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SBD/Issue 245/FranchisesPrint All
Frank Claims Jamie Wanted No
Financial Exposure With Dodgers
Frank McCourt Thursday testified that the marital property agreement he signed in '04 with his estranged wife, Jamie, "was negotiated at Jamie's insistence," and that it was his understanding that she "could not be a co-owner of the Dodgers and yet retain the homes should the Dodgers falter," according to Shaikin & Hall of the L.A. TIMES. Frank, the only person to take the stand on the fourth day of the couple's divorce trial, testified that the "attorney who drafted the agreement, Larry Silverstein, had reviewed its meaning with the McCourts 'paragraph by paragraph' on the day they signed it." Frank said that he was "on the verge of bankruptcy in the late 1980s," and that at that point the couple began "segregating business assets in Frank's name and residential property in Jamie's name." He said that Jamie was "adamant that she have no financial exposure" when the couple considered buying the Dodgers. The McCourts were "publicly introduced together as the new owners of the Dodgers in 2004, and they were identified as such in an accompanying news release." Frank during Thursday's testimony, however, claimed that "this was nothing more than a public relations myth." He said that he "wanted to emphasize that family ownership had returned to the team after six years under the corporate stewardship of Fox Entertainment Group." He added, "That was really to hearken back to the O'Malley days. It was a nicer, more comfortable, warmer way to refer to ownership." Frank on Wednesday during questioning from Jamie's attorneys testified that "he had 'put off' for nine months the attorney who repeatedly wondered why he had not signed the document that would have made the Dodgers community property, as Jamie had asked." He said Thursday, "I love my wife. It's as simple as that. She was trying very hard to convince me to sign the documents. She had basically put the marriage on the line." Jamie is expected to testify Friday, "after which the trial is scheduled to recess until Sept. 20" (L.A. TIMES, 9/3).
MLB TO BLAME? In Sacramento, Bill Bradley writes, "The divorce has exposed the financial lunacy of the Dodgers, who were bought on credit." It seems as if the Dodgers are an "underwater house caught in a divorce, and there's no way a short sale will help them soon." Some of the "blame must go to Commissioner Bud Selig," who "discouraged Mark Cuban from owning a team but let the McCourts into the club" (SACRAMENTO BEE, 9/3). The L.A. Times’ J.A. Adande said, "Maybe baseball should be put on trial for allowing these people to buy a team in the first place, let alone one of the most prestigious teams in all of the league. How did baseball let this highly leveraged deal go through in the first place and put itself in this position?” (“Around the Horn,” ESPN, 9/2).
In Phoenix, Rebekah Sanders cites sources as saying that the Glendale City Council is "scheduled to receive a briefing" Tuesday on PEAK6 Investments CEO Matthew Hulsizer, who is reported to be in talks to buy the Coyotes from the NHL. The council "could vote as early as Sept. 14 on a preliminary lease agreement" with Hulsizer. The proposed deal includes Ice Edge Holdings, a longtime Coyotes suitor, "as a minority owner." Hulsizer and Ice Edge CEO Keith McCullough "both played collegiate hockey and are said to run in similar investment circles" (ARIZONA REPUBLIC, 9/3).
Sarver Reportedly Not Interested
In Selling WNBA Mercury
THE SUN WILL COME OUT TOMORROW: A Suns official said that Robert Sarver "does not intend to sell" the WNBA Phoenix Mercury. There has been "some scuttle around town" that Sarver "might want to unload" the defending WNBA champions. But the team official said, "He is not looking to sell." The Mercury are averaging "just under 9,000 fans per game" this season (BIZJOURNALS.com, 9/2).
Déjà vu: In N.Y., Tyler Kepner details Walt Jocketty's turnaround of the Reds as he wraps up his "second full season" as GM. Heading into Labor Day weekend, the Reds own the NL's best record, yet "fan support is still tepid; the Reds averaged fewer than 17,000 fans in their most recent home series, and they rank 12th of 16 N.L. teams in attendance per game." The Reds hope that their "performance will increase the season-ticket base and help add to a payroll that ranked 19th in the majors on opening day." If that happens, Jocketty "could build in Cincinnati what he built in St. Louis: a sustained contender in a midsize market rich in tradition" (N.Y. TIMES, 9/3).
TAKING PRIDE: Lions Vice Chair Bill Ford Jr. Wednesday said that he "sees improvement in how the front office operates now compared to when Matt Millen called the shots." Ford believes that he and his father, Lions Chair William Clay Ford Sr., "finally got it right" with GM Martin Mayhew. Ford: "I don’t want to replay the last 10 years. We are where we are. I’m just very happy with the new regime." He said that the "biggest changes he sees are better organizational preparation and better communication between branches of the front office" (DETROIT FREE PRESS, 9/2).