Judge approves Diamond Sports Group's plan to emerge from bankruptcy
A federal judge in U.S. Bankruptcy Court has approved a reorganization plan for Diamond Sports Group, the owner of the recently rebranded FanDuel Sports Network affiliates.
Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas made the ruling on the 20-month anniversary of Diamond filing for Chapter 11 bankruptcy.
The plan consists of a commercial arrangement with Amazon, a naming-rights deal with FanDuel and rights for 27 NBA, NHL and MLB teams, according to Alden Gonzalez of ESPN.
NEWS: Diamond Sports Group emerged from bankruptcy today, on the 20-month anniversary of it filing for Chapter 11.
— Alden González (@Alden_Gonzalez) November 14, 2024
A judge approved their re-org plan, consisting of a commercial arrangement with Amazon, a naming-rights deal with FanDuel and rights for 27 NBA, NHL and MLB teams.
The 27 affiliated teams (13 in the NBA, eight in the NHL, and six in MLB) can be watched on cable or streamed locally on a FanDuel Sports Network app and site.
The ruling comes one day after Diamond announced a commercial agreement with streaming giant Amazon that will allow in-market fans to watch their teams through Prime Video.
News: Major League Baseball and the Atlanta Braves have withdrawn their objection to Diamond Sports Group's get-out-of-bankruptcy plan. It's unclear what the sides have negotiated to prompt that withdrawal, however.
— Evan Drellich (@EvanDrellich) November 13, 2024
The confirmation hearing starts tomorrow morning.
Major League Baseball filed an objection to the plan last week, along with the Atlanta Braves, but dropped that objection Wednesday. Diamond is retaining the Braves, Los Angeles Angels, St. Louis Cardinals, Detroit Tigers, Miami Marlins and Tampa Bay Rays under the regional FanDuel Sports Network banners.
The Royals are reportedly still negotiating to become the seventh MLB team in Diamond's portfolio.
Thursday's announcement ends a long period of uncertainty both for team, league, and network executives concerned with uncertain revenue streams, and fans concerned with how and where to watch a game.
Ultimately, the streaming partnership with Amazon (as well as the FanDuel Network's own in-market streaming options) will allow fans in more markets to watch the game without a cable package — or the dreaded regional blackouts.
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