Main Street Sports Group
| File:Main Street Sports Logo.png | |
| Formerly | Diamond Sports Group |
|---|---|
| Company type | Joint venture |
| Industry | Sports |
| Founded | May 3, 2019 |
Area served | United States |
Key people |
|
| Brands | FanDuel Sports Network |
| Owners | |
Main Street Sports Group LLC—previously known as Diamond Sports Group LLC—is a U.S.-based media and entertainment enterprise operating the FanDuel Sports Network, a collection of regional sports channels formerly branded as Fox Sports Networks and Bally Sports. The firm also holds an ownership interest in the YES Network.
History
The acquisition of 22 regional Fox Sports Networks affiliates along with Fox College Sports was executed through a partnership between Sinclair Broadcast Group and Byron Allen’s Allen Media Group, following divestiture by The Walt Disney Company to satisfy antitrust regulations. This $9.6 billion transaction, conducted via the joint venture Diamond Holdings Group, was finalized in August 2019.
These regional sports networks possess exclusive broadcasting rights for 42 professional franchises, encompassing 16 teams from the National Basketball Association, 14 from Major League Baseball, and 12 from the National Hockey League. In 2018, these networks generated approximately $3.8 billion in revenue, reaching nearly 75 million subscribers.
In 2020, Sinclair reported a $4.23 billion impairment charge on its regional sports assets due to operational difficulties.
On November 18, 2020, Sinclair secured a decade-long naming rights contract with casino operator Bally's Corporation, leading to the rebranding of the networks as Bally Sports effective March 31, 2021. By December 2021, the company renewed its partnership with the National Hockey League.
Diamond Sports Group restructured its board by May 2022, appointing members including Bob Whitsitt, Sinclair CEO Chris Ripley, Randy Freer (ex-Fox Sports/Hulu executive), Mary Ann Turcke (former NFL COO), and David Preschlack (former NBC Sports Regional Networks President), who assumed the CEO role in December.
On June 23, 2022, Bally Sports introduced Bally Sports Plus (Bally Sports+), a direct-to-consumer streaming platform initially launched in select markets with plans for nationwide availability by September.
In December 2022, the board of Diamond voted to remove Sinclair Broadcast Group as the operator of its regional sports networks.
Steve Rosenberg resigned as president in March 2023, with CFO David DeVoe taking on additional responsibilities as COO.
Carriage disputes resulted in cable providers Xfinity and Midco discontinuing Bally Sports channels on May 1, 2024; Optimum followed suit on July 1. Subsequently, on July 29, Comcast finalized a new carriage agreement relocating Bally Sports to Xfinity’s "Ultimate TV" package.
On October 18, 2024, Diamond announced a naming rights deal with FanDuel, transitioning Bally Sports to FanDuel Sports Network on October 21. This arrangement includes an annual rights fee and advertising commitments; FanDuel may acquire up to a 5% equity stake following Diamond's emergence from Chapter 11 bankruptcy.
After successfully exiting Chapter 11 proceedings, Diamond Sports Group rebranded itself as Main Street Sports Group on January 2, 2025.
Bankruptcy (2023–25)
On March 14, 2023, Diamond Sports initiated a Chapter 11 bankruptcy filing after failing to make a $140 million interest payment. According to the restructuring support agreement, first-lien lenders remained protected, whereas other creditors converted their debt holdings into equity stakes. The company separated from its parent firm Sinclair, establishing itself as an independent entity. Diamond Sports successfully exited bankruptcy on January 2, 2025.
Throughout the bankruptcy process, Diamond lost or terminated broadcasting agreements with multiple MLB franchises such as the Arizona Diamondbacks, Cincinnati Reds, Cleveland Guardians, Minnesota Twins, San Diego Padres, and Texas Rangers. Similarly, NHL teams including the Anaheim Ducks and Dallas Stars, NBA teams like the Dallas Mavericks and Phoenix Suns, along with various collegiate sports packages, were also affected. Additionally, Diamond failed to fulfill payment obligations to MLB teams and the NBA’s Orlando Magic.
In April 2023, Gray Television secured a five-year broadcasting contract with the Phoenix Suns and Mercury to replace Bally Sports Arizona. Diamond accused the Suns of violating contractual terms; although a bankruptcy judge initially nullified the Suns’ agreement with Gray in May, it was finalized in July after Diamond chose not to match Gray’s proposal.
