Diamond Sports Group, network operator of Bally Sports, files for bankruptcy

DALLAS. Diamond Sports Group, which operates Bally Sports’ regional chains, has filed for Chapter 11 bankruptcy, the company announced in a press release on Tuesday.

In a release, the company said it had made the decision to liquidate $8 billion of debt under a new restructuring agreement. The lawsuit was filed in Bankruptcy Court for the Southern District of Texas.

Diamond Sports Group, of which Sinclair Broadcasting Group is the parent company, and its Bally Sports networks are under scrutiny from US sports fans as access issues continue.

Particularly in the North Texas area, Bally Sports Southwest, formerly Fox Sports Southwest, was the primary broadcaster for the Dallas Mavericks, Dallas Stars, and Texas Rangers, with some exceptions for certain games.

Ever since Bally Sports Southwest debuted in 2021, fans have been voicing their complaints as the number of ways to watch their favorite DFW teams has begun to dwindle.

Those with services such as Dish and YouTube TV cannot watch the network.

A Bally Sports+ subscription-based app has recently been created that gives fans the ability to watch their teams without their current cable or streaming service. In the Dallas area, a subscription costs $19.99 per month or $229.99 per year.

In its bankruptcy filing, Diamond Sports Group added that Bally Sports’ networks “will continue to operate as usual during the Chapter 11 process.”

“We are using this process to restructure our capital and strengthen our balance sheet by eliminating approximately $8 billion in debt. The financial flexibility gained from this restructuring will allow DSG to grow our business while continuing to provide exceptional live sports coverage for our company. fans,” Diamond Sports Group CEO David Preshlak said in a statement.

“DSG will continue to broadcast games and connect fans across the country to the sports and teams they love. With the support of our creditors, we expect to carry out a quick and efficient reorganization and emerge from the restructuring process with a stronger company,” said Preshlak. added.