BusinessCompany News


Bally Sports parent company files for bankruptcy protection

The owner of Bally Sports has filed for Chapter 11 bankruptcy protection as analysts watch to see if it's a sign of what's to come for the industry.
A Bally Sports logo at Roger Dean Stadium, Saturday, March 4, 2023, in Jupiter, Fla. (AP)
Posted at 10:41 PM, Mar 14, 2023

Diamond Sports Group, the parent company of Bally Sports, has filed for Chapter 11 bankruptcy protection, which will trigger an immediate separation from Sinclair Broadcast Group — an agreement that began in 2021.

Bally Sports said the company "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 said, "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.”

The announcement comes just as the MLB is preparing to start its 2023 season, while the NHL and NBA are bringing their regular seasons to an end.