It Still Looks Like a Pretty Hard Sell

Don’t count Frank McCourt out of the baseball picture just because billionaire developer and philanthropist Eli Broad has informed News Corp. Chairman Peter Chernin that he is willing to buy the Dodgers, mostly for cash, if the highly leveraged bid of the Boston real estate developer falls through.

After all, Commissioner Bud Selig has put his Milwaukee Brewers on the market, and they might be more suited to McCourt’s wallet considering he is borrowing almost all of the $430 million in his proposed purchase of the Dodgers from News Corp.

In a letter to Chernin on Wednesday, Broad wrote that he would also offer $430 million. The fact that he can scrape it together without a lot of indebtedness might prove to be an intriguing proposition for both baseball and News Corp., considering McCourt is still trying to satisfy the industry’s debt-service rule and complete his transaction by the Jan. 31 deadline.

Yet it remained difficult Saturday to get a grip on how Broad’s late entry could affect what has been a protracted sales process or how the overall situation will play out for McCourt, whose assets are tied up in Boston real estate and whose leveraged bid has generated concern in and out of the industry regarding his ability to operate the Dodgers at an acceptable level.

Said a source with insight into Broad’s thinking: “I don’t know how baseball could make this big of an exception in their rules, but you never know.”

For now, it’s still McCourt who has the agreement with News Corp., and the only real certainty is that the next step in the process is also his.

He and his wife, Jamie, are expected to meet with baseball officials and lawyers in Los Angeles this week in another attempt to resolve the debt-servicing issues.

A high-ranking official confided recently that the McCourts might be forced to put in more -- or is that some? -- of their own money.

Where that would come from considering they haven’t displayed any up to this point isn’t clear.

It’s also hard to imagine a major restructuring of their proposal with the deadline about to close on the process.

Ultimately, McCourt requires three-fourths approval of the 30 clubs, and now those owners concerned about his financial stake are aware that Broad has become a viable alternative.

With the clock ticking, questions abound.

Can McCourt satisfy the debt-service rule or would Selig allow him to skirt a rule that the commissioner insists is fastidiously and aggressively applied?

Could it be that McCourt is more attractive to baseball than even Broad might be because he is likely to restrain spending by one of the industry’s big market teams?

Is Selig determined to have McCourt approved to satisfy News Corp.’s desire to dump the Dodgers and placate baseball’s primary underwriter through its national and regional TV contracts, or is this all about setting the stage for a McCourt rejection, which would permit Selig to inform News Corp. that he did all he could?

The commissioner did not return a call to his Arizona home Saturday.

He must be aware, however, that Broad’s sudden involvement, coming at the urging of Mayor James K. Hahn and former Dodger owner Peter O’Malley among others, strengthens the perception of widespread civic concern regarding McCourt’s ability to operate the Dodgers at a highly competitive level.

In his Friday column in the Boston Globe, Steve Bailey proposed taking up a collection to help McCourt with the purchase and wrote: “Few in this town have talked the talk more and walked the walk less.”

In Los Angeles, where fans are angry over the Dodgers’ failure to address their anemic offense of last year and it is generally acknowledged now that McCourt has had a stranglehold on the off-season wallet, he is less likely to find a welcome mat than a no-solicitation sign.

Whether that might affect McCourt’s possibility of approval, or his chance of even getting to a vote, is another of those questions without answers.

One thing is certain, however.

Don’t look for Broad to provide McCourt with a shot of instant credibility, financial and otherwise, by investing in his bid.

According to the person familiar with Broad’s thinking, McCourt tried to interest him in a partnership role when he was first scouring California for potential investors and coming up empty.

“They met several times, but Eli concluded he couldn’t invest in anything McCourt controlled,” the person said.

Broad wouldn’t need partners, although it’s probable he would bring O’Malley back as the club president with a minority share.

Then again, Broad’s letter may never do anything more than sit on Chernin’s desk.

“It doesn’t really change anything,” a person close to McCourt said. “Frank’s deal is moving forward, and he expects it to be approved.”

Will it? Stay tuned.