Snippet: Bally Sports Will Reportedly Declare Bankruptcy Later This Week ☇

Luke Bouma for Cord Cutters News:

Today the New York Post reported that Bally Sports will declare bankruptcy on March 17th, 2023. This comes after it was first reported back in February that Bally Sports was unable to pay its bills and missed an important payment starting a clock for bankruptcy. If this report is correct, it means Bally Sports has failed to work out a deal with its creditors to rework its debt.

This comes as Bally Sports has an important payment to make to the MLB on March 17th. According to Bloomberg, a person with knowledge of the situation said if Bally Sports fails to make a payment to the team by March 17th, 2023, MLB can take them to court and get the media rights back.

Good riddance. Regional sports networks have vastly overvalued themselves while at the same time, making it nearly impossible to watch unless you had a certain tier of a cable or satellite subscription. Diamond Sports, the Sinclair subsidiary that runs Bally, went almost nuclear towards anything that wasn’t a traditional pay TV service after buying the old Fox RSNs and came up with an overpriced direct-to-consumer option way too late.