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DODGERS BORROW $20 MILLION FROM L.A. BANK TO COVER EXPENSES
Published October 31, 1994
The Dodgers, suffering financial losses from the players strike, have borrowed $20M from the club's line of credit with a L.A. bank. Dodgers Owner Peter O'Malley: "We have an ongoing line of credit with a major bank and expect to draw on it next month to meet the overhead and annual expenses we have." O'Malley said it is "inaccurate to characterize the club as being in financial trouble," but he told his staff that the loan is a response to the strike's impact. Dodgers VP/Finance Bob Graziano said the loan was necessary to cover operating expenses and "to fund the payroll for people still working here and to make sure the grass gets watered." Granziano: "I don't think anyone is saying the club is on the ropes." The Dodgers are estimated to have lost $12M due to the strike (Newhan & Hudson, LA TIMES, 10/29).