Dodgers McCourt Files for Bankruptcy; What Happens Now?

| by Alex Groberman

Backed into a corner with nowhere to go and unable to meet payroll, Los Angeles Dodgers owner Frank McCourt accepted his fate and filed for Chapter 11 Bankruptcy Protection.

With his club hemorrhaging fans, a vicious Dodger Stadium crime still making news and nasty divorce gossip splashed all over the press, McCourt’s financial difficulties have been analyzed and critiqued to no end. Last week, the oft-scrutinized owner had a potential multi-billion dollar deal with Fox squashed by MLB commissioner Bud Selig, who wants the Dodgers sold to a new owner.

Now, however, the tide may be turning for McCourt. Given the fact that in bankruptcy cases courts typically make paying back creditors priority No. 1, the smart money says that Selig’s denial of the Fox TV deal will likely be overruled. So while the MLB commissioner may not believe it's in the best of interest of the Dodgers, their fans or Major League Baseball, the courts may -- and in all likelihood, will -- have a different take on the situation.

More details on the proceedings via the Associated Press can be found in the video below.