BallySports Leave Royals Fans Concerned After Chapter 11 Bankruptcy
In 2023 the broadcast partner for the Kansas City Royals, Bally Sports Kansas City’s parent company, filed for bankruptcy, there were no disruptions in the team’s television broadcasts.
However, come the conclusion of the 2024 season, a significant shift may be on the horizon. Diamond Sports Group, the entity that possesses Bally Sports Kansas City along with 18 other affiliated regional sports networks, secured court approval for a winding-down plan set to commence in late September 2024, coinciding with the conclusion of Major League Baseball’s regular season. Following this, the company will initiate the process of liquidating its assets to meet its financial obligations to creditors.
This situation originated in March when Diamond Sports filed for Chapter 11 bankruptcy protection after failing to make a $140 million interest payment on its outstanding debt. At that time, the company possessed approximately $425 million in available cash but carried a substantial debt load amounting to around $8.67 billion.
Importantly, Bally Sports Kansas City remained insulated from the bankruptcy proceedings, allowing it to fulfill its contractual obligations to the Kansas City Royals for 2023 and maintain uninterrupted broadcasts.
It’s noteworthy, though, that the bankruptcy plan does not explicitly prevent Diamond Sports from discontinuing broadcasts before the 2024 season concludes, leaving some uncertainty about the future beyond that point.