Diamond Sports Group, which through its regional Bally Sports networks airs Blue Jackets, Reds, Guardians and Cavs games, missed an interest payment.
Diamond Sports Group, the largest owner of regional sports networks, missed a $140 million interest payment, which puts the companyTwo people familiar with the financing plans told The Associated Press that the missed interest payments would begin a 30-day grace period, where Diamond Sports Group could negotiate with creditors and restructure its debt. Another avenue could be a pre-arranged Chapter 11 bankruptcy filing.
Diamond owns 19 networks under the Bally Sports banner. Those networks have the rights to 42 professional teams — 14 baseball, 16 NBA and 12 NHL., Cincinnati Reds and Cleveland Cavaliers games on Bally Sports Ohio, and Cleveland Guardians games on Bally Sports Great Lakes.Sinclair Broadcast Group, which owns Diamond, bought the regional sports networks from Walt Disney Company for nearly $10 billion in 2019.
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