The Los Angeles Dodgers have had their share of finacial struggles in the recent past, and now Major League Baseball has been forced to step in.
Bill Shaikin of the Los Angeles Times first reported on Wednesday afternoon that Bud Selig is expected to announce that MLB will be taking over the Dodgers' financial operations.
Selig later addressed the situation citing "deep concerns regarding the finances and operations of the Dodgers," according to The Associated Press.
Forbes.com reported earlier on Wednesday that owner Frank McCourt was in danger of seeing his team's equity be gone by the end of the season. McCourt had to borrow money from Fox in January, and reports surfaced earlier this week that he needed to borrow another $30 million loan from Fox.
Selig's entire statement can be read below.
"Pursuant to my authority as Commissioner, I informed Los Angeles Dodgers owner Frank McCourt today that I will appoint a representative to oversee all aspects of the business and the day-to-day operations of the Club. I have taken this action because of my deep concerns regarding the finances and operations of the Dodgers and to protect the best interests of the Club, its great fans and all of Major League Baseball. My office will continue its thorough investigation into the operations and finances of the Dodgers and related entities during the period of Mr. McCourt's ownership. I will announce the name of my representative in the next several days. The Dodgers have been one of the most prestigious franchises in all of sports, and we owe it to their legion of loyal fans to ensure that this club is being operated properly now and will be guided appropriately in the future."