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Dodgers Ask Bankruptcy Court To Approve Hiring Of Blackstone Advisory Services

The Dodgers late Friday asked the U.S. Bankruptcy Court for the District of Delaware to approve the hiring of Blackstone Advisory Services LP to help the club reorganize its finances, develop a long-term business plan and market the club's cable television rights. Blackstone would be paid a restructuring fee of $7M. In addition, the firm would receive monthly fees of $175,000, the first eight payments of which would be credited toward the $7M restructuring fee and expenses. Meanwhile, Roberta DeAngelis, the U.S. trustee in the case, formally objected to the Dodgers' proposed interim financing, arguing the club has not made sufficient disclosures to evaluate the bid properly. "Without the disclosure, the financial effects of the Highbridge DIP financing facility on the estates cannot be meaningfully compared with any alternative financing proposal(s)," DeAngelis said in the brief. Her objection essentially matches one levied last week by MLB. A hearing on the club's interim financing is set for Wednesday in Wilmington (Eric Fisher, SportsBusiness Journal).

PAYMENT PLAN: Dodgers Owner Frank McCourt on Friday asked that a judge "reduce the financial support he must pay his ex-wife, Jamie, saying the amount of money he paid her last year is more than he will make this year." Frank in a filing with the L.A. Superior Court wrote, "I simply cannot afford to support (her) lifestyle any longer." Frank said that his income this year "would be $5 million." In accordance with court orders, he said that he paid Jamie $7.76M over the past year, "to cover temporary spousal support and to maintain the couple's homes." In comparison, Frank said he spent $600,642 on "my own personal expenses and lodging." In the filing, he said that he "receives 'no salary from the Los Angeles Dodgers' but is paid through Blue Land Co., the McCourt entity to which the Dodgers pay $14 million per year in rent" (Bill Shaikin, L.A. TIMES, 7/16).

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