The NBA and Diamond Sports Group have come to a significant agreement that will ensure local broadcasts for 15 teams remain on Bally Sports until the end of the current season. This deal, which is pending court approval, brings stability to fans, networks, and NBA teams. Diamond Sports Group, owned by Sinclair Broadcasting Group, has been undergoing Chapter 11 bankruptcy proceedings since March last year. With debts totaling $8.67 billion, the company's future had been uncertain.
Under this agreement, the local rights for 15 franchises will eventually return to the respective teams after this season. Consequently, there will be a reduction in rights payments for some teams. In addition to this agreement, the NBA is gearing up to enter negotiations for national rights, which are set to expire after the 2024-25 season.
This announcement is particularly timely considering that Major League Baseball had to step in and oversee the broadcasts of San Diego Padres and Arizona Diamondbacks games last season due to failed agreements. The NBA's ability to secure these local broadcasts provides a sense of stability and certainty to all parties involved.
The NBA teams currently airing on Bally Sports are:
- Atlanta
- Charlotte
- Cleveland
- Dallas
- Detroit
- Indiana
- LA Clippers
- Memphis
- Miami
- Milwaukee
- Minnesota
- New Orleans
- Oklahoma City
- Orlando
- San Antonio
Diamond Sports Group, which also holds rights for 11 National Hockey League teams, is also engaged in discussions with the NHL for a similar agreement.
A spokesperson for Diamond Sports Group expressed enthusiasm about the recent developments: "Our newly-signed agreements with the NBA, Comcast, and our creditors mark significant progress on Diamond's path forward. While the Court considers our motions and discussions with the NHL continue regarding their own new deal, Diamond will continue broadcasting NBA and NHL games."
In addition, the 74-page court filing included Diamond's decision to sell its minority stakes in the YES Network, which broadcasts New York Yankees and Brooklyn Nets games, as well as the Chicago Cubs' Marquee Network. The proceeds from these sales will be allocated to unsecured creditors.
Furthermore, Diamond Sports Group stated in the filing that they have identified which baseball teams they will retain and have communicated this information to MLB. This statement adds another layer of certainty amidst the ongoing restructuring process.
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