NHL Franchises Brace for Impact as Bally Sports Owner Declares Bankruptcy
The largest owner of local sports networks, Diamond Sports Group, disclosed on Tuesday that it had filed for Chapter 11 bankruptcy. In order to maintain operations throughout bankruptcy, Diamond, which operates 19 networks under the Bally Sports Regional Sports Networks, claimed to have around $425 million in cash on hand. These networks are authorized to air matches from 42 professional clubs, including 14 in baseball, 16 in the NBA, and 12 in the NHL. “DSG will continue broadcasting games and connecting fans across the country with the sports and teams they love,” Diamond Sports CEO David Preschlack said in the statement. As part of the agreement, Diamond Sports would separate from its present parent firm, Sinclair Media Group....
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