Major League Baseball Teams Collect 94% of Money Owed by Diamond Sports
In a positive turn of events, Major League Baseball (MLB) announced that teams have successfully collected 94% of the money owed to them by Diamond Sports. Diamond Sports, the company that controls 19 networks under the Bally Sports banner, has been undergoing Chapter 11 bankruptcy proceedings in Texas since March.
MLB Commissioner Rob Manfred emphasized the significance of this achievement, stating, “Of the rights fees that have come due, I think we’ve collected 94% of those rights fees so far. And that’s really important.” He further explained that MLB has taken measures to support clubs and ensure their revenue remains stable, preventing any disruptions to their operations.
One notable instance where MLB stepped in was when they took over the rights to San Diego Padres telecasts on May 31 after a missed payment. Manfred revealed that MLB’s sales of Padres broadcasts in San Diego have reached “well into the five figures.”
Even before Diamond Sports’ bankruptcy, MLB had been considering changes in the media landscape. Their goal has always been to transition into a new model that increases game availability for fans while minimizing financial disruptions for clubs. This recent progress is a step in the right direction towards achieving that goal.
Overall, this news brings a sense of relief and optimism for both MLB teams and fans alike. It ensures that clubs can continue focusing on their primary objective of putting a good team on the field without any major setbacks.