Sunday, February 27, 2011

Report: Bud Selig Vetoes Proposed $200M FOX Loan to Frank McCourt, Dodgers

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Bud Selig vetoed a proposed loan of about $200 million from FOX to Dodgers owner Frank McCourt, the Los Angeles Times reports.

Selig made the decision several weeks ago, according to the Times, denying McCourt a much-needed source of financing as he continues to struggle through a messy divorce and attempts to maintain control of the storied franchise.

McCourt planned to use the Dodgers' cable television rights as collateral for the loan, proposing to extend the team's contract with FOX for as many as four more years if he was unable to repay the money.

McCourt already has received an advance on television rights fees owed to the team by FOX, the Times has reported.

 

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