What will happen if the Bally Sports RSNs go bankrupt? Here's everything you need to know about your favorite team's broadcasts ⤵️
teams, announced Feb. 15 that it would skip a $140 million debt payment due that day and use the month-long grace period as part of its effort to financially reorganize itself.Many observers interpret the move as a precursor to a Chapter 11 bankruptcy reorganization, though that is not a certainty. Diamond has $8 billion-plus of debt, incurred as part of parent Sinclair’s 2019 purchase of the regional sports channels, and lost $1.2 billion in the most recent fiscal quarter.
Diamond in a Feb. 15 statement said it “intends to use the 30-day grace period to continue progressing its ongoing discussions with creditors and other key stakeholders regarding potential strategic alternatives and deleveraging transactions to best position Diamond Sports Group for the future.” Here’s an FAQ on what we know about the Diamond Sports situation and about how watching your teams — and paying to watch them — may be affected. This story will be updated as news develops.These are the local cable, satellite or broadband channels that air live NBA, NHL, MLB and other sports within a defined regional territory. The RSNs typically produce and air the games, and pay the teams an annual fee — usually in the tens or millions of dollars or more — for the rights.
One scenario is Diamond’s lender could convert their loans to equity, take over the company and continue making the rights payments. Another is Diamond continues to make payments to some teams, but not others. Think of a retailer in bankruptcy walking away from some store leases deemed uneconomic, but keeping others.
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