Dodgers Headed for Auction in Bankruptcy Court

Frank McCourt has agreed to sell the LA Dodgers in a bankruptcy court auction. The Major League Baseball and McCourt have come to a mutual agreement to sell the bankrupt baseball franchise.

The final price tag could top $1 billion and would include the team, television and land rights along with the ballpark.

The Dodgers crisis began while McCourt and his ex-wife Jaime fought over who owned the team, which was finally settled by a divorce court. McCourt filed for bankruptcy in June after he was slapped with a huge divorce settlement. The MLB also accused McCourt of using $189 million of the team’s funds for personal use.

Both McCourt and the MLB are hoping for a quick sale, which would help him pay his divorce settlement, but the team could be tied up in bankruptcy court for six to eighteen months.

Bankruptcy attorneys are often utilized by people to when divorce settlements become overwhelming. Although, the exact amount of the settlement received by Jaime has been kept private, a source has stated she received $130 million.

Businesses fail, that’s just a fact of conducting business. Sometimes it is management failure or a lack of demand, but no matter what the reason, it is possible to work out or eliminate debts by finding a highly skilled bankruptcy lawyer.

The exact ways to get relief from debt vary according to the business or individual’s needs. A bankruptcy lawyer will be the best authority to determine which structure is most appropriate for their clients.