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AP sources: Bally Sports owner to miss payment next week


AP Sports Writer

Diamond Sports Group, the largest owner of regional sports networks, will miss a $140 million interest payment next week, which would put the company closer to filing for bankruptcy. Diamond owns 19 networks under the Bally Sports banner. Those networks have the rights to 42 professional teams — 14 baseball, 16 NBA and 12 NHL. Two people familiar with the financing plans told The Associated Press that the missed interest payments would begin a 30-day grace period, where Diamond Sports Group could negotiate with creditors and restructure its debt. Another avenue could be a pre-arranged Chapter 11 bankruptcy filing. The people spoke on condition of anonymity because they were not at liberty to discuss financial transactions.

Article Topic Follows: AP National

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