It seems as though there’s a snag in the Dodger’s plan to exit bankruptcy. See the article below from Bloomberg.com. Click below to see the full article at Bloomberg.com
News Corp.’s Fox Sports objected to the Los Angeles Dodgers’ bankruptcy reorganization plan, which hinges on a $2 billion sale of the baseball team, over the broadcaster’s rights to renegotiate a contract to televise games.
“The plan does not contain sufficient information” to allow Fox to ascertain whether its telecast rights are being impaired, it said in court papers filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware.
Fox seeks a written affirmation that Time Warner Cable Inc. (TWC) or an affiliate isn’t part of the group buying the equity interest of the Dodgers. The broadcaster wants the omitted portions of the plan and sale agreement disclosed to determine if its telecast rights have been violated. Fox also wants confirmation that the buyers don’t have formal or informal agreements with Time Warner Cable or any other media outlet that could harm its rights.
Fox “looks forward to continuing its positive and productive relationship with the Dodgers under their new ownership” if the team complies with the information requests, lawyers for the broadcaster said in court papers.
Frank McCourt, the team’s owner, put the Dodgers into bankruptcy in June, claiming Bud Selig, the Major League Baseball commissioner, forced the team into a cash crisis by rejecting a new contract with News Corp. (NWSA)’s Fox Sports, which holds the club’s television rights through the 2013 season.
Fox Sports Objects to Dodgers’ Plan for Bankruptcy Exit – Bloomberg:
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