Diamond Sports Group, the Sinclair subsidiary that owns the broadcasting rights of 14 MLB teams plus several NBA, NHL and WNBA teams, announced Tuesday that it has filed for Chapter 11 bankruptcy.
The company, which holds more than $8 billion in debt, said it expects its Bally Sports regional sports networks "will continue to operate in the ordinary course during the Chapter 11 process," with $425 million in cash on hand to fund the business.
Under an agreement with its creditors, Diamond will reportedly be spun off from Sinclair as a standalone company.