In Bankruptcy, Bankruptcy In The News, Blog, Chapter 11 Bankruptcy

The sale of the Dodgers has been in discussion for nearly two years but it seems as though the debate is drawing to an end. A judge has approved the sale of the California baseball team to a group headed by Magic Johnson. However, there was one party that was not completely satisfied with the results of last week’s hearing. Frank McCourt, the team’s owner, was forced to file for Chapter 11 bankruptcy several years ago. At that point, he was fighting to keep ownership of his team. He finally conceded this year that it would not be possible for him to retain ownership, which led him to start talking to parties interested in buying the famous team. Along the way, he and the court-appointed mediator have been fighting with representatives from Major League Baseball about nearly every aspect of the bankruptcy case.

While McCourt will not get to retain full ownership of the team, he will be given half possession thanks to a deal chartered with Guggenheim Baseball. As it stands now, Guggenheim has agreed to a price tag of $2.15 billion which will take care of most of the team’s debts. If your business is facing tough economic times and you want to explore the benefits of Chapter 11 in Texas, contact the Malaise Law Firm today to enlist the help of an experienced San Antonio bankruptcy lawyer from our office.