Bally Sports Owners on Brink of Bankruptcy, Report Finds.
The future of Bally Sports North, the television home of the Minnesota Timberwolves, Twins, and Wild, is increasingly uncertain due to news that Sinclair Broadcast Group-owned Diamond Sports Group, which operates the Bally Sports Regional Network, may be on the verge of bankruptcy.
Bloomberg reported that Diamond is likely to skip a mid-February $140 million payment in order to restructure its debt of around $8.6 billion, leading to a Chapter 11 reorganization that will heavily impact the U.S. sports media business.
Sinclair Broadcast Group had previously hired advisers LionTree and Moelis & Co. to seek solutions for deleveraging and strategic partnerships. The restructuring of Diamond Sports Group would involve transferring ownership to the largest creditors, while Bally Sports channels would take the most financial hits or cutbacks.
Fans of the Pelicans are not expecting significant in-season changes, although Bally Sports New Orleans is not available on some popular streaming services. Diamond has now launched the Bally Sports+ application for a subscription fee, and is considering new individual game plans. Despite these plans, there is still doubt that these options will change the broadcaster’s fate. NBA teams are hearing fan complaints about Bally Sports streams not working, leading to a poor product
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