Report: Dodgers agree to MLB loan

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

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