The Dodgers Are Granted Extra Time for Bankruptcy Plan

A Delaware bankruptcy judge has ruled that the Dodgers will get more time to file a bankruptcy reorganization plan. They have until April 25, 2012 to file a plan.

The sale agreement filed Tuesday between Frank McCourt and the MLB stipulates that the team must be sold by the end of April, but McCourt can decide whether he would like to sell the parking lots which surround Dodger Stadium. McCourt must lease the parking lots to the new owner for a long term so that they can be used on game days.

Prospective buyers are to receive bid books which contain confidential financial information this week, and starting bids are due by January 13, 2012. The auction must be complete by April 1, 2012 and the sale completed by April 30th.

The Dodgers want to include their television rights in the package deal for the team, but FOX has a contract for television rights through 2013 and is objecting to this. MLB is staying neutral in this matter. There is a hearing later today in bankruptcy court regarding this issue, and the judge will hear arguments for both sides.

This story will be updated as information comes in.