{"id":248729,"date":"2022-12-19T16:26:09","date_gmt":"2022-12-19T22:26:09","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=248729"},"modified":"2022-12-19T17:49:49","modified_gmt":"2022-12-19T23:49:49","slug":"pro-sports-leagues-balk-at-buying-cash-strapped-ballys-rsns","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/pro-sports-leagues-balk-at-buying-cash-strapped-ballys-rsns\/","title":{"rendered":"Bally\u2019s Sports Networks Unlikely to Gain Financial Support from Pro Leagues"},"content":{"rendered":"

The financially ailing regional sports networks (RSNs) bearing the Bally\u2019s name are unlikely to garner support from professional leagues. That could increase the probability of bankruptcy for owner Diamond Sports Group.<\/p>\n

\"Bally's\"
A map of Bally’s regional sports networks (RSNs). Pro leagues reportedly don’t want to buy the networks. (Image: The Business Journals<\/em>)<\/figcaption><\/figure>\n

The New York Post<\/em> reports that Diamond has shopped itself to Major League Baseball (MLB), the NBA, and the NHL for $3 billion, including debt. That\u2019s a massive haircut compared to the $10.6 billion Diamond parent Sinclair Broadcast Group (NASDAQ: SBGI) paid to Walt Disney (NYSE: DIS) in 2019 to acquire the RSNs.<\/p>\n

\n

In September, it was reported that the three aforementioned leagues were preparing a joint bid<\/a> for Diamond. But that\u2019s likely off the table after the RSN operator said last month its 2022 profitability will be hindered by customers dropping traditional cable for streaming services, according to the Post<\/em>.<\/p>\n<\/div>\n

It was previously reported that Sinclair was willing to deliver equity in the sports networks to creditors in an effort to expedite a sale. But that plan appears to be dead, prompting bondholders to prepare for a bankruptcy filing.<\/p>\n

Bally\u2019s Insolated from Diamond’s Woes<\/h2>\n

In November 2020, Bally\u2019s announced it would pay $85 million<\/a> over 10 years to put its name on the RSNs, marking one of the splashiest media\/sports wagering accords at the time. Fortunately for the gaming company\u2019s investors, that\u2019s the extent of the operator\u2019s exposure to Diamond\u2019s problems.<\/p>\n

\n

The RSNs have broadcasting rights for 12 NHL, 16 MLB, and 17 NBA franchises, creating allure for the leagues to buy the networks. But that luster was significantly diminished in late November when Sinclair reported a $1.2 billion loss due to a sizable write-down tied to the declining value of the RSNs.<\/p>\n<\/div>\n

It\u2019s possible that MLB could eventually step up as a streaming partner for the Bally\u2019s networks. But as the Post<\/em> reports, big tech companies such as Amazon, Apple, and Meta are pursuing sports streaming deals.<\/p>\n

Amazon is in its first year of broadcasting Thursday Night Football <\/em>on its streaming platform, and there\u2019s speculation Google\u2019s YouTube<\/em> could make a run at NFL Sunday Ticket <\/em>next year. The NBA is also expected to negotiate new broadcast rights in 2023, potentially putting financially strapped media companies in a bind.<\/p>\n

Diamond Sports Faces Other Issues<\/h2>\n

Some industry observers claim Diamond overpaid some teams in smaller markets for broadcast rights. As an example, the Post<\/em> highlights Bally\u2019s Sports San Diego paying MLB\u2019s Padres $60 million annually for a 10-year deal.<\/p>\n

Additionally, Diamond is hindered by debt coming due in 2026 and 2027, and those bonds recently traded at levels implying default.<\/strong><\/p>\n

As for the gaming side of the equation<\/a>, that\u2019s been difficult to leverage because many of the 21 RSNs bearing the Bally\u2019s name broadcast in states where sports betting currently isn\u2019t permitted, including California, Texas, and Florida, among others.<\/p>\n","protected":false},"excerpt":{"rendered":"

The financially ailing regional sports networks (RSNs) bearing the Bally\u2019s name are unlikely to garner support from professional leagues. That could increase the probability of bankruptcy for owner Diamond Sports Group. The New York Post reports that Diamond has shopped itself to Major League Baseball (MLB), the NBA, and the NHL for $3 billion, including […]<\/p>\n","protected":false},"author":46,"featured_media":248730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,1074],"tags":[81967,80968],"acf":[],"yoast_head":"\nPro Sports Leagues Balk At Buying Cash-Strapped Bally's RSNs<\/title>\n<meta name=\"description\" content=\"Diamond Sports, the owner of Bally's RSNs, may need to find new options for the networks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/pro-sports-leagues-balk-at-buying-cash-strapped-ballys-rsns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pro Sports Leagues Balk At Buying Cash-Strapped Bally's RSNs\" \/>\n<meta property=\"og:description\" content=\"Diamond Sports, the owner of Bally's RSNs, may need to find new options for the networks.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/pro-sports-leagues-balk-at-buying-cash-strapped-ballys-rsns\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-19T22:26:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-19T23:49:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/RSN.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/pro-sports-leagues-balk-at-buying-cash-strapped-ballys-rsns\/\",\"url\":\"https:\/\/www.casino.org\/news\/pro-sports-leagues-balk-at-buying-cash-strapped-ballys-rsns\/\",\"name\":\"Pro Sports Leagues Balk At Buying Cash-Strapped Bally's RSNs\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/pro-sports-leagues-balk-at-buying-cash-strapped-ballys-rsns\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/pro-sports-leagues-balk-at-buying-cash-strapped-ballys-rsns\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/RSN.jpg\",\"datePublished\":\"2022-12-19T22:26:09+00:00\",\"dateModified\":\"2022-12-19T23:49:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Diamond Sports, the owner of Bally's RSNs, may need to find new options for the networks.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/pro-sports-leagues-balk-at-buying-cash-strapped-ballys-rsns\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/pro-sports-leagues-balk-at-buying-cash-strapped-ballys-rsns\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/pro-sports-leagues-balk-at-buying-cash-strapped-ballys-rsns\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/RSN.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/RSN.jpg\",\"width\":1200,\"height\":675,\"caption\":\"A map of Bally's regional sports networks (RSNs). 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