Diamond Sports Group, the largest owner of regional sports networks, filed for Chapter 11 bankruptcy protection on Tuesday.
Diamond owns 19 networks under the Bally Sports banner. Those networks have the rights to 42 professional teams — 14 baseball, 16 NBA and 12 NHL.The company said in a release Tuesday night that it expects to continue to operate during the bankruptcy process and that coverage of games should not be affected.
Diamond said in a financial filing last fall it had debt of $8.67 billion. The bankruptcy filing was made in the Southern District of Texas. Diamond has nearly $1 billion in rights payments, mostly to baseball teams, due in the first quarter this year. The company is current on payments to hockey and basketball teams, but it might withhold payments from some baseball teams where it is trying to renegotiate a better deal.
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