A nasty bout of bankruptcies is racing through the sports world as four North American franchises have taken the unusual step of filing for Chapter 11 in the past three years -- a startling increase from the just six filings in the previous 40 years.
The Los Angeles Dodgers became the latest victim to succumb to the bankruptcy bug as the storied baseball team took the Chapter 11 plunge this week despite being one of the richest and most profitable franchises in all of sports.
But before you blame the sluggish economy for the rash of filings, realize debt-ridden owners and prospective buyers are increasingly using the bankruptcy courts as a vehicle for getting what they want and dodging edicts from league commissioners.
Read the full article at Fox News Business
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