Via Puckempire - Instagram
Bally Sports RSN's are preparing for bankruptcy, including 12 NHL networks.
The company called Diamond Sports Group LLC, which runs Sincalirs sports channels, is reportedly $8.6 billion in debt. Sinclair is hoping to strike a deal to help them keep the channels operating thanks to bankruptcy.
In total, Sinclair owes $55 billion in sports-media rights, according to Bloomberg. A bankruptcy could put payments to the NBA and NHL at risk. It is being reported that Sinclair will skip a $140 million interest payment due in mid-February, starting a 30-day grace period for the company.
Sinclair has launched a $20 a month subscription service to get Bally Sports networks without cable TV. So far, though, fans seem not to be running to the service in the numbers expected.
Sinclair will likely seek to end some contracts with teams and cut back on payments to others.
It is reported that Sinclairs Diamond sports group has about $585 million cash in hand but owes about $2 billion in fees to teams this year.
This would affect Los Angeles, Anaheim, Arizona, Dallas, St. Louis, Minnesota, Detroit, Columbus, Nashville, Carolina, Tampa Bay, and Florida."
