Wednesday, August 17, 2011
Dodgers CFO testifies
WILMINGTON, Del. -- The chief financial officer for the Los Angeles Dodgers says the organization made no payments or loans to team owner Frank McCourt in the two years before the club's bankruptcy filing.
Peter Wilhelm also said Wednesday that McCourt contributed $23.5 million to the Dodgers in the 90 days prior to the bankruptcy.
Testifying at a creditors meeting, Wilhelm said the cash flow crunch that prompted the bankruptcy filing was not a surprise because the organization had known for some time that it would have to find tens of millions of dollars for deferred compensation contributions and other needs.
The Dodgers sought bankruptcy protection in Delaware in June, blaming Major League Baseball for refusing to approve a multibillion-dollar TV deal McCourt was counting on to keep the troubled franchise afloat.