Ten Franchises That Filed for Bankruptcy
Frank McCourt's financial troubles have brought the Los Angeles Dodgers into the trusteeship of Major League Baseball, a stunning fall for a franchise that was once known for its remarkable stability. The New York Mets are also short on cash, besieged by legal challenges because of the team owners' entanglements with disgraced financier Bernard Madoff.
And these are but part of at least half a dozen, maybe more, professional franchises in financial turmoil. The Sacramento Kings are contemplating relocation, in search of a more viable revenue stream. The Phoenix Coyotes and New Orleans Hornets are owned by their leagues, the NHL and NBA, respectively, after their owners ran out of money.
With an uncertain economy and lingering effects of the global financial meltdown still being felt, more and more sports franchises are under strain. Though bankruptcy is usually the last resort for a team in fiscal freefall, it's hardly an unprecedented step in the annals of sports ownership. In fact, three teams have filed for - and were sold through - bankruptcy in just the last three years. In the history of North American major sports leagues, 10 Teams Have Filed for Bankruptcy: