SOUTHPORT, Conn.--(BUSINESS WIRE)--Diamond Sports Group announced today that it has completed its financial restructuring and has emerged from Chapter 11 as Main Street Sports Group (“Main Street Sports” or the “Company”) with a significantly deleveraged balance sheet. Main Street Sports emerges with a healthy capital structure and is well positioned, with valuable professional team rights across the MLB, NBA and NHL, to elevate the fan experience and drive incremental value for its team, league and distribution partners.

The Main Street Sports rebrand marks a new era for the Company, which will continue to serve as a dedicated broadcast hub for local sports fans. The Company will continue to serve fans under the FanDuel Sports Network name, through its naming rights agreement with FanDuel for its 16 regional sports networks (“RSNs”).

The Company’s Plan of Reorganization (the "Plan") was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on November 14, 2024. The Plan received nearly unanimous support from its funded debt holders. 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, have received equity for their funded debt claims. Through its financial restructuring, Main Street Sports has reduced approximately $9 billion of pre-petition debt to $200 million and has a well-capitalized balance sheet.

Since commencing Chapter 11 proceedings in March 2023, the Company has taken significant steps to strengthen its operational and financial performance and position itself for long-term success. In that time, the Company has resolved complex legal matters, completed its operational separation from Sinclair, and secured key go-forward agreements with its top team, league and distribution partners. Importantly, terms were also reached on prominent partnerships with Amazon’s Prime Video and FanDuel that bolster the Company’s platform and direct-to-consumer (DTC) offerings.

David Preschlack, CEO of Main Street Sports, stated: “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. I am deeply grateful to everyone who made this restructuring possible – our new owners, partners, advisors, and especially our dedicated employees. With a stronger balance sheet, key partnerships, supportive new owners, we are modernizing our business to thrive in a changing media landscape.”

Main Street Sports Group, which does business as FanDuel Sports Network, is the broadcast home to 13 NBA teams, 8 NHL teams and 8 MLB teams, including:

• NBA: 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.
• NHL: Carolina Hurricanes, Columbus Blue Jackets, Detroit Red Wings, Los Angeles Kings, Minnesota Wild, Nashville Predators, St. Louis Blues and Tampa Bay Lightning.
• MLB: Atlanta Braves, Los Angeles Angels, Miami Marlins, St. Louis Cardinals, Detroit Tigers, Tampa Bay Rays, Kansas City Royals and Milwaukee Brewers.

Advisors

During the Chapter 11 process, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmer Cutler Pickering Hale and Dorr LLP and Porter Hedges LLP served as the Company's legal counsel and AlixPartners, LLP served as the Company’s restructuring advisor. Lazard, LionTree Advisors LLC and Moelis & Company LLC served as the Company’s investment bankers, and Reevemark served as communications advisor to the Company. During the Chapter 11 process, Paul Hastings LLP and PJT Partners LP served as advisors to the “Ad Hoc Crossholder Group”, representing a majority of the Company’s pre-bankruptcy funded debt and DIP financing. The members of the Ad Hoc Crossholder Group will receive a majority of the Company’s equity pursuant to the Plan.

About Main Street Sports Group

Main Street Sports Group, LLC, formerly known as Diamond Sports Group, owns the FanDuel Sports Network Regional Sports Networks (RSNs), the nation's leading provider of local sports. Its 16 owned-and-operated RSNs include FanDuel Sports Network Detroit, FanDuel Sports Network Florida, FanDuel Sports Network Great Lakes, FanDuel Sports Network Kansas City, FanDuel Sports Network Indiana, FanDuel Sports Network Midwest, FanDuel Sports Network North, FanDuel Sports Network Ohio, FanDuel Sports Network Oklahoma, FanDuel Sports Network SoCal, FanDuel Sports Network South, FanDuel Sports Network Southeast, FanDuel Sports Network Southwest, FanDuel Sports Network Sun, FanDuel Sports Network West, and FanDuel Sports Network Wisconsin. The FanDuel Sports Network RSNs serve as the TV home to select MLB, NHL and NBA teams based in the United States. Main Street Sports Group also has a minority interest in the YES Network, the local destination for the New York Yankees and Brooklyn Nets. Main Street Sports Group’s RSNs produce over 3,000 live local professional telecasts each year in addition to a wide variety of locally produced sports events and programs.

Contacts

Media Contacts
For Main Street Sports Group
Reevemark: Paul Caminiti/Renée Soto/Luc Herbowy
MainStreetSportsTeam@reevemark.com

For FanDuel Sports Network: Whitney Burak
WBurak@fanduelsportsnetwork.com