Chapter 28: Chapter 11 Cases Involving Professional Sports Franchises

Thomas J. Salerno & Jordan A. Kroop , Squire Sanders & Dempsey LLP, Phoenix Hon. Redfield T. Baum , U.S.B.C.-District of Arizona Only eight professional sports teams have sought bankruptcy protection since the U.S. Bankruptcy Code was enacted in 1978. Unlike sport team insolvencies...

Professional Sports Leagues as DIP Lenders in Sports Team Chapter 11 Cases

by Thomas J. Salerno , Jordan A. Kroop and Hon. Redfield T. Baum Excerpt: Like any operating business in chapter 11, sports teams need working capital to maintain business as usual during the course of a chapter 11 case. Outside of a sports context, a debtor in possession typically obtains working...