Los Angeles Dodgers Set to Exit Chapter 11 Bankruptcy This Month

Last Friday, US Bankruptcy Judge Kevin Gross approved the already announced sale of the Dodgers. This approval will allow the Dodgers to exit their current Chapter 11 bankruptcy by April 30.

The Dodgers are set to be sold for $2.15 billion, making it the largest sale of a North American sports franchise. The buyers, Guggenheim Partners, is led by former Laker great Magic Johnson. The bankruptcy judge even commented that the new owners of the Dodgers are an "excellent group."

Interesting to note, the judge threw out a claim against the Dodgers by Jamie McCourt, who is owed $131 million by her ex-husband and soon to be ex-owner of the Dodgers, Frank McCourt. The claim is said to be against Frank McCourt and not the Dodgers organization. Frank McCourt must pay his ex-wife $131 million by April 30.

The sale of the Dodgers is expected to close on April 30. The result of the sale will be that the Dodgers will have new owners, no longer be in bankruptcy, and Frank McCourt will be really, really, rich (minus $131 million owed to his ex).

Questions about bankruptcy? Contact an Orange County Bankruptcy Attorney at 1st California Law!