Los Angeles Dodgers, Affiliates Report June Loss Totaling $4.24 Million
The Los Angeles Dodgers baseball team and bankrupt affiliates posted net losses totaling $4.24 million in June on revenue of $38.5 million.
The holding company that owns the team and its affiliates spent about $39.4 million during the month, resulting in an operating loss of about $940,000, according to documents filed Aug. 5 in U.S. Bankruptcy Court in Wilmington, Delaware. Expenses included $20.8 million on “baseball operations” and $2.9 million on interest.
The team collected about $13.2 million in ticket sales, $8.6 million from broadcasting and $5.6 million from advertising and sponsorship, court papers show. The consolidated balance sheet listed $370.6 million in assets and $643.9 million in debt as of June 30.
The Dodgers agreed Aug. 5 to borrow as much as $150 million from Major League Baseball to help fund operation while in bankruptcy. U.S. Bankruptcy Judge Kevin Gross denied the team approval of its preferred bankruptcy loan from JPMorgan Chase & Co. (JPM)’s Highbridge Capital Management LLC, saying MLB’s was superior. MLB’s offer didn’t require collateral and had a lower interest rate and fees than the Highbridge loan, Gross found.
The case is In re Los Angeles Dodgers LLC, 11-12010, U.S. Bankruptcy Court, District of Delaware (Wilmington).
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