Diamond Sports Group, the largest owner of regional sports networks who operate under the Bally Sports banner, have filed for Chapter 11 bankruptcy protection. The move comes after the company missed a $140 million interest payment last month.
Diamond owns 19 networks with rights to 42 professional teams including the Timberwolves, Wild and Twins.
The company says it expects to continue to operate during the bankruptcy process and that coverage of games should not be affected.
Diamond Sports isn't the only company experiencing financial woes with its regional sports networks. Warner Bros. Discovery, which has an ownership stake in three of the AT&T SportsNet networks, has given the Colorado Rockies, Houston Astros and Pittsburgh Pirates until March 31 to reclaim their broadcast rights. WBD Sports is ending its investment in the networks.
