A federal bankruptcy judge approved regional television agreements with the Cleveland Guardians, Minnesota Twins, and Texas Rangers for the 2017 season on Friday.
Last Monday, Diamond Sports Group finalized updated agreements with all three teams. All three deals will expire at the end of the 2024 season.
Diamond Sports has been in Chapter 11 bankruptcy proceedings in the Southern District of Texas since filing in March. In a late-2021 financial file, the corporation reported $8.67 billion in debt. It negotiated a restructuring arrangement with creditors last month, which is still undergoing hearings.
Diamond controls 18 networks under the Bally Sports label. Those networks own 37 professional teams, including 11 baseball, 15 NBA, and 11 NHL.
The Twins’ relationship with Diamond expired at the end of last season. The contracts with the Guardians and the defending World Series champion Rangers were reworked for less money.
Following the agreements with the three teams, Major League Baseball will produce games for only the Arizona Diamondbacks and San Diego Padres in 2024.
Guardians, Twins, Rangers regional networks deal approved by bankruptcy judge
egional broadcast agreements for the Cleveland Guardians, Minnesota Twins and Texas Rangers for the upcoming season were approved by a federal bankruptcy judge on Friday.
Diamond Sports Group reached amended agreements with the three teams last week. All three deals expire at the end of the 2024 season.
Diamond Sports has been in Chapter 11 bankruptcy proceedings in the Southern District of Texas since it filed for protection last March. The company said in a late 2021 financial filing that it had debt of $8.67 billion. It reached a restructuring agreement with creditors last month that is still going through hearings.
Diamond owns 18 networks under the Bally Sports banner. Those networks have the rights to 37 professional teams — 11 baseball, 15 NBA and 11 NHL.
The Twins’ agreement with Diamond expired at the end of last season. The deals with the Guardians and defending World Series champion Rangers were restructured for less money.
The deals with the three teams leave the Arizona Diamondbacks and San Diego Padres as the only teams whose games will be produced by Major League Baseball for 2024.
