Frank McCourt on MLB's Takeover of the L.A. Dodgers

We made Major League Baseball aware of the team's capital needs a year ago, so it was an absolute shock when Commissioner [Bud] Selig stepped in. It's not warranted: Our debt load is under control. The team is not in financial duress. We're current on all of our payments and obligations. We're in compliance with all the rules.

When I purchased the team in 2004, I knew there was the opportunity to do a media deal. There's now a TV deal between the Dodgers and Fox (NWS): It's a multibillion-dollar transaction that will infuse nearly $300 million of equity into the team immediately. We presented four revisions of this deal to Major League Baseball. I borrowed $30 million because we've been waiting on the commissioner's approval. Commissioner Selig has to decide whether he's going to approve the Fox deal or put the team at risk financially.