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SBD/September 19, 2011/Media
Dodgers Seek Bankrutpcy Court's Approval To Sell TV Rights
Published September 19, 2011
MUCH NEEDED BOOST: The club also said in the filing that Dodgers Stadium attendance, currently in sharp decline, will be slow to recover and other sources of revenue such as radio rights and merchandising are largely tapped. Still, the Dodgers project that the TV rights auction will allow the club to emerge from bankruptcy next year and hold "excess cash of more than $175 million as of the end of 2012." A hearing will be held on the motion on Oct. 12 in Wilmington, Del. The move also promises a battle with MLB, which has already rejected three separate proposals from the Dodgers to extend their rights deal with Fox. The club said in its motion it is "hopeful" that MLB Commissioner Bud Selig will approve a deal this time, and will be satisfied that McCourt is maximizing the value of the club's TV rights and is not conflicted by his ongoing divorce or prior issues meeting payroll. But the Dodgers added, "if [Selig] does not act in good faith in declining to approve the successful bid or back-up bid, [we are] prepared to demonstrate that this court should nonetheless authorize [us] to consummate the transactions."