Monday, June 20, 2011

McCourt Lifestyle: "Put it on the Underhill's"

From Larry Behrendt’s awesome work, sharing the inside scoop on the Dodgers debacle...
There is no doubt: Commissioner Selig should reject the Dodgers-Fox contract, seize control of the Dodgers, and sell the team to a responsible owner who will (with the grateful help of millions of my fellow left coasters) restore the team to its former greatness. Selig must act to prevent Frank McCourt from continuing to plunder the team. Selig must act before the team is saddled with even greater debt, while the team’s reputation can still be salvaged and the team is still marketable to a worthy owner.
Click image to enlarge
The Dodgers team is owned by a company called TeamCo, which in turn is owned by four other companies, the last of which is owned by Frank McCourt. If you follow a different branch of the enterprise tree, you’ll find Blue LandCo, the company that owns the Dodger Stadium parking lots. Blue LandCo owns these parking lots because McCourt caused the Dodgers to give these parking lots to Blue LandCo. The Dodgers got nothing for this give-away, but they now pay anywhere from $6 million to $9 million a year in rent for these parking lots. With this rental stream as security, McCourt was able to borrow somewhere between $60 million and $70 million through Blue LandCo, most of which went to “fund the lifestyle” of the McCourts.
There is more juicy stuff before and after those snippets. If you're at all interested, take some time to enjoy the entire post.

Feel free to also check out what I'm willing to guess is one of Frank McCourt's favorite comedy movie exchanges (only :34 sec)

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