2011 Los Angeles Dodgers Ownership Dispute
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2011 Los Angeles Dodgers Ownership Dispute
The Los Angeles Dodgers underwent a period of turmoil in management in 2011 and 2012 that began when Major League Baseball seized control of the team from owner Frank McCourt (executive), Frank McCourt on April 20, 2011 and ended when the team was sold to new owners on May 1, 2012. Baseball Commissioner Bud Selig announced that the takeover was due to concerns over the team's finances, and a loss of confidence in the ability of owner Frank McCourt (executive), Frank McCourt to run the team. Selig announced his intention to appoint an overseer to supervise the day-to-day financial management of the Dodgers. In June, as the Dodgers struggled to meet payroll, Selig rejected a television contract that would have pumped money into the organization. This led to the Dodgers filing for bankruptcy, and being forced to negotiate a loan with MLB to keep the club operating. After a year of negotiations and court proceedings, the dispute ended with the sale of the team to Guggenheim Baseball M ...
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Los Angeles Dodgers
The Los Angeles Dodgers are an American professional baseball team based in Los Angeles. The Dodgers compete in Major League Baseball (MLB) as a member club of the National League (NL) West division. Established in 1883 in the city of Brooklyn, which later became a borough of New York City, the team joined the NL in 1890 as the Brooklyn Bridegrooms and assumed several different monikers thereafter before finally settling on the name Dodgers in 1932. From the 1940s through the mid-1950s, the Dodgers developed a fierce cross-town rivalry with the New York Yankees as the two clubs faced each other in the World Series seven times, with the Dodgers losing the first five matchups before defeating them to win the franchise's first title in 1955. It was also during this period that the Dodgers made history by breaking the baseball color line in 1947 with the debut of Jackie Robinson, the first African-American to play in the Major Leagues since 1884. Another major milestone was reache ...
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CBS Sports
CBS Sports is the sports division of the American television network CBS. Its headquarters are in the CBS Building on W 52nd Street in Midtown Manhattan, New York City, with programs produced out of Studio 43 at the CBS Broadcast Center on W 57th Street. The CBS Sports application was developed by Todd Arbeitman. CBS' premier sports properties include the National Football League (NFL), Southeastern Conference (SEC) football, NCAA Division I college basketball (including telecasts of the NCAA men's basketball tournament), PGA Tour golf, the Masters Tournament and the PGA Championship, and the UEFA Champions League. The online arm of CBS Sports is CBSSports.com. CBS purchased SportsLine.com in 2004, and today CBSSports.com is part of CBS Interactive. On February 26, 2018, following up on the success of their online news network CBSN, CBS Sports launched CBS Sports HQ, a 24/7, online only, linear sports news network. The network focuses entirely on sports news, results, h ...
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Guggenheim Partners
Guggenheim Partners is a global investment and advisory financial services firm that engages in investment banking, asset management, capital markets services, and insurance services. Organization The firm is headquartered in New York City and Chicago. It has more than $325 billion of assets under management. The firm's CEO is Mark Walter. Guggenheim Partners provides services across asset management, investment banking, and broker dealer services including capital markets. Guggenheim Investment Advisors oversees about $50 billion in assets. In October 2009, Guggenheim hired former J.P. Morgan head of Media Investment Banking Mark Van Lith as Senior Managing Director and Head of Investment Banking and former Apollo Global Management director and vice chairman Henry Silverman as vice chairman of asset management. In January 2013, Guggenheim named former Yahoo! interim CEO Ross Levinsohn as CEO of private equity unit Guggenheim Digital Media. In May & June 2013, the ...
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Magic Johnson
Earvin "Magic" Johnson Jr. (born August 14, 1959) is an American former professional basketball player. He is often regarded as the greatest point guard of all-time and has been compared with Stephen Curry. Johnson played 13 seasons in the National Basketball Association (NBA). After winning a national championship with Michigan State in 1979, Johnson was selected first overall in the 1979 NBA draft by the Los Angeles Lakers, leading the team to five NBA championships during their Showtime era. Johnson retired abruptly in 1991 after announcing that he had contracted HIV, but returned to play in the 1992 All-Star Game, winning the All-Star MVP Award. After protests from his fellow players, he retired again for four years, but returned in 1996, at age 36, to play 32 games for the Lakers before retiring for the third and final time. Johnson's career achievements include three NBA MVP Awards, three NBA Finals Most Valuable Player Awards, nine NBA Finals appearances, ...
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Andruw Jones
Andruw Rudolf Jones (; born April 23, 1977) is a Curaçaoan former baseball outfielder and designated hitter who played 17 seasons in Major League Baseball (MLB), most notably for the Atlanta Braves. Jones also played for the Los Angeles Dodgers, Texas Rangers, Chicago White Sox, and New York Yankees, and in Nippon Professional Baseball (NPB) for the Tohoku Rakuten Golden Eagles. Jones was a noted defensive specialist for most of his career and won the Rawlings Gold Glove Award for outfielders every year from 1998 through 2007. He had a strong throwing arm in addition to his elite fielding. He was an MLB All-Star five times, and he won both the Hank Aaron Award and a Silver Slugger Award for outfielders in 2005. Jones made his MLB debut during the 1996 season with the Atlanta Braves. In the 1996 World Series, he became the youngest player ever to hit a home run in the postseason, and just the second player ever to homer in his first two World Series at-bats. The following season ...
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Chapter 11, Title 11, United States Code
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. Chapter 11 overview When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the ...
