Owner of Bally Sports regional networks on brink of bankruptcy
Baseball Commissioner Rob Manfred said the league is prepared for whatever happens with Diamond Sports Group after the financially troubled parent company of 19 Bally Sports regional networks skipped about $140 million in interest payments due Wednesday.
The missed payments started a 30-day grace period that could be the prelude to a bankruptcy filing, possibly leading to changes in how televised games are made available to viewers.
“The company intends to use the 30-day grace period to continue progressing its ongoing discussions with creditors and other key stakeholders regarding potential strategic alternatives and deleveraging transactions to best position Diamond
Sports Group for the future,” Diamond said in a statement.
Diamond owns 19 regional sports networks under the Bally Sports banner, including Bally Sports Sun and Bally Sports Florida. Those
networks have the rights to 42 professional teams: 14 baseball (including the Marlins), 16 NBA (including the Heat) and 12 NHL (including the Panthers).
Manfred said Diamond has told MLB it intends to pay its baseball teams, but he called it an “unfolding story” that could change.
“We are prepared no matter what happens with respect to Diamond to make sure the games are available to fans in their local markets,” he said. “We think it will be both linear in the traditional cable bundle and digitally on our own platforms, but that remains to be seen.”
Diamond said as of Sept. 30 it had debt of $8.674 billion. It has nearly $1 billion in rights payments, mostly to baseball teams, due in the first quarter this year.
BURNES, SINGER LOSE ARBITRATION CASES
Two-time All-Star Corbin Burnes and Brady Singer lost in salaray arbitration Wednesday. Burnes will receive $10.01 million from the Milwaukee Brewers rather than his $10.75 million request. Singer will get $2.95 million rather than $3,325,000 from the Kansas City Royals.
Teams have a 5-3 lead in arbitration decisions.
Earlier this month, two Marlins won their arbitration cases: left-handed pitcher Jesús Luzardo ($2.45 million) and AL batting champion Luis Arraez ($6.1 million).
All-Star pitcher Max Fried ($13.5 million) lost to Atlanta, outfielder Kyle Tucker ($5 million) was beaten by Houston and reliever Diego Castillo ($2.95 million) by Seattle.
ELSEWHERE
Nationals: Righthander
● Stephen Strasburg did not report with other pitchers to spring training after a recent setback in his comeback from a 2021 operation to correct thoracic outlet syndrome. Strasburg, 34, had a nerve-related setback in a recent bullpen session, MLB.com reported. He made only one start in 2022. His history of health problems created an uncertain outlook for his chances to return to the rotation in 2023.
Rangers: Two-time Cy
●
Young Award winner
Jacob deGrom was held out of the first spring training workout because Texas’ top free-agent acquisition felt some tightness in his left side.
Rockies: Manager
●
Bud Black agreed to a one-year contract extension that goes through the 2024 season. Black is 417-453 with Colorado since he was hired before the 2017 season. He’s third in franchise wins behind Clint Hurdle
(534) and Don Baylor
(440).
Yankees: Right-hander
● Frankie Montas needs shoulder surgery and may miss all of the season.