In a major breakthrough, federal bankruptcy judge approved regional broadcast agreements for the Cleveland Guardians, Minnesota Twins and Texas Rangers for the upcoming season on Friday. This was a much-needed development for Diamond Sports Group, which has been in Chapter 11 bankruptcy proceedings in the Southern District of Texas since it filed for protection last March. The company had debt of $8.67 billion and reached a restructuring agreement with creditors last month that is still going through hearings.
Diamond Sports owns 18 networks under the Bally Sports banner, which have the rights to 37 professional teams including 11 baseball, 15 NBA and 11 NHL teams. The Twins’ agreement with Diamond expired at the end of last season while the deals with the Guardians and defending World Series champion Rangers were restructured for less money.
The renewed agreements leave only two teams – Arizona Diamondbacks and San Diego Padres – whose games will be produced by Major League Baseball for 2024. This marks an important milestone in the ongoing process of resolving Diamond Sports’ financial difficulties and ensuring that fans continue to enjoy their favorite sports on television.