After nearly two years of financial turbulence and a high-profile bankruptcy case, Diamond Sports Group has emerged as Main Street Sports Group. The reorganization, finalized last November, resolves one of the most significant challenges facing the sports media industry in recent years. Diamond Sports Group, once burdened with nearly $9 billion in debt, now operates with just $200 million in liabilities, thanks to a court-approved restructuring plan.
The reorganization received broad support from debt holders and saw prominent partnerships forged with Amazon’s Prime Video and FanDuel, the latter of which now lends its name to the company’s 16 regional sports networks (RSNs). David Preschlack, CEO of Main Street Sports Group, described the process as a monumental effort to ensure the company’s survival and relevance. “Emerging from this process is the culmination of over 20 months of incredibly hard work to transform our business and position us to better serve passionate local fans across our markets,” Preschlack said in a statement.
The restructuring reduced the group’s portfolio of NBA, NHL and MLB teams to 29—a smaller number than in its Diamond Sports or Fox Sports era, but still a significant footprint in local sports broadcasting. Under the FanDuel Sports Network branding, the company aims to modernize its offerings for both linear TV and direct-to-consumer platforms. Diamond Sports Group, a subsidiary of Sinclair Broadcast Group, filed for Chapter 11 bankruptcy in March 2023. The filing came amid a broader reckoning for the RSN model, which has struggled to adapt to the rise of streaming services and cord-cutting trends. The company’s financial woes were compounded by declining cable subscriptions, growing sports rights costs and disputes with league partners.
The legal battle to emerge from bankruptcy was fraught with challenges, including negotiations with major sports leagues and team owners. Ultimately, the company severed its ties with Sinclair and restructured its rights agreements to align more closely with market realities. Main Street Sports Group’s relaunch underlines a shift in the RSN business model. The FanDuel Sports Network branding integrates gambling and sports media, while its partnership with Amazon Prime Video signals a commitment to exploring hybrid distribution methods. These moves aim to maintain relevance in a fragmented media landscape where younger audiences increasingly favor streaming over traditional cable. “With a stronger balance sheet, key partnerships and supportive new owners, we are modernizing our business to thrive in a changing media landscape,” said Preschlack. FanDuel Sports Network is broadcast home to 13 NBA teams, 8 NHL teams and 8 MLB teams, including: