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Dodgers' Losing Streak Continues as Owner Files for Bankruptcy Protection

by DannyGallagher   June 27, 2011 at 7:00PM  |  Views: 257

Other than Bill Buckner's World Series error, the Black Sox scandal, and the Chicago Cubs' entire history, there are very few stories that equal the tragedy of the L.A. Dodgers. Today, it just got a little bad sadder.

Major League Baseball has forced the long-suffering Dodgers to file for bankruptcy protection after racking up a $40 million tab with creditors, their home city, and some of their highest paid players including Manny Ramirez who alone takes up more than half of the team's heavy debt.

The latest move gives the team $150 million to keep up with its payroll and debts if approved by a bankruptcy court in Delaware, where owner Frank McCourt issued the filing. This will keep the team and its assets solvent until a new buyer can be found for the team's cable television contract in the next six months. McCourt said that Selig's refusal to accept a contract with Fox forced the team to file for bankruptcy.

Photo: Stephen Dunn/Getty Images Sport