Diamond Sports Group Formally Emerges From Bankruptcy, Rebrands

It’s not just a new year, but a new era for the company formerly known as Diamond Sports Group—which now has a new name.

The regional sports network holding company announced it has formally emerged from Chapter 11 bankruptcy “with a significantly deleveraged balance sheet.” The firm has also rebranded as Main Street Sports Group, with local rights to 13 NBA teams, eight NHL teams and eight MLB teams through their regional sports networks.

“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,” company CEO David Preschlack said in a statement.

Main Street Sports will continue to operate 16 RSNs, collectively known as FanDuel Sports Network after the gaming company took over naming rights from Bally Sports in October.

Funds managed by PGIM Fixed Income, Hein Park Capital Management LP, Discovery Capital Management, Hudson Bay Capital Management LP, Alta Fundamental Advisers LLC and others now hold equity in Main Street Sports for their debt claims. The rebranded company said it has reduced nearly $9 billion of pre-petition debt to $200 million.

The announcement comes seven weeks after Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas gave Main Street Sports the go-ahead to move forward with its linear and streaming TV plans.

Prior to the crucial mid-November hearing in front of the judge, Main Street Sports locked in renewals with at least six MLB teams while continuing to speak with the Kansas City Royals. Those renewals represented a reversal after it appeared that Main Street Sports previously agreed to drop all other MLB teams ahead of the 2025 season except one, the Atlanta Braves.

Main Street Sports retains the local rights to the Braves and Royals along with the Los Angeles Angels, Miami Marlins, Milwaukee Brewers, St. Louis Cardinals, Detroit Tigers and Tampa Bay Rays.

NHL teams that will remain under the Main Street Sports umbrella are the Carolina Hurricanes, Columbus Blue Jackets, Detroit Red Wings, Los Angeles Kings, Minnesota Wild, Nashville Predators, St. Louis Blues and Tampa Bay Lightning.

Thirteen NBA teams will also stick with Main Street Sports: the Atlanta Hawks, Charlotte Hornets, Cleveland Cavaliers, Detroit Pistons, Indiana Pacers, Los Angeles Clippers, Memphis Grizzlies, Miami Heat, Milwaukee Bucks, Minnesota Timberwolves, Oklahoma City Thunder, Orlando Magic and San Antonio Spurs.