According to Bill Shaikin of the Los Angeles Times, baseball commisioner, Bud Selig, is announced that Major League Baseball will take over the Dodgers financial operations.

Comissioner Bud Selig released the following statement (Dylan Hernandez of the Los Angeles Times). “I have taken this action because of my deep concerns regarding the finances and operations of the Dodgers and to protect the best interests of the Club, its great fans and all of Major League Baseball.”

Last week, we learned that team owner Frank McCourt took a loan from FOX of $30mm to cover the Dodgers’ payroll obligations as well as expenses (extra police, hot dogs you know those kind of things) into next month.

Selig recently stopped McCourt from borrowing $200 million from FOX which Tony Jackson of ESPNLosAngeles.com says would put more pressure on Frank McCourt to sell the team.  McCourt wanted to use the Dodgers’ cable television rights as collateral, extending the team’s current contract with FOX by as many as four years if he did not repay the loan.

Steve Sugerman, the spokesman for McCourt, declined to confirm the deal or discuss its terms. “The team is meeting its financial obligations as it always has,” Sugerman said, “and will continue to do so.”

To make matters worse, Frank was sued by the Boston law firm that drafted the since-invalidated property agreement that McCourt had relied upon to establish his sole ownership of the Dodgers. No further details are known at this time of the lawsuit.