Sinclair’s bankrupt regional sports networks subsidiary Diamond Sports Group has rendered a payment to the Cleveland Guardians, ensuing that the Major League Baseball team will remain on Bally Sports Great Lakes through July. The payment, first reported by Crain’s Cleveland Business, only temporarily suspends the drama surrounding the local TV rights for a handful of MLB teams.
Diamond Sports, which declared bankruptcy in March, made its scheduled July 1 payment to the Cleveland Guardians, according to Crain’s Cleveland Business. But the publication writes that the owner of the 18 Bally Sports regional sports networks must make another payment to the Guardians by Aug. 1. The July 1 payment should guarantee that the Guardians will stay on Bally Sports until at least the end of this month. But it’s unclear what happens if Diamond Sports misses the next deadline.
Judge Christopher Lopez made the ruling on Thursday in Houston. Diamond Sports, which owns 19 networks under the Bally Sports banner, has been in Chapter 11 bankruptcy proceedings in the Southern District of Texas since it filed in March. Diamond said in a financial filing last fall it had debt of $8.67 billion.
The Cleveland Guardians and Minnesota Twins appear to be the latest Major League Baseball teams forsaken by Bally Sports, as the bankrupt regional sports network owner restructures and seeks to walk away from its most unprofitable TV contracts with pro sports teams.
The Cleveland Indians new name is. . .The Guardians. The Indians announced the new name on Twitter on Friday morning. They have been called the Indians since 1915. The franchise announced the name change in a video narrated by Cleveland fan Tom Hanks with music supplied by The Black Keys from the Akron area. There will be a press conference on Friday afternoon at Progressive Field to officially announce the name change.
