Maybe not. If I own a company and I sign a deal that is supposed to bring in $350 million of revenue over a certain period of time, then that contract will be built into the value of the company. But if the deal is structured so that I (personally) walk away with half the value up front, then it's not a $350 million deal from the standpoint of the company's value -- it's a $175 million deal.
I'm no fan of Selig, but he's not out of line here. It is the responsibility of any professional sports league commissioner to ensure that the various franchises in the league (especially the big-name franchises in large markets) don't have their ability to field competitive teams undercut by poor management or business deals like this one.
I don't agree with premise, because many teams in all professional sports have poor management that has has undercut their respective teams' competitive performance, and there has been no intrusion from the commissar. Since when is Selig concerned about the Dodgers' competitiveness anyhow? He's a Milwaukee Brewers' fan, isn't he?
McCourt still has one of the higher player payrolls in the National League. The reason why the team is doing poorly on the field right now has everything to do with poor player personnel decisions, not McCourt's finances - if Selig will leave him alone, that is, and not force him into bankruptcy and a takeover by Selig and his Park Avenue suits. The latter can only result in worse financial straits and lousier performance on the field with a drastic falloff in attendance and interest. Remember the Montreal Expos? Case closed!