Los Angeles Dodgers' Finances To Be Placed Under MLB Control

From Bill Shaikin of the Los Angeles Times:

Breaking: (Bud) Selig expected to announce this afternoon MLB will take over Dodgers' financial operations. 

Earlier this week, Los Angeles Dodgers' owner Frank McCourt took a $30-million loan from Fox in order to make payroll. The money was loaned to McCourt, not the Dodgers, and according to the Times, it was the second time that Fox had loaned money to McCourt to cover organizational costs. Apparently, it was the financial straw that broke Major League Baseball's back.

Bud Selig released the following statement about the move:

"Pursuant to my authority as Commissioner, I informed Los Angeles Dodgers owner Frank McCourt today that I will appoint a representative to oversee all aspects of the business and the day-to-day operations of the Club. I have taken this action because of my deep concerns regarding the finances and operations of the Dodgers and to protect the best interests of the Club, its great fans and all of Major League Baseball. My office will continue its thorough investigation into the operations and finances of the Dodgers and related entities during the period of Mr. McCourt's ownership. I will announce the name of my representative in the next several days.

"The Dodgers have been one of the most prestigious franchises in all of sports, and we owe it to their legion of loyal fans to ensure that this club is being operated properly now and will be guided appropriately in the future."

McCourt has been a controversial figure in Los Angeles since October 2009, when it was announced that he was divorcing his wife, Dodgers CEO Jamie McCourt. The legal battle has been messy, with Jamie McCourt continuing to maintain that she is rightfully the co-owner of the team. In December of last year, a judge invalidated a post-nuptial agreement that Frank McCourt claimed had given him sole ownership of the Dodgers.

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