Diamond Sports Is Close to Renaming Bally Sports Channels for FanDuel
Diamond revealed progress with new partner — reportedly FanDuel — on a naming rights contract for its RSNs in a bankruptcy court filing Monday.
Diamond Sports Group has had a busy few weeks. The company has been wrapping up deals and ticking items off its checklist left and right as it races toward November when it is expected back in court for a confirmation hearing on its bankruptcy reorganization plan. More details about that hearing, as well as Diamond’s efforts to reach a new naming rights deal — reportedly with FanDuel — were revealed in a bankruptcy court filing from the company on Monday.
Key Details:
- Diamond says it’s close to a naming rights deal that could see the sports betting company invest in the broadcaster. Reports indicate that the deal is with FanDuel.
- A Nov. 14 hearing for Diamond’s reorg plan to be rejected or accepted is now on the calendar.
- The filing also revealed why Prime Video pulled a planned $115 million investment from Diamond earlier this year.
Diamond is moving ahead with attempts to secure a new deal for the naming and branding rights for its regional sports networks (RSNs). The Sports Business Journal reports that the the frontrunner is FanDuel, which has been linked to Diamond for months. The two sides were first reported to be in talks in June, as its deal with Bally Sports expired at the end of the 2024 MLB campaign.
Not only would a deal with FanDuel allow the sports betting company to rename Bally Sports channels and the Bally Sports+ streaming service, but it would also allow it to “purchase up to a single-digit percentage of equity,” giving it the opportunity to co-invest in Diamond, the court filing shows.
Diamond crossed another important item off its list with the filing, revealing that the confirmation hearing for its bankruptcy reorganization plan is now scheduled for Nov. 14. That hearing was originally due to take place during the summer, but one complication after another caused it to be postponed.
The regional sports network (RSN) company had to craft long-term deals with the NBA and NHL, as well as provide some resolution for MLB teams that were facing uncertain futures. Last week, Diamond signaled its intention to drop the rights of all baseball clubs it currently holds with the exception of the Atlanta Braves.
The company also had to deal with the sting of losing a planned investment from Amazon, which had announced intentions to infuse $115 million into Diamond if it emerged from bankruptcy as a viable business. Monday’s filing revealed that Amazon pulled that offer from the table specifically because Diamond missed a deadline to have its reorg plan approved by Aug. 5 as the investment deal called for.
Bally Sports+
Bally Sports+ is a direct-to-consumer streaming service that offers live games for those who want access to your local Bally Sports RSN without subscribing to a cable or satellite package.