Frank McCourt famously leveraged the Dodgers after purchasing them. Indeed, he saddled an asset he bought for $430 million with something like $433 million in debt. We knew that. His defense has always been, however, that the Dodgers are a cash cow and that there are tons of untapped revenue sources available. And that all may be true. But that’s not impressing lenders very much, reports Bill Shaikin of the L.A. Times:
McCourt was turned down at least three times — by Citibank, by a Chinese
investment group and by a Southern California infomercial king — in
trying to secure additional financing last year, according to documents
filed in the divorce case between him and his estranged wife, Jamie.
In a deposition, Dodgers Chief Financial Officer Peter Wilhelm said Citibank declined even to engage in serious negotiations.
“They did not feel that the Dodger organization had the capacity to take on more debt,” Wilhelm said.
Shaikin reports that the debt load “has limited how the Dodgers can pay their players and could affect the team’s ability to sign talent.” Doesn’t seem like there’s any “could” about it, given that another of the story’s quoted sources says that every free penny the team pulls in goes towards debt service.
McCourt has said all along that his divorce hasn’t had a negative impact on the Dodgers baseball operations. Maybe he’s right! It’s been everything about his management style prior to the divorce that was the real culprit.
NEW YORK — With star outfielder Adam Jones nursing a tender hamstring, the Baltimore Orioles selected the contract of Julio Borbon from Double-A Bowie and optioned pitcher Mike Wright to Triple-A Norfolk.
Borbon was inserted in the starting lineup for Baltimore, batting ninth against hard-throwing New York Yankees rookie Chad Green.
“We had some other center field options,” manager Buck Showalter said. “Borbon is our best option at this point.”
Jones left Friday’s game in the second inning with a left hamstring strain. He departed the previous night’s game at Washington in the ninth inning with hamstring cramps and aggravated the injury hustling down the first base line on a soft grounder to third.
“I got a feeling that if he hadn’t had that first swinging bunt, it might not have been a problem,” Showalter indicated. “He’s not going to trot to first base as much as I talked to him about it before the game.”
Although Jones was unable to talk his way into Saturday’s lineup, Showalter speculated that he might be available to pinch-hit.
The 30-year old Borbon was 2 for 9 in five games with the Orioles earlier this season, but was designated for assignment on July 26. To create room for Borbon on the 40-man roster, pitcher Logan Ondrusek was designated for assignment on Friday.
Good news in Boston: An MRI on Red Sox outfielder Andrew Benintendi‘s left knee revealed no structural damage.
Benintendi slipped while trying to avoid a tag at second base, injuring his leg, but it appears he’s avoided a serious injury. A timetable for his return isn’t known at this point, but the Red Sox expect to get him back before the end of the season.
Benintendi is hitting .324/.365/.485 with a homer and ten RBI in 21 games.