DOVER, Del. (AP) — A Delaware judge has rejected the Los Angeles Dodgers’ proposed $150 million bankruptcy financing plan, a decision that likely will force the team to accept a financing offer from Major League Baseball.
The judge issued his eight-page decision Friday, two days after presiding over a hearing on the competing financing plans.
The team had sought approval of its proposed arrangement with hedge fund Highbridge Capital.
But the league, which has been locked in a bitter dispute with Dodgers owner Frank McCourt, countered with a competing plan that carried better financial terms.
The Dodgers rejected MLB’s offer, saying it likely would result in legal battles and was an attempt by baseball commissioner Bud Selig to take control of the team and force a sale.
