Diamond Sports bankruptcy

With a judge approving the company’s disclosure agreement and setting up a June confirmation hearing, Diamond lawyer says the company has the, er, rubber to the road on exiting Chapter 11, while insisting a just-approved November deadline extension is merely a ‘prophylactic motion’

Just when it seemed like the bankrupt Bally Sports RSN operator had finally turned the corner on its 13-month restructuring, two of its more patient partners have finally had enough of its delays

Monday's bankruptcy court approval of a $450 million debtor-in-possession package and a $495 million Sinclair settlement void contingency deals that would have set the leagues free from Bally Sports this spring

While a Houston bankruptcy court approved a plan to move forward through the 2024 season, MLB seizes the upper hand regarding the Bally Sports RSNs’ longer-term future

Dismissing Bally Sports' big Amazon-fueled restructuring plan, Manfred told MLB owners this week that all he needs are the digital rights to 14 teams to make it happen

However, Friday's bankruptcy court motions say little about DTC rights, and clarity on Diamond and Bally's longer term future still awaits

'We will refrain from offering our congratulations,' an Major League Baseball lawyer told a beat reporter

Commissioner Rob Manfred reportedly wants to negotiate his league's local digital rights directly with Amazon

But after the NHL regular season ends in April, local TV and streaming rights will revert back to the league

Major League Baseball has reportedly also floated a provision that would have it seize Diamond's 20% stake in the YES Network if the bankrupt RSN subsidiary reneged on the terms of the agreement