L.A. Dodgers File for Bankruptcy

Just breaking on the local Los Angeles news stations - the Los Angeles Dodgers have filed for bankruptcy.  This appears to be Frank McCourt's last ditch attempt to hang on to the club.  Reports are he doesn't have the cash to make payroll which is due on the 30th.

UPDATE from KNBC:

The LA Dodgers have filed for bankruptcy protection, according to a spokesman for the team.

The move comes after a flurry of activity in the team's ownership saga, which included last week's decision by Major League Baseball to reject the team's proposed TV deal with Fox. Dodgers owner Frank McCourt cites Major League Baseball commissioner Bud Selig's interference with club operations and refusal to approve the deal as the cause for Monday's bankruptcy filing.

In a news release, the team said Chapter 11 bankruptcy protection will provide the Dodgers with a process to address its immediate financing requirements and obtain the capital necessary to ensure the baseball franchise's long-term financial stability.

McCourt said the Dodgers have tried for almost a year to have Selig approve the Fox transaction, saying it would make the Dodgers one of the strongest capitalized franchises in Major League Baseball.