A bankruptcy judge approved a settlement between Fox sports and the LA Dodgers, which will clear the way for the sale of the team.
According to the Dodgers website, they have agreed to honor their broadcasting contract with Fox Sports through 2013.
Fox fought to keep the Dodgers from auctioning future broadcasting rights, stating that the plan jeopardized their rights of first refusal.
With the Fox matter settled, the Dodgers can continue to look for a buyer and maximize the value of the team. Several buyers have expressed interest and their bids are due by January 23rd.
LA Dodger owner sought bankruptcy Chapter 11 protection last June after his divorce settlement left him strapped for cash. The deadline for the sale of the team, which is April 30th falls on the same date that McCourt must pay a $130 million divorce settlement to his ex-wife Jaime.
Deciding to file for bankruptcy can be a tough decision for an ailing business, but a bankruptcy attorney can show how filing can be beneficial in the long run and return a business to profitability.
A bankruptcy attorney can outline the ways in which a person or business can reduce their mounting debt. There are numerous filings that offer different methods to conquer debt, which include Chapter 11 and Chapter 13. A bankruptcy lawyer will evaluate a business’s finances and determine which debt relief structure is appropriate for their needs.
