Diamond’s bankruptcy filing is all over the news and is not a secret now. So, what decision did the judge come up with? Is Bally Sports Going out of business?
Bally Sports has been a home to so many regional sports games in the U.S. for so long. The news about bankruptcy is truly disheartening, and the new updates will leave you even more upset than before.
So let us find out if its the end of the road for Bally Sports or if there is hope for fans.
About Bally Sports
This network was earlier owned by Fox Sports Network and was operated by News Corporation.
Today, Bally Sports is a home for America’s most comprehensive regional sports media, which includes 42 professional teams across the National Basketball Association, Major League Baseball, and the National Hockey League.
Is Bally Sports Going Out Of Business In 2024?
Diamond Sports Group, the parent company of Bally Sports and of 18 other Bally regional networks in the U.S., will likely shut down after the 2024 MLB regular season concludes.
The news comes after a judge approved the plan for winding up the company.
Diamond has finalized a deal with the NBA and is now working to close down a deal with the NHL so that they allow them to broadcast games for the current season for the two leagues.
Additionally, they are working on a similar deal with MLB as well so that they get to continue their coverage by the end of the 2024 season.
Why Is Bally Sports Going Out Of Business?
In March this year, Diamond Sports Group, which runs 14 regional sports networks under the brand Bally Sports, filed for voluntary Chapter 11 bankruptcy protection after missing out on a $140 million interest payment on its debts.
At that time, the company had $8.6 million of debt and $425 million of cash on hand. But in spite of this, they stated that they “will continue to operate in the ordinary course during the Chapter 11 process.”
To support this, even MLB issued a statement saying,
“Diamond Sports Group’s bankruptcy declaration today is an unfortunate development that we have been expecting,” the MLB statement said. “Despite Diamond’s economic situation, there is every expectation that they will continue televising all games they are committed to during the bankruptcy process. Major League Baseball is ready to produce and distribute games to fans in their local markets in the event that Diamond or any other regional sports network is unable to do so as required by their agreement with our clubs.”
What Comes After This?
Judge Christopher Lopez, the United States federal judge, approved Daimond’s plan to stream NBA, MLB, and NHA games throughout the end of 2024, which is the end of the baseball season. After this, Diamond will start repaying debt to creditors by selling off assets or liquidating.
Additionally, Lopez has also approved a term sheet between the NBA and Diamond, allowing it to continue the broadcast of its fifteen NBA teams.
Which Teams Are Still With Diamond/Bally?
Diamond has deals with fifteen teams of the NBA, including:
- The Atlanta Hawks
- Cleveland Cavaliers
- Charlotte Hornets
- Dallas Mavericks
- Indiana Pacers
- Detroit Pistons
- LA Clippers
- Milwaukee Bucks
- Miami Heat
- Memphis Grizzlies
- Minnesota Timberwolves
- New Orleans Pelicans
- Orlando Magic
- Oklahoma City Thunder
- San Antonio Spurs
Teams are possibly planning to leave Bally Sports, and for this, the NBA is already in talks with the CEOs of YouTube, Apple, Disney+, Amazon Prime Video, etc., to find a broadcasting network for the teams.
Since Diamond renewed its contract to broadcast games for 2024-25 seasons, the NBA plans to broadcast its games on Bally Sports for now.
But after the 2024-25 seasons, where will these games be broadcast? Will they come up with a new channel or partner with the aforementioned OTT platforms? Only time will tell.
We hope you found this guide on “Is Bally Sports going out of business” useful.
Will people not be able to watch games?
No, Diamond has worked out a deal with the NBA, MLB, and NHA to stream games till the end of September 2024. So fans will be able to watch their games.
Where can I watch Bally Sports without cable?
You can access the Bally Sports network via various cable providers throughout the U.S. But if you wish to stream it without cable, then you can do live streaming on platforms like fuboTv or on Bally Sports+.
Who is carrying Bally Sports currently?
DIRECTV STREAM is carrying Bally Sports currently.