GRAND RAPIDS, Mich. (WOOD) — The company that operates Bally Sports Detroit and regional sports networks across the country has filed for Chapter 11 bankruptcy.
Diamond Sports Group announced Tuesday night that it has entered into a restructuring support agreement with Sinclair Broadcast Group and others that hold “a majority of the company’s debt.” The deal would eliminate more than $8 billion in debt. According to a news release, Diamond leadership believes it can “restructure and strengthen its balance sheet” during the Chapter 11 process.
Most importantly for sports fans, the company doesn’t expect any interruptions to its live broadcasts.
“DSG will continue broadcasting games and connecting fans across the country with the sports and teams they love,” Diamond CEO David Preschlack stated.
Diamond Sports Group was a subsidiary of Sinclair Broadcast Group, one of the largest television station operators in the country. In addition to sports offerings like Diamond, Stadium and the Tennis Channel, Sinclair also holds 185 local TV stations across 86 markets. As part of the RSA, Diamond Sports Group will stand alone as its own company.
Diamond Sports Group operates 19 regional sports networks, including Bally Sports Detroit, which carries live broadcasts of the Detroit Tigers, Detroit Pistons and Detroit Red Wings.
The network operated as Fox Sports Detroit for more than 20 years, but when The Walt Disney Company bought out 21st Century Fox in 2019, the U.S. Department of Justice ruled the regional sports networks must be sold to avoid monopolizing sports broadcasts.