The Los Angeles Dodgers are officially bankrupt.  The team franchise tried to get a new television deal that could have kept it out of bankruptcy, but Major League Baseball blocked that deal.

This comes after a bitter court battle between the two owners.  Frank McCourt was left as the owner, but he believes the blocked TV deal is an effort to force him to sell the LA Dodgers.  McCourt vowed he wouldn’t do that, he thinks the bankruptcy will buy him time to get things turned around.

It was hoped the TV deal would bring the Dodgers $3 billion.  Yes, they need $3 billion to stay alive.  I think this is a sure sign that sports is way overvalued, you might says it’s a another economic bubble about to burst.