As we first told you about this morning, the Phillies have debt more than 10 times their annual earnings. This afternoon, David Montgomery released a statement: []

"In recent years, the Phillies have been compliant under the debt-service rule," Phillies president David Montgomery said in a statement. "Our last submission for 2011 indicated that we are currently not compliant. As a result, we met with the Commissioner’s office and are working on ways to remedy our current situation."


That's a lot of loans for baseball's 6th most valuable franchise