Bally Sports’ parent company, Diamond Sports Group, has filed for Chapter 11 bankruptcy protection. The move has resulted in an immediate split from Sinclair Broadcast Group. Bally Sports networks has the rights to 42 teams across the NBA, MLB and NHL in many markets across America, including in Michigan.
The filing happened Tuesday (March 15) in a U.S. Bankruptcy Court for the Southern District of Texas.
David Preschlack, CEO of Diamond, stated that Diamond, “has determined that the best path forward for the Company and its stakeholders is to restructure through a Chapter 11 process. We are utilizing this process to reset our capital structure and strengthen our balance sheet through the elimination of approximately $8 billion of debt.”
Preschlack added, “The financial flexibility attained through this restructuring will allow DSG to evolve our business while continuing to provide exceptional live sports productions for our fans.”