Los Angeles Dodgers Sold to Finalize Bankruptcy Reorganization
Last week, a bankruptcy court approved the sale of the Los Angeles Dodgers for $2 billion. This sale marks the end of their Chapter 11 reorganization process, which began in the summer of 2011. Frank McCourt, the former owner of the team, was allegedly deemed no longer competent to manage the financial affairs of the Dodgers. Because of this, Major League Baseball took over the Los Angeles Dodgers on April 20, 2011. Though the team was in a tough spot financially, a television contract offer was rejected in June; right after the contract fell through, the Dodgers filed for bankruptcy. The $2 billion price tag marks the highest price ever paid for a North American sports team and is likely higher than the actual current worth of the franchise.
Financial troubles do not have to signal the end of the world. As the Los Angeles Dodgers show, reorganization and emergence from bankruptcy is possible. If you or someone you love is considering filing for bankruptcy, it is important to talk to an experienced bankruptcy lawyer from our firm as soon as possible. Our attorneys have extensive knowledge of California bankruptcy law, and we will do everything in our power to make sure you receive the personalized legal attention you deserve. At Singleton Smith Law Offices, you are much more than just another number or client. A skilled Murrieta bankruptcy attorney will help you through each step of the process to ensure you never have to navigate bankruptcy law alone. Do not put off your peace of mind any longer.
Contact a Murrieta bankruptcy lawyer at our firm today to find out how we can help with your situation.