I guess there is an argument that baseball and bankruptcy are equally American. Although, I'm probably the only person to ever suggest that. However, as I discussed in a previous entry, bankruptcy is specifically provided for in the Constitution. We can't say that much about baseball. Not the most compelling argument, I know.
What I am really getting at is what could be more American than a professional baseball team filing for Chapter 11 Bankruptcy?! Well as luck would have it, a professional baseball team filed for bankruptcy today. The Los Angeles Dodgers filed because they were expected to have difficulty making payroll on June 30th and wanted to avoid being taken over by Major League Baseball.
Essentially, now the Dodgers organization will seek to force Major League Baseball to accept certain revenue generating endeavors that the Dodgers seek to repay creditors. Specifically, the Dodgers will try to convince the Court to force Major League Baseball to accept certain media deals, like selling television rights, to make the Dodgers solvent again.
I think I am just happy to be kind of sort of writing about sports this week. Have a Happy Fourth of July weekend!
