Bud Selig keeps saying that it’s the “Golden Era” of Major League Baseball, but I had no idea bankruptcy came in gold. The Los Angeles Dodgers – as bad as the Mets are, the Los Angeles Dodgers have filed for Chapter 11 bankruptcy. That’s the chapter – in financial books, nobody wants to read, I have no idea on how you screw up the Dodgers, they should be a cash cow because its screwing up beach front property in Lagoona. It would be the best looking supermodel in the world deciding to get so many elective surgeries – like 28 of them, that she looks like the worst.
You’ve got the best real estate in baseball – unbelievably loyal fan base, you’ve got a great history and yet their broke. Of all the bankruptcy filings, this has been #1. For the longest time, the biggest Chapter 11 filing that shocked me was Wayne Newton, where he was making roughly $475,000 a week yet filed Chapter 11 because he was $20 million in debt. People who were living off coupons were more financially solvent then Wayne Newton.
Sometimes people file for bankruptcy and you get it, like the NBA guys because 71% of the guys are broke an hour after they retire – that’s just guys having too many cars and too many things. Wayne Newton got into a helicopter 6 nights a week, flew to a casino, sang for an hour and went home and just slept on cash and was broke – I didn’t get that one.
Then there was MC Hammer, he had one of those houses – he was like Michael Jackson hot for like 3 years, had a $30 million dollar house in the bay area, it look like something you see in a magazine in Saudi Arabia. Remember “Can’t touch this?” then like 3 years later is was “Can’t pay this” the guy was out of money. So to me, Wayne Newton and MC Hammer were like #1 and #2 – the Dodgers have officially surpassed the Wayner and Hammer Time. I mean its like a bank going broke!
Remember about 2 years ago? Banks going under on a daily basis? And we’re thinking “hey, we give you our money…how are you broke? I’m not and I’m giving you all our money” It is unbelievable. It’s like giving somebody the entire California coastline, Malibu South to about Newport Beach and then 10 years later they say “I can’t never figure out how to make money with this property, I can’t pay my bills!” Uh we gave you like 145 miles of coastline property.
Now Frank McCourt, current owner of the Dodgers, will have this thing tied up in court and we all know how quickly courts work. So folks, the NFL has got labour strike, the NBA probably won’t have a season, the Mets are close to broke, the Dodger are bankrupt…welcome to 2011 sports! The recession has finally hit.
The Dodgers still owe Manny Ramirez $21 million, Andruw Jones $11 million, the White Sox’s 3 ½ million, Ted Lilly 3 ½ million as well. Scott Boras – for all those who hate the superagent, he’s the agent to the two top creditors, Marquis Grisom – they owe him 3 million, and the owe Vince Skully – they owe the Dodger broadcaster almost $200,000 dollars, good luck getting your money Vinny!
I will say this though, a lot of this is on Bud Selig’s hands and its due to the culture in baseball. Mark Cuban has twice wanted to buy a baseball team, cash rich billionaire – perhaps have best owner in the NBA, wants to buy a baseball team yet Bud won’t let him in. Bud Selig gave Frank McCourt a major league baseball team on a credit card and this is what you get. Mark Cuban reportedly still wants to buy a baseball team and is not allowed in – yet 9 California investors including a former agent are allowed to buy the Padres in installments.
You can look all over Major League Baseball, it’s a good old boys club…Mark Cuban is not in the club. He’s sitting there, cash rich, doesn’t want to get into a bidding war and won’t get into a bidding war. Tell him what a team costs and Mark will buy them…but they won’t let him in.
So to Bud Selig now, as of this morning, the sport is an embarrassment just as the NFL – say this about the NFL “they’re always looking through the windshield” they’re giving new young coaches in their 30’s Raheem Morris, the Harbough (both of them), Tennessee has got a new young coach. The NFL loves to roll the dice on new, young, aggressive people. Baseball’s last two managers? 80 year old Jack McKeon and 70 year old Davey Johnson, are you telling me there isn’t any young kid out there that you’ll ever let into the club?
So I feel bad for the Dodgers, but this is baseball and it’s on their hands but, they allowed a guy to buy a baseball team on a credit card. Frank McCourt is rich – in fact, he’s really rich compared to you or I. But compared to Mark Cuban or Paul Allen, compared to that rich, the guy is leveraged to the hilt, he’s just another dude. Say it out loud, The Los Angeles Dodgers have filed for Chapter 11 Bankruptcy – if you’ve never been to Los Angeles and don’t understand the real estate that they have, it’s unthinkable. Its like being given West 57 or Central Park West and being given all those buildings and then 10 years later you’re like “yeah, I opened up donut shops…my bad, I just couldn’t make it work” how you can go bankrupt with the Dodgers is unbelievable.
Always on the cheap, from security to general managers to managers and its interesting because just down the road are the Angels – some Angel fans get upset, they don’t spend the money that they could but you have a profitable, well-run, sold out stadium, great family atmosphere…just down the road, the Angels showing the Dodgers “this is how you run a baseball organization”
Maybe they’re not the Red Sox’s or the Yankee’s in terms of finances, but that’s how you run a baseball team, it just incredible to me on how the Dodgers are broke. Folks, you’re not broke, I’m not broke…the Dodgers are broke!