This morning the Los Angeles filed for bankruptcy in an effort to reorganize their debt. This is yet another example of how business uses bankruptcy to deal with their unmanageable debt but consumers feel shame and stigma when they need to call upon legal financial reorganization for help.
According to reports, the Los Angeles Dodgers fell short of income needs when allegedly Major League Baseball would not approve the Fox Sports television deal worth $3 billion.
The lack of approval left the team without needed cash and facing a huge payroll this week. Failure to meet the payroll would put the Los Angeles Dodgers at risk of having the team repoed by MLB.
The Dodgers blame declining attendance for part of their problems, and then there are the massive salaries they have to pay.
According to TicketNews.com, “the Dodgers are responsible for the largest attendance decline in the sport.”
And if anyone wants a clue why people are struggling paying for professional sports, look at the LA Dodger ticket prices. A seat near the field costs $60 to $120 and a seat for $12 is way up in the nose bleed section. Here is the view from the $12 seat.
And those prices don’t even include parking or buying a soda and a snack.
Hey for $10 I can get a front row seat at my local minor league team. Now that’s value for money.
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