facebook
twitter
rss
account
search
search
 

Report: Dodgers agree to MLB loan

Aug. 5, 2011 at 9:02 PM   |   Comments

PHOENIX, Aug. 5 (UPI) -- The Los Angeles Dodgers and Major League Baseball agreed to a $150 million loan Friday that will keep the team solvent this season, mlb.com reported Friday.

The report on baseball's Web site said the deal was submitted to U.S. Bankruptcy Court Judge Kevin Gross. Gross rejected a previous loan to the bankrupt team by the hedge fund Highbridge Capital.

Club owner Frank McCourt filed for bankruptcy in June, a move that is a violation of Major League Baseball rules.

Commissioner Bud Selig has said baseball's investigation of the Dodgers revealed McCourt diverted at least $180 million of team revenue for personal use. McCourt has complained that Selig put the Dodgers in danger by blocking a $3 billion television rights package he had reached with the Fox Network.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Notable deaths of 2014 [PHOTOS]

Notable deaths of 2014 [PHOTOS]

Most Popular
1
Adrian Peterson facing more child abuse allegations after details about 2013 incident come out Adrian Peterson facing more child abuse allegations after details about 2013 incident come out
2
Minnesota Gov. Mark Dayton calls on Vikings to suspend Adrian Peterson indefinitely Minnesota Gov. Mark Dayton calls on Vikings to suspend Adrian Peterson indefinitely
3
UPI horse racing roundup UPI horse racing roundup
4
NFL Game Summary - Philadelphia at Indianapolis
5
2013-14 college football bowl results 2013-14 college football bowl results
Trending News
Video
x
Feedback