As the first official announcement of the Los Angeles Dodgers bankruptcy hit last summer as baseball fans began to panic about the fate of America’s favorite pastime. While the Dodgers haven’t been the only sport teams to file Chapter 11 over the last year, there has been quite a lot of debate and confusion over their particular filing.
Up In The Air
Having suffered with financial problems for several years now, the LA Dodgers will take center stage this April as the start of their season coincides with, what is hoped to be, the end of their bankruptcy case. The sale of the team begins the process of opening bids at auction Monday, January 30th.
It is expected that the team should receive anywhere between 10 and 20 bids for the sale, some of which could include big names in the sports entertainment industry. Surprisingly, it may not even be the highest bid that wins. While the team has nearly $570 million in debts to resolve, other factors come into play in finding the best deal. Major League Baseball has some say over the final bidder and owners also get the chance to approve or deny the sale of the team. Plans for the bidding and sale of the team are expected to take place behind closed doors and reach a decision by April 6th.