseball because that is the last thing in the world I wanted to do."


McCourt also said he is willing to make adjustments to the deal with Fox at baseball's request as long as those requests are reasonable and in line with similar deals other major league clubs have in place.


"It is exactly the same as what other owners have set up," McCourt said. "We weren't trying to create a new model or a new paradigm. We were only doing what other owners have done. We said to Fox that we didn't want to break any new ground with this transaction. ... We weren't looking to push the envelope, so to speak, in any way, shape or form."


Schieffer said that neither he nor Selig had made any decision about whether McCourt could someday regain control of his franchise.


"I think we're all open-minded," Schieffer said. "One of the advantages I have coming in from the outside is that I don't know all the rumors, I don't know all the stories. The facts will speak for themselves."


When asked about the commissioner's motivation for taking control of the franchise's day-to-day operations, Schieffer said, "He wants this franchise to work. He doesn't want to take it away from anybody. He doesn't have any hidden agenda. He just wants the Dodgers to be a model franchise again."


Tony Jackson covers the Dodgers for ESPNLosAngeles.com. Follow him on Twitter. Information from ESPNLosAngeles.com's Ramona Shelburne and The Associated Press was used in this report.

Saturday, April 30, 2011

Frank McCourt of the Los Angeles Dodgers: Commish Bud Selig "circumvent me."

Los Angeles Dodgers owner Frank McCourt said Thursday that commissioner Bud Selig is "ducking" him as he makes his case to retain control over the team.


McCourt spoke to MLB officials in New York on Wednesday, but Selig was not present. The league has taken control of the franchise in the best interests of baseball and has installed Tom Schieffer as monitor.


McCourt has argued that MLB just has to approve a proposed television deal with Fox and uncertainties over his divorce and the finances of the team will disappear.


"I want to talk to Bud, and I want to know why he's ducking me," McCourt said during an appearance on MSNBC Thursday. "I'm here to solve a problem, not make a problem, and you know, we'll deal with the next steps if he says. I can't make a person talk to me and can't make a person focus on the issue.


"This is a great transaction for the Dodgers and for baseball. It's consistent with transactions approved for other teams. This, I'm not asking for a penny from any other owner or from MLB. I just want to access my capital. That's all I want. I want to sit and talk about it, that's all."


McCourt said Wednesday that Selig has vetoed the deal that he claims will infuse $300 million into the Dodgers immediately and can be worth up to $3 billion over the 17-year life of the deal. MLB executive vice president Rob Manfred said that Selig hasn't vetoed anything and that the league is waiting for a review of the Dodgers' finances before making a decision.


"I'm not resisting the investigation. I'm resisting the notion that the investigation is an excuse to close a transaction that's in the best interests of the Dodgers and baseball," McCourt said to CNBC. "It doesn't smell right to me. I don't believe it's a legitimate -- there is no process. I don't believe the investigation is genuine."


McCourt admitted that he's made mistakes in his professional and personal life, calling his very public divorce proceedings "a bear." But he thinks that if he can just sit down with Selig, they can solve the Dodgers problems.


"I just want to talk to Bud," he said to CNBC. "I'm sure I'll learn a lot more. You know, guys, we all you know run into different jams at different times, and how do you solve them? You communicate. You sit down if you're interested in solving a problem, you sit down to talk about a solution. At least that's what I've found in my business career. And I've tried to talk to Bud for several weeks. He's ducking me. I don't know why. We should be having a conversation about this. This is about solving a problem."

Thursday, April 28, 2011

The Los Angeles Dodgers owner Frank McCourt meet MLB

Los Angeles Dodgers owner Frank McCourt issued a statement on Tuesday -- his first since commissioner Bud Selig named former Texas Rangers president Tom Schieffer on Monday to monitor the Dodgers' day-to-day business and financial operations -- stating that he plans to meet with Major League Baseball officials on Wednesday in New York.


McCourt said in the statement that he'll also discuss the "practical concerns" about the hiring of Schieffer. He also talk about a pending television deal with Fox at the meeting.


MLB seized control of the Dodgers last week, only days after the Los Angeles Times reported McCourt had arranged a $30 million loan from Fox to meet payroll. Selig cited his concern about the team's finances and operations as the reason for his decision.


McCourt said he is confident a new television deal will provide financial stability for the Dodgers.


"The media rights package is fully negotiated, and it is one of the most favorable ever reached by a baseball team," McCourt said.


A source close to McCourt, speaking on the condition of anonymity, said Selig won't be one of the officials meeting with McCourt, but that McCourt will be meeting with officials on the "senior, senior level." The primary reason for the meeting, according to the source, is to make an impassioned appeal for approval of the 10-year agreement with Fox on the development of a jointly owned, regional sports network, which would go into effect in 2014.


Selig has yet to either approve or reject the agreement, which according to most early media reports is worth in the neighborhood of $3 billion. The McCourt source denied a report earlier this week that the actual worth of the agreement is closer to $1.6 billion.


Meanwhile, Schieffer will hold a news conference Wednesday at a hotel near Los Angeles International Airport, not at Dodger Stadium. Schieffer, 63, is the younger brother of "Face the Nation" host Bob Schieffer and is currently senior counsel at a Texas law firm.


It's unclear what role McCourt, who bought the Dodgers in 2004, will have under the new regime.


McCourt has been embroiled in a nasty and costly divorce battle with his former wife and ex-Dodgers' CEO Jamie McCourt. An 11-day trial last year revealed the former couple's penchant for spending, while court documents indicated the McCourts had taken out more than $100 million in loans from Dodger-related businesses.


A judge in December threw out a 2004 marital property agreement that gave Frank McCourt sole ownership of the Dodgers, clearing the way for Jamie McCourt to seek half the team under California's community property law.