Diamond Sports Group rebrands as Main Street Sports GroupDiamond Sports Group rebrands as Main Street Sports Group

Diamond Sports Group announced today that it has completed its financial restructuring and has emerged from Chapter 11 as Main Street Sports Group ("Main Street Sports" or the "Company") with a significantly deleveraged balance sheet. Main Street Sports emerges with a healthy capital structure and is well positioned, with valuable professional team rights across the MLB, NBA and NHL, to elevate the fan experience and drive incremental value for its team, league and distribution partners.

The Main Street Sports rebrand marks a new era for the Company, which will continue to serve as a dedicated broadcast hub for local sports fans. The Company will continue to serve fans under the FanDuel Sports Network name, through its naming rights agreement with FanDuel for its 16 regional sports networks ("RSNs").

The Company's Plan of Reorganization (the "Plan") was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on November 14, 2024. The Plan received nearly unanimous support from its funded debt holders. Funds managed by PGIM Fixed Income, Hein Park Capital Management LP, Discovery Capital Management, Hudson Bay Capital Management LP, Alta Fundamental Advisers LLC and others, have received equity for their funded debt claims. Through its financial restructuring, Main Street Sports has reduced approximately $9 billion of pre-petition debt to $200 million and has a well-capitalized balance sheet.

Since commencing Chapter 11 proceedings in March 2023, the Company has taken significant steps to strengthen its operational and financial performance and position itself for long-term success. In that time, the Company has resolved complex legal matters, completed its operational separation from Sinclair, and secured key go-forward agreements with its top team, league and distribution partners. Importantly, terms were also reached on prominent partnerships with Amazon's Prime Video and FanDuel that bolster the Company's platform and direct-to-consumer (DTC) offerings.

Read the full press release here.