Frank McCourt — who owns a baseball team worth close to a billion dollars, multiple luxury homes and eats out at fancy schmancy restaurants seven nights a week — claims that he’s got a cash flow problem:
Mr. McCourt’s filing paints the picture of a man who, relative to
his lifestyle, is operating without much of a cash cushion. In the
filing, Mr. McCourt said his liquid assets consisted of a bank account
with less than $1.2 million.
His filing said Mr. McCourt wouldn’t see any significant income
until next year — possibly as late as March — when he expected a
quarterly payment of as much as $1.25 million from the partnership that
owns the Dodgers. He said payments from the partnership were “my only
source of personal cash flow” other than checking-account interest. Mr.
McCourt said his liquid assets recently fell as low as $167,000, after
paying about $700,000 in expenses for his wife, who filed for divorce
last month. He said the Dodgers don’t pay any of his personal expenses.
Jamie McCourt’s lawyer says that’s “baloney” and says that Frank should “be ashamed of himself” for pleading poverty like this.
I think the truth is somewhere in between. Even if you believe Jamie McCourt’s previous filings which seek to paint the couple as loaded (and her as entitled to much of that wealth) they also show severe indebtedness. Indeed, the McCourt’s whole empire, the Dodgers included, is based on leverage, much of it tied up in homes that aren’t likely worth what they paid for them, and the bills continue to come due.
It’s exactly this sort of situation — minus the divorce, mind you — that has led to Tom Hicks’ ownership of the Rangers to near damnation. Throw in the divorce and you have Padres’ owner John Moores.
The more I see of this case, the more certain I am that the Dodgers will be sold in the not too distant future, and that until that sale comes, they’ll be cutting expenses wherever they can.
And hey, look! Higher ticket prices!
Chris Coghlan is not in the Cubs starting lineup tonight. But that doesn’t mean Jason Heyward is. Nope, Jorge Soler gets the start in right field against the Indians’ righty, Trevor Bauer. Willson Contreras is behind the plate which is not surprising given that someone other than Jon Lester is pitching. Otherwise for the Cubs just some shuffling of the bottom third of the order.
For the Indians, Carlos Santana is back in the leadoff spot, Tyler Naquin is in center in place of Rajai Davis and Coco Crisp takes over for Brandon Guyer in left field. The Indians big longball man from last night — Roberto Perez — is batting ninth once again. Tonight expect him to get fewer pitches to hit.
1. Dexter Fowler (S) CF
2. Kris Bryant (R) 3B
3. Anthony Rizzo (L) 1B
4. Ben Zobrist (S) LF
5. Kyle Schwarber (L) DH
6. Javier Baez (R) 2B
7. Willson Contreras (R) C
8. Jorge Soler (R) RF
9. Addison Russell (R) SS
1. Carlos Santana (S) DH
2. Jason Kipnis (L) 2B
3. Francisco Lindor (S) SS
4. Mike Napoli (R) 1B
5. Jose Ramirez (S) 3B
6. Lonnie Chisenhall (L) RF
7. Coco Crisp (S) LF
8. Tyler Naquin (L) CF
9. Roberto Perez (R) C
The Miami Herald reports that a search warrant affidavit connected to the investigation of the boat crash which killed Marlins pitcher Jose Fernandez says the bodies Fernandez and his friends had a “strong odor of alcohol” on them when they were recovered by divers.
The warrant was released today by the Miami-Dade state attorney’s office. It was executed for purposes of seeking possible criminal culpability in the fatal crash, though given that all of the boat’s occupants were killed, it is unclear what if any further steps law enforcement might take. The search warrant affidavit does mention a receipt for alcohol from a Miami Beach bar Fernandez and his friends had been to before the accident.
The warrant likewise says investigators found evidence that the driver of the vessel was driving at a high rate of speed and with a “recklessness’’ that was “exacerbated by the consumption of alcohol.”