Bankruptcy!

This week is starting out great. The Dodgers filed Chapter 11 bankruptcy this morning in hopes of thwarting MLB's eventual takeover of the team. Per the Wall Street Journal:

Mr. McCourt will ask the bankruptcy court to approve a new long-term media rights deal that he says will save his team from its liquidity crisis. The Dodgers' assets still outweigh their liabilities, but the team doesn't have enough cash to meet the June 30 payroll.

And here's the kicker- something we found out just a few days ago.

Fox, a unit of News Corp., hasn't commented on Mr. Selig's decision, but it is unlikely the media company will keep its offer on the table during the bankruptcy standoff, two people familiar with the matter said.

That's right. This whole process it ultimately an exercise in futility. How can the court approve a media contract that does not exist- if only verbal. After all, a media contract is more than just dollars and cents. There are details that I doubt have been hammered out in any meaningful way. Besides, what if Fox says to the court, as has already been intimated, that there is no contract; therefore, no deal to approve?

Folks, we are heading into probably the end, and most painful part of this entire process. Like McCourt's divorce the legal separation between the Dodgers/ MLB and the McCourt's will air out all of the dirty laundry and it ain't going to be pretty.

UPDATE:

We've got an answer to the above question. Apparently, McCourt has asked the court to create an open bidding process for a new media contract- thereby telling Fox to go "F" off.