After missing a second payment to the Padres in May 2023, MLB reclaimed broadcast rights for Padres games. Subsequently, these games were distributed via MLB.tv and local cable channels with production handled by MLB Network. In June, Diamond declined its ACC package managed by Raycom Sports; later, The CW acquired those broadcasting rights.
Diamond requested rejection of its contract with the Arizona Diamondbacks in June 2023; following some delay, this rejection was formalized in July with MLB assuming production responsibilities. In July, Diamond filed suit against Sinclair alleging self-interested transactions during Sinclair’s tenure.
Deadlines within the bankruptcy proceedings were extended into late 2023. By September, Diamond secured one-year carriage agreements with DirecTV and Comcast while negotiating fee reductions with NBA and NHL partners. The company sought further extensions amid MLB’s pressure to finalize broadcast commitments for 2024.
Diamond missed an October 2023 payment owed to the Orlando Magic but reached a one-year agreement with the NBA in November that reduced payments by 16% while permitting local over-the-air broadcasts of selected games produced by Bally Sports. In October, contracts with the Arizona Coyotes and Orange Bowl basketball tournament were rejected; Scripps Sports acquired rights for the Coyotes which contributed to Bally Sports Arizona ceasing operations.
In December 2023, Diamond negotiated a comparable NHL agreement pending approval by the bankruptcy court.
By January 2024, Amazon agreed to invest $115 million for a 15% ownership stake in Diamond Sports; concurrently, Sinclair resolved lawsuits through a $495 million settlement. Creditors raised objections to the restructuring plan over concerns about financing priorities. The revised agreement extended NBA and NHL broadcast contracts beyond the 2023–24 season.
By February 2024, Diamond reached agreements with the Texas Rangers, Cleveland Guardians, and Minnesota Twins that reduced rights fees and scheduled contract terminations following the 2024 season.
In March 2024, Diamond submitted its reorganization plan indicating it would discontinue its naming rights partnership with Bally's Corporation and rebrand its networks by the conclusion of the 2024 MLB season.
In July 2024, Bally Sports Florida and Florida Panthers mutually ended their partnership; subsequently, the Panthers aligned with Scripps Sports. Diamond requested termination of its contract with the Dallas Stars; in response, the Stars launched Victory+, a free streaming service for their games.
August 2024 saw Diamond secure long-term deals with nine NHL teams and thirteen NBA teams extending through at least the 2024–25 seasons featuring rights fee reductions of approximately 20% for NHL and between 30% to 40% for NBA teams. Contracts involving the Dallas Mavericks and New Orleans Pelicans were rejected. Amazon withdrew its planned investment due to strategic realignment but Diamond retained sufficient investor support to maintain a viable restructuring strategy.
The Anaheim Ducks declined to renew their contract with Bally Sports and instead signed a two-year agreement with KCOP-TV alongside Victory+.
In October 2024, Diamond announced intentions to renegotiate contracts involving seven MLB teams; failure to reach new terms would result in contract rejections. The Atlanta Braves remained unaffected by these changes. After expirations occurred, MLB Local Media acquired rights for games involving the Brewers, Guardians, and Twins.
New agreements were reached with Miami Marlins in October and St. Louis Cardinals in November; notably, Cardinals broadcasts became available locally through direct-to-consumer streaming on FanDuel Sports Network. A settlement also concluded the Reds’ contract in November.
MLB and Atlanta Braves initially opposed Diamond’s reorganization plan citing concerns about its feasibility but withdrew objections following amended agreements covering Braves, Angels, Rays, and Tigers. Later that year, Kansas City Royals renegotiated their contract. Sinclair’s equity stake was eliminated; lenders including Hudson Bay Capital Management and PGIM emerged as new owners.
Early in 2025, Reds partnered with Main Streets Sports Group for broadcast production. Meanwhile, Texas Rangers signed a multi-year streaming deal with Victory+ priced at $100 annually starting in the 2025 season and launched Rangers Sports Network alongside local broadcast affiliates.
