Bankruptcy
On February 15, 2023, Diamond Sports Group, the owner of Bally Sports Southwest, failed to make a $140 million interest payment, instead opting for a 30-day grace period to make the payment.[9] On March 14, 2023, Diamond Sports Group filed for Chapter 11 bankruptcy protection.[10]
During its bankruptcy, Diamond missed a payment to the Texas Rangers.[11] On April 5, 2023, the Rangers filed an emergency motion asking the bankruptcy judge to order Diamond to pay the Rangers fully or give its media rights back to Major League Baseball. Diamond argued that because of cord-cutting the contract rate for the media rights of the teams was too high. A hearing on the matter was set for May 31, 2023.[11][12] As an interim, on April 19, the bankruptcy judge ordered Diamond Sports to pay 50% of what the Rangers were owed.[13] On June 1, 2023, after a two day long hearing, the bankruptcy judge ordered Diamond to pay the Rangers fully within five days.[14]
On July 3, 2024, Diamond Sports Group filed a motion requesting that its contract with the Dallas Stars be terminated.[15] On July 8, the Stars subsequently announced that it would partner with A Parent Media Co. to stream all of its games for free via the team-run streaming service Victory+ beginning in the 2024–25 season.[16]
On August 23, 2024, Diamond Sports Group terminated its contract with the Dallas Mavericks prior to the 2024–25 NBA season.[17] On September 6, 2024, the Mavericks had reached a multi-year deal with Tegna to broadcast their regionally televised games over-the-air on either WFAA (Channel 8) or KFAA-TV (Channel 29, previously KMPX). In addition to the deal, 15 games will be simulcast on both WFAA and KFAA-TV.[18]
On October 6, 2024, The Texas Rangers ended their agreement with Diamond Sports Group, with the team searching for options to broadcast its games, including the possible creation of their own regional sports network, for the 2025 MLB season.[19] Prior to their departure, the Rangers owned a 10% equity stake in the network. On January 15, 2025, the Rangers and A Parent Media Co. reached a multiyear deal to stream its games on Victory+, with a subscription of $100 per season.[20] Later on January 27, the Rangers announced the creation of their own regional sports network dubbed Rangers Sports Network, which will produce and distribute game broadcasts.[21] Two days later, the Rangers reached an agreement with Nexstar Media Group and Gray Media to broadcast 15 games over-the-air, the first time the club has included OTA games since 2014.[22] In the DFW area, the 15 games will be broadcast on KDAF (CW33).
On October 16, 2024, it was revealed in a court filing that Diamond had reached a new sponsorship agreement with FanDuel Group, under which it intended to rebrand Bally Sports as the FanDuel Sports Network; on October 18, 2024, Diamond officially announced the rebranding, which took effect October 21.[23][24] Under the agreement, FanDuel has the option to take a minority equity stake of up to 5% once Diamond Sports exits bankruptcy. The branding is downplayed during programming related to high school sports.[25][26]
