to help prepare it to walk down this road.) (Sinclair has already hired advisers LionTree and Moelis & Co. The hope was that Preschlack - who has league relationships that Sinclair lacks - might entice Bally Sports' league partners, Major League Baseball, the NBA and NHL, to become active participants in the RSNs' rescue.Ī league partner - or partners - could pay as much as $3 billion, and take on all the debt, to acquire the Bally Sports channels.īut a damning report from the New York Post (opens in new tab) this week suggests the leagues want no part of this rescue plan and are preparing for what they now expect will be Diamond's inevitable bankruptcy restructuring. Two weeks after Sinclair's bleak Q3 earnings report, Diamond's board of directors sought to establish a little space between Bally Sports and Sinclair, installing a known sports TV presence, former NBC Sports executive David Preschlack, as CEO of the subsidiary. The company would not offer any details on its incomplete Bally Sports Plus direct-to-consumer streaming play, which launched in September. Cash flow was coming in at half of projections, and Sinclair’s Diamond Sports subsidiary - which manages Bally Sports - only has enough resources to service around $9 billion debt and keep the lights on through 2023.
In late November, Sinclair conceded that its Bally Sports channels had lost 10% of their subscribers year over year.
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