Bally Sports’ Parent Company Files for Chapter 11 Bankruptcy Protection
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Bally Sports’ parent company, Diamond Sports Group, has filed for Chapter 11 bankruptcy protection. The move has resulted in an immediate split from Sinclair Broadcast Group.
Bally Sports networks has the rights to 42 teams across the NBA, MLB and NHL in many markets across America, including in Michigan.
The filing happened Tuesday (March 15) in a U.S. Bankruptcy Court for the Southern District of Texas.
David Preschlack, CEO of Diamond, stated that Diamond, “has determined that the best path forward for the Company and its stakeholders is to restructure through a Chapter 11 process. We are utilizing this process to reset our capital structure and strengthen our balance sheet through the elimination of approximately $8 billion of debt.”
Preschlack added, “The financial flexibility attained through this restructuring will allow DSG to evolve our business while continuing to provide exceptional live sports productions for our fans.”
Anne Erickson started her radio career shortly after graduating from Michigan State University and has worked on-air in Detroit, Flint, Toledo, Lansing and beyond. As someone who absolutely loves rock, metal and alt music, she instantly fell in love with radio and hasn’t looked back. When she’s not working, Anne makes her own music with her band, Upon Wings, and she also loves cheering on her favorite Detroit and Michigan sports teams, especially Lions and MSU football. Anne is also an award-winning journalist, and her byline has run in a variety of national publications. You can also hear her weekends on WRIF.
