Here's the Dodgers' news release announcing that the team has filed for bankruptcy:

The Los Angeles Dodgers filed for protection under Chapter 11 of the U.S. Bankruptcy Code in order to protect the franchise financially and provide a path that will enable the Club to consummate a media transaction and capitalize the team. Dodger owner Frank McCourt cited Major League Baseball Commissioner Bud Selig’s refusal to approve the Fox transaction as the cause for the Chapter 11 filing.

“The Dodgers have delivered time and again since I became owner, and that’s been good for baseball,” McCourt said. “We turned the team around financially after years of annual losses before I purchased the team. We invested $150 million in the stadium. We’ve had excellent on-field performance, including playoff appearances four times in seven years. And we brought the Commissioner a media rights deal that would have solved the cash flow challenge I presented to him a year ago, when his leadership team called us a ‘model franchise.’ Yet he’s turned his back on the Dodgers, treated us differently, and forced us to the point we find ourselves in today. I simply cannot allow the Commissioner to knowingly and intentionally be in a position to expose the Dodgers to financial risk any longer. It is my hope that the Chapter 11 process will create a fair and constructive environment to get done what we couldn’t achieve with the Commissioner directly.”

Document: Read the bankruptcy filing

The Los Angeles Dodgers have tried for almost a year to have Commissioner Bud Selig approve a transaction, which would assure that the Los Angeles Dodgers would be one of the strongest capitalized franchises in Major League Baseball, both now and for years to come. Indeed, for months, the Dodgers have sought approval from the Commissioner of a multibillion dollar media rights transaction negotiated between the Dodgers and FOX, which would immediately infuse hundreds of millions of dollars of capital into the Los Angeles Dodgers. The Commissioner’s office last week rejected the deal, despite having been made aware by the Dodgers since the spring of 2010 of the franchises’ cash projections and in turn liquidity needs for 2011.