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Fox Sports Net
Fox Sports Networks (FSN), formerly known as Fox Sports Net, was the collective name for a group of regional sports channels in the United States. Formed in 1996 by News Corporation, the networks were acquired by The Walt Disney Company on March 20, 2019, following its acquisition of 21st Century Fox. A condition of that acquisition imposed by the U.S. Department of Justice required Disney to sell the regional networks by June 18, 2019, 90 days after the completion of its acquisition. Disney subsequently agreed to sell the networks (excluding the YES Network, being reacquired by Yankee Global Enterprises) to Sinclair; the transaction was completed on August 22, 2019. The networks continued to use the Fox Sports name only under a transitional license agreement while rebranding options were explored. A rebranding cross-partnership with Bally's Corporation took effect on March 31, 2021, and the networks were rebranded as Bally Sports, ending the Fox Sports Networks branding a ...
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Manny Ramirez
Manuel Arístides Ramírez Onelcida (born May 30, 1972) is a Dominican-American former professional baseball outfielder. He played in Major League Baseball (MLB) for parts of 19 seasons. He played with the Cleveland Indians, Boston Red Sox, Los Angeles Dodgers, Chicago White Sox, and Tampa Bay Rays before playing one season at the Chinese Professional Baseball League in Taiwan. Ramirez is recognized for having great batting skill and power. He was a nine-time Silver Slugger and was one of 28 players to hit 500 career home runs. His 21 grand slams are third all-time, and his 29 postseason home runs are the most in MLB history. He appeared in 12 All-Star Games, with a streak of eleven consecutive games beginning in 1998 that included every season that he played with the Red Sox. Ramirez was born in Santo Domingo, Dominican Republic. When he was 13 years old, he moved to New York City with his parents, Onelcida and Aristides. He attended George Washington High School and becam ...
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Texas Rangers (baseball)
The Texas Rangers are an American professional baseball team based in the Dallas–Fort Worth metroplex. The Rangers compete in Major League Baseball (MLB) as a member club of the American League (AL) American League West, West division. In 2020, the Rangers moved to the new Globe Life Field in Arlington, Texas, Arlington after having played at Globe Life Park (now Choctaw Stadium) from 1994 to 2019. The team's name is shared with a Texas Ranger Division, law enforcement agency. The franchise was established in 1961, as the Washington Senators, an expansion team awarded to Washington, D.C., after the city's first AL ballclub, the History of the Washington Senators (1901–60), second Washington Senators, moved to Minnesota and became the Minnesota Twins, Twins (the Washington Senators (1891–99), original Washington Senators played primarily in the National League during the 1890s). After the season, the new Senators moved to Arlington, and debuted as the Rangers the followin ...
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Tom Schieffer
John Thomas Schieffer (born October 4, 1947) is an American diplomat and entrepreneur who served as U.S. Ambassador to Australia from 2001 to 2005 and as U.S. Ambassador to Japan from 2005 to 2009. Schieffer is the founder and President of Envoy International, a consulting firm that provides a wide range of services to clients with international interest. Schieffer is also a keynote speaker on international issues, trade, the global economy, leadership, and organizational management. Schieffer is a friend and former business partner of President George W. Bush. He is the younger brother of Bob Schieffer, a former CBS News reporter and host of ''Face the Nation''. Schieffer and his wife, Susanne, reside in Fort Worth, Texas. Early life and education John Thomas (Tom) Schieffer was born in Fort Worth, the youngest child of the late John E. Schieffer and the former Gladys Payne, both originally from Austin. His father was the managing partner of a construction company. His mother s ...
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Steve Soboroff
Steve Soboroff (born August 31, 1948) is an American businessman, philanthropist, and politician, who has been serving as a Los Angeles Police Commissioner since August 2013. Soboroff previously served as President of the Los Angeles Recreation and Parks Commission between 1995 and 2000. After serving on the L.A. Harbor Commission and as Senior Advisor to Los Angeles Mayor Richard Riordan, Soboroff ran for Mayor of Los Angeles in the 2001 election and placed third. An active philanthropist, Soboroff was the Chairman and CEO of Playa Vista. He served on the Board of the Weingart Foundation for 22 years, seven of which he was Chairman. In September 2011 he was appointed by the California Science Center to be the Senior Advisor to the museum in its project with NASA to bring, and permanently exhibit, the Space Shuttle Endeavour. He is Chairman of the Maccabiah Games Committee of 18. Soboroff was Chairman of the Center for the Study of Los Angeles at Loyola Marymount University, ...
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ESPN
ESPN (originally an initialism for Entertainment and Sports Programming Network) is an American international basic cable sports channel owned by ESPN Inc., owned jointly by The Walt Disney Company (80%) and Hearst Communications (20%). The company was founded in 1979 by Bill Rasmussen along with his son Scott Rasmussen and Ed Eagan. ESPN broadcasts primarily from studio facilities located in Bristol, Connecticut. The network also operates offices and auxiliary studios in Miami, New York City, Las Vegas, Seattle, Charlotte, Washington, D.C., and Los Angeles. James Pitaro currently serves as chairman of ESPN, a position he has held since March 5, 2018, following the resignation of John Skipper on December 18, 2017. While ESPN is one of the most successful sports networks, there has been criticism of ESPN. This includes accusations of biased coverage, conflict of interest, and controversies with individual broadcasters and analysts. , ESPN reaches approximately 76 million te ...
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