Inside the McCourt muck

frank-and-jamie-mccourt.jpgKevin notes the NYT piece about Dodgers big-wig Howard Sunkin being paid $401,000 by the Dodgers Dream Foundation, a non-profit that only had a budget of $1.6 million. Also from the Times is a piece focusing on the Frank and Jaime McCourt divorce that includes a carefully calibrated interview from the wronged woman:

"I love business -- love, love, love," she said. "There a side of me that feels like I am fighting for women. It's a real old-boys network in sports and I think there's a real undercurrent here to fight for what is right."

As has been reported, much of the divorce centers on whether Mrs. McCourt has any claim on the team. After Mr. McCourt acquired the Dodgers with practically all borrowed money, the couple signed a document that gave Jaime ownership of the two L.A.-area homes and Frank ownership of the team.

This agreement was created, both sides agree, to protect the homes from his creditors as he often made high-risk, highly leveraged deals, like the one to buy the team.

So let's see, the guy hasn't paid federal or state income taxes since 2004, he's taken out almost $400 million in loans against future ticket revenue to pay for their oversized lifestyles, the two sons were paid salaries totaling $600,000 a year even though one had another full-time job and the other was attending graduate school, and a faith healer received more than $100,000 to help the Dodgers win by sending positive energy. At least the divorce filings are providing a little insight into the slimy empire.


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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
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