Seven years ago, a businessman purchased a popular baseball team for $421 million. Since then, the value of the team has doubled. Yet, now he is back in court, this time to avoid losing his team to bankruptcy. While he first filed for bankruptcy as a way to keep the team despite his financial woes, the tables have turned. Even with the $150 million loan that was obtained during the bankruptcy process, his debt load has increased to a point where he would not walk away with any profits.
In addition to the bankruptcy filing over the team, he is in the middle of a divorce battle with his ex-wife over ownership. She asserts that she can claim half-ownership of the team. If this argument holds up in court, she could seriously influence the outcome of the bankruptcy filing.
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