MLB Has Agreed To Let Frank Use His Financing Option…
- The team (Dodgers) is seeking permission to borrow $150 million in short-term financing at 10% interest rate and a $4.5M exit fee.
- MLB has offered to provide the financing needed at 7% interest rate and no fee.
- If McCourt uses the financing he wishes, it would likely leave him in charge while all of this drags on for months.
- If MLB wins, then they are most likely able to keep the monitor in control of the Dodgers and ultimately able to take over complete control.
- MLB has agreed to let McCourt use his financing.
- The exit fee has been change from 4.5M to 250,000.
- Media rights auction on hold. Will be decided in bankruptcy court.
- There is a scheduled hearing for July 20th, at which MLB can ask to replace McCourt’s financing.