Judge Over Dodgers Bankruptcy Filing Approves Settlement With Fox Sports

On Wednesday, the judge overseeing the Los Angeles Dodgers bankruptcy filing approved an agreement between the team and Fox Sports that will open it up for the Dodgers to sell the team. The settlement, marks the ending of a nasty court battle between the Dodgers and Fox.
The Dodgers bankruptcy attorney, Sid Levinson told the judge, ”The agreement with Fox clears the path for the Dodgers to sell the team on schedule and to maximize the value of the debtor’s estate “.
The attorney representing Fox sports, Greg Werkheiser said that Fox was glad to get past all the differences by the Dodgers, Major League Baseball and the Dodger’s committee of unsecured creditors. The bankruptcy judge, Kevin Gross, signed off on the agreement stating it was good for all the parties regarding the Dodgers and them filing for bankruptcy.
The Bankruptcy Court had previously appointed a mediator to help in reaching a settlement. Another district court judge stated it was necessary because he believed that Fox would win an appeal of the previous ruling by Gross that authorize the Dodgers to sell the media rights for future games.
Under the new agreement, the Dodgers and Fox will continue to abide by the terms of the existing contract. Basically, the existing contract allows Fox to an exclusive 45 day period starting in October to negotiate a contract extension with the Dodgers. Also included in the terms is the Dodgers are prohibited from talking to any other media buyers until Fox has exercised their rights.
Since the Dodgers are filing for bankruptcy, the creditors committee insisted that the media rights needed to be included in conjunction with the sale of the baseball team to get the maximum amount of value. The bidders for the team realize how valuable the team’s future media rights are in today’s current market and will be reflected in the final sale price of the team.

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