(Bloomberg) -- A US bankruptcy court approved Diamond Sports Group’s deals with National Basketball Association and National Hockey League to broadcast games in the 2024-25 season.
The deals, which were disclosed in court papers filed in late August, could put the company back on track to emerge from Chapter 11, its lawyer Joe Graham told the court on Tuesday.
“Timing is of the essence,” Graham added. NFL’s regular season will start in September and NBA’s season is slate to kick off in October, according to their official websites.
The agreements with the two sport leagues allow the broadcaster to operate through the end of the 2024-25 season “irrespective of whether it confirms a going-concern plan of reorganization,” according to court papers. Both leagues will be granted liens on collaterals as a form of payment protection.
Diamond plans to update an outline of its reorganization plan in September that creditors can use to decide whether to support the proposal. That plan could come before a judge for final approval in November, Graham said.
The sports broadcaster was pushed into bankruptcy as viewers switched to streaming services from cable television. Its reorganization process was delayed as it struggled to reach an agreement with Comcast Corp. to broadcast games on the cable company’s system. Since then, Diamond has cut a deal with the company.
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