Teams with TV rights modifications amid bankruptcy
| Team | Date of change | Current status |
|---|---|---|
| ACC on Regional Sports Networks | March 2023, June 2023 | Missed payment in March 2023; contract ended in June 2023. Rights reverted to Raycom Sports with sublicensing secured by The CW |
| Anaheim Ducks | August 2024 | Agreement expired following the 2023–24 season; TV rights transferred to Victory+ and KCOP-TV |
| Arizona Coyotes | October 2023 | Contract ended prior to the 2024–25 season; TV rights obtained by Scripps Sports, marking the closure of Bally Sports Arizona in 2023 |
| Arizona Diamondbacks | March 2023, July 2023 | Missed payment before the 2023 MLB season but subsequently settled. Contract terminated mid-season; rights reverted to MLB |
| Atlanta Hawks | January 2024 | Ten games acquired by Gray Television, remaining games broadcast on Bally Sports |
| Cincinnati Reds | April 2023, November 2024, January 2025 | Missed payment in April 2023, later rectified. Contract terminated after the 2024 season; rights initially assumed by MLB, then returned to Main Street Sports Group |
| Cleveland Cavaliers | February 2024 | Five games acquired by Gray Television, remaining contests aired on FanDuel Sports Network |
| Cleveland Guardians | April 2023, February 2024, October 2024 | Missed payment in April 2023, subsequently paid. Contract renegotiated in February 2024; expires after the 2024 season with rights reverting to MLB in 2025 |
| Dallas Mavericks | January 2024, August 2024 | For the 2023–24 season, ten games acquired by Tegna Inc., remainder on Bally Sports. Contract terminated before the 2024–25 season; rights obtained by Tegna for statewide broadcasts |
| Dallas Stars | July 2024 | Agreement ended prior to the 2024–25 season; TV rights acquired by Victory+ |
| Detroit Tigers | October 2024 | Contract renegotiated following the conclusion of the 2024 MLB season |
| Florida Panthers | July 2024 | Contract terminated ahead of the 2024–25 season; TV rights taken over by Scripps Sports |
| Kansas City Royals | December 2024 | Agreement renegotiated after the end of the 2024 MLB season |
| Los Angeles Angels | October 2024 | Contract renegotiated post-2024 MLB season |
| Los Angeles Kings | September 2023 | Contract expired after the 2022–23 season; renewed with Bally Sports including six games on CBS News and Stations. Multi-year deal established |
| Miami Marlins | October 2024 | Contract renegotiated following the completion of the 2024 MLB season |
| Milwaukee Brewers | October 2024 | Contract expired after the conclusion of the 2024 season; subsequently renegotiated |
| Milwaukee Bucks | January 2024 | Ten games acquired by Weigel Broadcasting, remainder aired on FanDuel Sports Network |
| Minnesota Twins | April 2023, February 2024, October 2024 | Missed payment in April 2023 but later settled. Contract renegotiated in February; expires after the 2024 season with rights returning to MLB for the following year |
| Missouri Valley Conference Network | September 2024 | Contract expired after the conclusion of the 2023–24 season; TV rights secured by Gray Television |
| New Orleans Pelicans | January & August 2024 | Ten games for the 2023–24 season acquired by Gray Television, remainder on Bally Sports. Following season’s contract terminated; full TV rights obtained by Gray Television, resulting in closure of Bally Sports New Orleans amid transition to FanDuel Sports Network |
| Oklahoma City Thunder | January 2024 | Eight games acquired by Griffin Media, remaining games broadcast on Bally Sports |
| Orlando Magic | October 2023 | Missed payment in October but subsequently settled in full |
| Phoenix Suns | July 2023 | Agreement expired after the end of the 2022–23 season; TV rights acquired by Gray Television |
| San Diego Padres | March & May 2023 | Missed payment in March but later paid. Contract terminated in May; rights reverted to MLB. Bally Sports San Diego liquidated in April 2024 following court settlement |
| St. Louis Cardinals | November 2024 | Contract renegotiated after completion of the 2024 MLB season. Games will be accessible direct-to-consumer via the FanDuel Sports Network app |
| Tampa Bay Rays | October 2024 | Agreement renegotiated following conclusion of MLB season |
| Texas Rangers | October & January | Contract ended after the conclusion of the 2024 season; TV rights acquired by both Rangers Sports Network and Victory+ |
References
- Pages with broken file links
- United States mass media corporations
- Television broadcasters in the United States
- American enterprises founded in 2019
- Mass media firms established in 2019
- Subsidiaries of American corporations
- FanDuel Sports Network
- Bally Sports
- Companies undergoing Chapter 11 bankruptcy in 2023
- Fox Sports Networks
- Joint venture entities
- Allen Media Group
- Sinclair Broadcast Group
- American companies established in 2019