Diamond Sports Group Officially Emerges From Bankruptcy Under New Name: Main Street Sports Group
Largest group of RSNs in the U.S. will continue to be branded FanDuel Sports Network
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After a nearly two-year bankruptcy saga, regional-sports giant Diamond Sports Group has officially completed its financial restructuring and emerged from Chapter 11 with a new name: Main Street Sports Group. The company will continue to be branded FanDuel Sports Network from a fan-facing perspective, through naming-rights agreement with FanDuel for its 16 regional sports networks. Main Street Sports — which holds broadcast-media rights to 13 NBA teams, eight NHL teams, and eight MLB teams — says it will emerge with a significantly deleveraged balance sheet and a healthy capital structure.
The company’s Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on Nov. 14 and received nearly unanimous support from its funded-debt holders. In addition to emerging rom bankruptcy, the company announced a multiyear deal with Prime Video enabling DTC local streaming access for FanDuel Sports Network’s 16 RSNs serving fans in 31 states as an add-on subscription for Prime Video subscribers.
The Main Street Sports portfolio of local sports rights currently comprises the NBA’s Atlanta Hawks, Charlotte Hornets, Cleveland Cavaliers, Detroit Pistons, Indiana Pacers, Los Angeles Clippers, Memphis Grizzlies, Miami Heat, Milwaukee Bucks, Minnesota Timberwolves, Oklahoma City Thunder, Orlando Magic, and San Antonio Spurs; the NHL’s Carolina Hurricanes, Columbus Blue Jackets, Detroit Red Wings, Los Angeles Kings, Minnesota Wild, Nashville Predators, St. Louis Blues, and Tampa Bay Lightning; and Major League Baseball’s Atlanta Braves, Los Angeles Angels, Miami Marlins, St. Louis Cardinals, Detroit Tigers, Tampa Bay Rays, Kansas City Royals, and Milwaukee Brewers.
After a contentious offseason, Main Street Sports Group will continue to have a significant presence in Major League Baseball next season. Although several MLB teams have left Main Street Sports’ portfolio over the past two years in favor of having their games produced and distributed by MLB Local Media, Main Street Sports has retained rights to eight clubs and continues to ink new deals. These include recent one-year deals with the Royals and Brewers, as well as a multiyear agreement with the Cardinals.
The company also began offering single-game pricing on its DTC streaming menu in early December. This latest offer marks the first time that a pay-per-game purchase option is available for the NHL and NBA teams within the FanDuel Sports Network portfolio.
The financial restructuring has reduced approximately $9 billion of Main Street Sports’ pre-petition debt to $200 million and produced a well-capitalized balance sheet. In addition, the company has resolved complex legal matters, completed its operational separation from Sinclair, and secured key go-forward agreements with its top team, league, and distribution partners.
“Emerging from this process is the culmination of over 20 months of incredibly hard work to transform our business and to position us to better serve passionate local fans across our markets,” says David Preschlack, CEO, Main Street Sports. “I am deeply grateful to everyone who made this restructuring possible: our new owners, partners, advisors, and especially our dedicated employees. With a stronger balance sheet, key partnerships, supportive new owners, we are modernizing our business to thrive in a changing media landscape.”
