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Diamond Sports Group/Bally Sports Files for Chapter 11 Bankruptcy

Diamond Sports Group is currently negotiating a restructuring agreement with debt holders that will eliminate most of its debt. Under an agreement with creditors, it would become a separate company from Sinclair Broadcast Group.

Diamond Sports Group, the largest owner of regional sports networks, filed for Chapter 11 bankruptcy protection on Tuesday. The move came after the company missed a $140 million interest payment last month. Diamond Sports Group owns 19 networks under the Bally Sports banner, with the rights to 42 professional teams, including 14 baseball, 16 NBA, and 12 NHL teams.


Despite the bankruptcy declaration, Diamond Sports Group has stated that it expects to continue to operate during the bankruptcy process and that coverage of games should not be affected. Major League Baseball has also issued a statement indicating that it is ready to produce and distribute games to fans in their local markets in the event Diamond or any other regional sports network is unable to do so as required by their agreement with the league.


Diamond Sports Group is currently negotiating a restructuring agreement with debt holders that will eliminate most of its debt. Under an agreement with creditors, it would become a separate company from Sinclair Broadcast Group.


“DSG will continue broadcasting games and connecting fans across the country with the sports and teams they love,” said Diamond Sports CEO David Preschlack in a statement. “We look forward to working constructively with our team and league partners and all DSG stakeholders throughout this process and beyond.”


The bankruptcy filing by Diamond Sports Group is a significant development in the sports media landscape, as regional sports networks play a crucial role in the distribution of professional sports content to fans across the country. With Diamond Sports Group owning the rights to so many professional teams, the bankruptcy process will be closely watched by fans and industry experts alike.


The restructuring agreement that Diamond Sports Group is currently negotiating will likely determine the future of the company and its networks. If negotiations fail, the company could face significant challenges in maintaining its operations and retaining the rights to its sports content.


The bankruptcy filing by Diamond Sports Group is a significant development in the sports media landscape. While the company expects to continue operating during the bankruptcy process, the outcome of negotiations with creditors will likely determine the future of the company and its networks.

Travis Jones

@TravisKCJones

March 16, 2023 at 12:00:00 AM

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