Bally Sports owner declares bankruptcy, citing $8 billion in debt.
on Tuesday that it has filed for Chapter 11 bankruptcy. The move comes after it missed a $140 million interest payment last month.
Diamond, which owns 19 networks under Bally Sports Regional Sports Networks banner, said it has about $425 million in cash on hand to continue operating during bankruptcy. Those networks have the rights to broadcast games from 42 professional teams — 14 baseball, 16 NBA and 12 NHL. "DSG will continue broadcasting games and connecting fans across the country with the sports and teams they love," Diamond Sports CEO David Preschlack The company filed for bankruptcy in the Southern District of Texas and is negotiating a new agreement that will eliminate most of its roughly $8.67 billion debt, it said. Under the deal, Diamond Sports would become a separate company from its current parent Sinclair Broadcast Group.
Sinclair bought the regional sports networks from The Walt Disney Co. in 2019 for nearly $10 billion. The U.S. Department of Justice forced Disney to sell the RSNs after its acquisition ofDiamond Sports isn't the only company experiencing financial woes with its regional sports networks. RSNs lost millions of customers during
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Diamond Sports Group, Owner Of Bally Networks Once Run By Fox, Files For Chapter 11 BankruptcyDiamond Sports Group, operator of the largest string of regional sports networks in the U.S., has filed for Chapter 11 bankruptcy protection. The move, announced Tuesday night by the subsidiary of …
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