Diamond Sports Group, the parent company of Bally Sports, which is a major broadcaster for the NHL, declared bankruptcy back in March. They were unable to pay a $9B debt, leaving them no choice but to seek help.
Now, the NHL is looking to terminate their contract with them.
NHL Wants Out
Here's what has been reported:
"In an ongoing legal battle with Diamond Sports Group, the parent company of Bally Sports, the NHL is reportedly seeking emergency relief funds if negotiations are not settled quickly.
Currently, 12 organizations have their media rights held by Bally Sports. With a Texas judge extending DSG's reorganization deadline to September 30th, the NHL is seeking a contract termination well before that date. On March 14, 2023, DSG filed for Chapter 11 bankruptcy, taking responsibility for a reported $9B in debt, with the inability to pay."
Currently, 12 organizations have their media rights held by Bally Sports. With a Texas judge extending DSG's reorganization deadline to September 30th, the NHL is seeking a contract termination well before that date. On March 14, 2023, DSG filed for Chapter 11 bankruptcy, taking responsibility for a reported $9B in debt, with the inability to pay."
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Bally Sports holds the rights to the Arizona Coyotes, Detroit Red Wings, Florida Panthers, St. Louis Blues, Minnesota Wild, Columbus Blue Jackets, Anaheim Ducks, Carolina Hurricanes, Nashville Predators, Dallas Stars, Tampa Bay Lightning, and the Los Angeles Kings.
All these teams will need to find a new broadcaster. The NHL has to come up with a solution before the start of the next season.
What's Next?
Diamond Sports Group has until September 30th to get their affairs in order.
The NHL is aiming to terminate their contract with DSG well before that date. In case it doesn't happen, they've requested emergency relief funds.
If that's the case, they will be able to make deals with other companies to broadcast their teams.
We can expect an official announcement from the NHL as the situation develops.
As seen on Blade of Steel - National Hockey League involved in heated legal battle in an attempt to break a legally binding contract
| POLL | ||
19 AOUT | 51 ANSWERS NHL Faces Legal Challenge Over Broadcasting Rights Dispute Do you think the NHL will be able to get out of their contract with Bally? | ||
| Yes | 20 | 39.2 % |
| No | 31 | 60.8 % |
| LIST OF POLLS | ||
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