Remember that television contract that was to save the Dodgers current financial woes under Frank McCourt, thanks to an infusion of upfront cash of the multi-billion dollar deal? The TV deal that needed to be approved for both (a) the Dodgers to reportedly to be able to make payroll on June 30; and (b) the divorce settlement between Frank and Jamie McCourt to be valid? Yeah, that's not going to happen.
MLB commissioner Bud Selig rejected the Dodgers' transaction with Fox (MLB values the deal at $1.7 billion, per Bill Shaikin of the LA Times). Selig issued the following statement on Monday:
"Pursuant to my authority as Commissioner, I have informed Los Angeles Dodgers owner Frank McCourt today in a detailed letter that I cannot approve the club's proposed transaction with FOX. This decision was reached after a full and careful consideration of the terms of the proposed transaction and the club's current circumstances. It is my conclusion that this proposed transaction with FOX would not be in the best interests of thefranchise, the game of Baseball and the millions of loyal fans of this historic club.
"Mr. McCourt has been provided with an expansive analysis of my reasons for rejecting this proposed transaction. Critically, the transaction is structured to facilitate the further diversion of Dodgers assets for the personal needs of Mr. McCourt. Given the magnitude of the transaction, such a diversion of assets would have the effect of mortgaging the future of the franchise to the long-term detriment of the club and its fans.
"As I have said before, we owe it to the legion of loyal Dodger fans to ensure that this club is being operated properly now and will be guided appropriately in the future. This transaction would not accomplish these goals."
Now we sit back and wait for the inevitable lawsuits to start flying and, perhaps as soon as next Thursday, MLB taking over should the Dodgers not be able to make payroll.