The embattled Los Angeles Dodgers organization has described its financial situation for the rest of the 2011 season to a bankruptcy court, the New York Times reports. The document lists the team's payroll and revenue-sharing obligations through the end of September.

The reason this document has been released now is it shows how the Dodgers will spend a $150 million loan from Highbridge Capital Management, of which the Dodgers have already accepted $60 million. The loan will be discussed at a court date on July 22, along with a competing proposal for short-term financing from Major League Baseball that the Dodgers don't want to accept because they fear it will give Bud Selig too much leverage against the team.

Meanwhile, during a press conference on Tuesday, Selig implied that the Dodgers would soon be under new ownership.

In answering a question about how the Dodgers' bankruptcy might be bad for baseball, Selig recalled hearing last year how terrible the Texas Rangers' bankruptcy would be for baseball. The Rangers were sold in a bankruptcy court auction.

"It didn't turn out terrible," Selig said. "They wound up getting a great price and a wonderful ownership group. We will work our way through all these things. Life doesn't always work out exactly the way you want."

It appears that Selig will not settle the case with the Dodgers if Frank McCourt maintains ownership of the team. 

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