The company that was formerly known as Diamond Sports Group, which has a new brand, enters a new age with a new name.
The regional sports network holding firm announced that it had officially come out of Chapter 11 debt” with a significantly deleveraging balance strip.” Additionally, the business has rebranded as Main Street Sports Group, and the company now has access to 13 NBA team, eight NHL groups, and eight MLB teams through its regional sports networks.
The results of this process are the product of more than 20 months of work, according to business CEO David Preschlack, who put together a speech.
After the game company took over the naming freedom from Bally Sports in October, Main Street Sports may continue to operate 16 RSNs, collectively known as FanDuel Sports Network.
In order to pay their debt says, money managed by PGIM Fixed Income, Hein Park Capital Management LP, Discovery Capital Management, Hudson Bay Capital Management LP, Alta Fundamental Advisers LLC, and people nowadays own capital in Main Street Sports. The rebranded company said it has reduced nearly$ 9 billion of pre-petition debt to$ 200 million.
Seven months after Main Street Sports’s planned straight and streaming Television programs were approved by Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas, the announcement was made.
Prior to the important mid-November hearing before the prosecutor, Main Street Sports kept in touch with the Kansas City Royals while negotiating leases with at least six MLB teams. After it appeared that Main Street Sports had originally agreed to drop all another MLB teams prior to the 2025 time, with the exception of the Atlanta Braves, those upgrades represented a reverse.
Main Street Sports retains the regional right to the Braves and Royals along with the Los Angeles Angels, Miami Marlins, Milwaukee Brewers, St. Louis Cardinals, Detroit Tigers and Tampa Bay Rays.
NHL team that will be under the Main Street Sports awning are the Carolina Hurricanes, Columbus Blue Jackets, Detroit Red Wings, Los Angeles Kings, Minnesota Wild, Nashville Predators, St. Louis Blues and Tampa Bay Lightning.
Thirteen NBA team will also stay with Main Street Sports: the 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.